Now that agreement has been reached between the City and RioCan Real Estate Investment Trust (REIT) on how to rebuild Sunnybrook Plaza, tenants ranging from the Source to the UPS store are looking at their options. For some, the choice may be to look south to the South Bayview business district where there are lots of empty locations. But as in all things, timing will be critical.
TOWERS 11 AND 16 FLOORS
Yes, the parties have agreed that the towers of Sunnybrook Plaza will go just so high and no further. The deal struck late last year at the Ontario Municipal Board set the height at 11 and 16 floors. But wait, the tenants of Sunnybrook Plaza have leases. And some, including heavy-hitters like Rexall Pharma Plus and Home Hardware, are thought to extend nearly to or beyond 2020. If they are kicked out now, RioCan will pay a pricey penalty.
FINAL APPROVALS MAY WAIT
The lease factor, plus a concern on the part of the Ontario government (Metrolinx) that construction on private developments should not interfere with LRT progress, may delay final approvals for Sunnybrook. In the end, the closure of the 1951 plaza may be a boost for the South Bayview business district to the south as tenants seek locations near Bayview Ave. and Millwood Rd. Sunnybrook Plaza deal calls for towers 11 and 16 storeys
I would LOVE to see south Bayview become even more populated than it is now, though I see two main issues:
1) There’s no location I’m aware of that Rexall could move to that’s large enough, is there?
2) the parking situation on South Bayview is atrocious from about 2PM-8PM, with huge amount of vehicles pouring onto the residential streets to either side of Bayview, which is even less useful in the heart of winter. One of the great things about the Sunnybrook plaza was the availability of parking in that area, allowing commuters to stop there, or allow nearby neighbours (I’m at Mt. Pleasant and Eg) park during peak dining or rush-hour times effectively. Losing that resource without a replacement will undoubtably lead to a net reduction in visitors, even if 100% of the stores relocated to south Bayview.
Even one parking complex midway along south Bayview would solve the issue.