RioCan sells 50% of Sunnybrook Plaza to Vancouver firm

RioCan, the real estate investment firm that owns key properties in Midtown and South Bayview, has sold half of its ownership in Sunnybrook Plaza to Vancouver-based developer, Concert Real Estate Corporation for $26.3 million. Concert describes itself  as wholly-owned by union and management pension plans. No names are evident in the website summary however. The two firms will collaborate on the redevelopment of Sunnybrook, Canada’s oldest strip mall, into a high-rise residential and ground-floor commercial complex. Work is likely to begin after the turn of the decade, when the Crosstown LRT is finished. Sunnybrook has stood as a neighborhood business centre and landmark since its opening in 1951. A recent historic decision relating to the plaza is the departure of the CIBC branch this summer to a location on Bayview north of  Eglinton. CIBC and its predecessor, the Canadian Bank of Commerce, has had a branch at Sunnybrook since opening day 66 years ago. More