Canada's most valuable mall is getting apartment buildings

Oxford Properties will add rental apartment towers to Square One Mall, Scarborough Town Centre and Yorkdale Shopping Centre

“We’re starting to go vertical,” Turner said Tuesday in an interview at Bloomberg’s New York headquarters. “I can assure you that what you see today is not what they’re going to look like over the coming decade or two.”

Intense competition from e-commerce retailers and the loss of business caused by pandemic shutdowns have pushed several North American mall operators into bankruptcy. The erosion of the traditional shopping mall business has spurred more operators to add housing to their properties, tapping into a sector of the real estate market that has outperformed retail.Article content

The idea has been seized on by mall titans including Simon Property Group Inc. and Canada’s Brookfield Asset Management Inc., with two primary motives: squeezing more value from the properties and bringing prospective retail customers closer to the action. But getting municipal boards to approve the rezoning necessary to build housing has been a slow process in Canada, Turner said.

“I used to not appreciate why things went slow until I started to work for a developer,” Turner said, lamenting the “hundreds of meetings” with municipal officials and citizens and the “multiple times that you have to redo plans on the same site.”

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