TORONTO, July 9, 2013
TORONTO, July 9, 2013 /CNW/ - RioCan Real Estate Investment Trust (RioCan) (TSX: REI.UN), Canada's largest real estate investment trust, today launched a public information sharing website related to its development proposal for the now vacant site, previously occupied by Kromer Radio (410-446 Bathurst Street, Toronto). RioCan chose to create this website to provide the public an alternative means to submit their ideas and comments related to the project. As well, the site provides project background and facts for those seeking to learn more. In addition, a sign-up tool is available to receive the company's updates on the project. The website URL is www.riocan410-446bathurst.ca.
RioCan launched this development proposal website to better listen to and gather ideas from the public regarding this project. The company is excited about the prospect of providing local residents and neighbouring communities with an urban-format retail development that offers more retail choices. RioCan also wants to be a good neighbour and is mindful that change can be unsettling. The company is open to hearing what all members of the community have to say about the project. To that end, this website offers the public an additional opportunity to submit their ideas and comments for the project, directly to RioCan. It also includes a sign-up tool so that interested people can receive RioCan's updates on the project.
The website provides a host of information on the project to provide the community and the media with the facts related to RioCan's development proposal for the site, including:
- About The Project - a detailed description of the proposed project
- Fast Facts About the Development - a list of facts on the proposed project
- Frequently Asked Questions - questions and answers on the proposed project
- Historical Timeline of the Development Proposal - a timeline of the project beginning with RioCan's purchase of the property to the present day activities
- RioCan's Urban Developments - background on RioCan's approach to urban retail developments and a list of examples of its urban retail from projects in the Greater Toronto Area
- Stay Up-to-Date On the Project - a sign-up tool for the public to receive e-mail notifications related to website updates
- Updates - project updates and relevant news
"We believe it is very important for RioCan to listen to the public's views and ideas on the project. We want to be a good neighbour and to provide a net positive benefit to this community and to all the communities in which we operate. We want to hear what all the members of the community have to say. We think this website complements the City's public meetings and provides the public with an additional opportunity to give us their ideas and comments on the project. We look forward to receiving the public's feedback in the days, weeks and months to come," said Jordan Robins, Senior Vice-President, Planning and Development, RioCan Real Estate Investment Trust.
About RioCan's Proposed Development for 410-446 Bathurst Street, Toronto
RioCan is proposing to develop an urban-format retail complex at 410-446 Bathurst Street on the now-vacant site previously occupied by Kromer Radio. The complex is designed to accommodate up to 10 retailers. The ground floor will consist of a number of smaller retail units, each with direct access to Bathurst Street. The second and third floors have been designed to accommodate a single or two larger format tenants. The company believes the experience offered by the proposed retail development will be vastly different from those of neighbouring communities.
RioCan believes its proposal to build a three-storey urban-format retail centre will be a significant improvement to the current site. At the same time, the company remains considerate and respectful of the needs of local communities. At RioCan, the goal is to ensure that its developments result in a net benefit to the communities in which it operates. As such, with every development project (urban and suburban) the company conducts extensive independent studies. This project is no exception. Studies have concluded there will be no adverse impact on the neighbouring communities.
With respect to retail tenants, RioCan recently entered into a conditional agreement with Walmart to be the tenant of the second-and third-floor space. While still early in the process to confirm specific tenants, RioCan is in discussions with a number of other retailers for the smaller ground-floor spaces. RioCan envisions these to be a mix of independent and national retailers offering a broad range of products and services including: dry cleaning services, banks, restaurants, frozen yogurt stores, bakeries, pharmacies, shoe stores, and fashion apparel.
RioCan believes this development approach is consistent with the City's Official Plan policy that encourages "a broad range of shopping opportunities for local residents and employees in a variety of settings".
RioCan has great respect for the process and remains committed to working with the City of Toronto's planning staff to ensure that the site is a benefit to the community and is in line with the City's Official Plan.
For more information on the project, please visit: www.riocan410-446bathurst.ca.
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.4 billion as at March 31, 2013. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 344 retail properties containing more than 84 million square feet, including 50 grocery anchored and new format retail centres containing 13.7 million square feet in the United States through various joint venture arrangements as at March 31, 2013. RioCan's portfolio also includes 11 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.