RioCan Announces Redevelopment Plans for Colossus Centre
1.6 min read
The renowned Colossus Centre, located in Vaughan, the city just north of Toronto, is set to transform into a community hub comprising 25 towers with over 10 million square feet of housing and retail. Most notably known for housing major tenants such as Cineplex Cinemas Vaughan, Costco, and HomeSense, the development is said to support Vaughan’s growing downtown. The redevelopment plans were proposed by RioCan REIT, with a long-term vision of creating 9.47 million square feet of residential space, approximately 646,000 square feet of non-residential space and almost 1.08 million square feet of parkland encompassing three parks and a multi-use trail.
Following the announcement, RioCan’s Development Vice-President Anton Katipunan stated, “It’s in a very, very busy node of the city that the city is investing in with all of the work being done along Highway 7 and the Vaughan Metropolitan Centre. In our opinion, that is a retail-focused mixed-use development that we want to work with the city, the community and the retailers that are there to figure out the best solution that will meet the needs of that community.”
RioCan has applied for an official plan amendment, with plans to apply for zoning for Phase 1 of the redevelopment later this year.
Learn more about the redevelopment.
Resources
McLean, S. (2022, April 11). Riocan plans colossal redev. at GTA's colossus centre: RENX - real estate news exchange. RENX. Retrieved April 12, 2022, from https://renx.ca/riocan-redevelop-vaughan-colossus-centre-25-towers/
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