Rexdale Mall to be considered for redevelopment or demolition. Rexdale Mall is the latest addition to the growing list of Toronto shopping centers being considered for redevelopment or demolition to make way for new communities. The mall, which recently went into receivership, is being marketed for its potential to be converted into new housing on its 3.66-acre property.
Located just off Highway 401, Rexdale Mall is an attractive prospect for developers who have been given the green light by all levels of government to build new housing units quickly in response to the current housing crisis.
While the trend has been to add condo and apartment towers around existing malls, Rexdale Mall’s future is uncertain. With 33% of its storefronts currently vacant and a debt of hundreds of millions of dollars, it seems unlikely that the 100,000-square-foot center will recover.
Woodbine Mall and its Fantasy Fair, which have also been struggling for some time, are in the process of changing ownership and were bought out by the same owners as Rexdale Mall.
Residential complexes are being built around shopping centers such as Yorkdale, Sherway Gardens, Markville Mall, Square One, Dixie Outlet Mall, and Dufferin Mall. However, other malls such as Centrepoint Mall, Bramalea Centre, and Cloverdale Mall are being completely demolished rather than revitalized and integrated into new developments.
For Rexdale Mall, it is possible that the Fresh Value grocery store and some of the larger chains in the surrounding area will remain or be relocated to a new space while the rest of the building and parking lot are demolished, similar to the plans for Galleria Mall.