RioCan has announced it is proposing to build a 30-storey residential tower at its Silver City Gloucester development.
The developer, Canada’s largest real estate investment trust, has filed plans with the city for a “multi-building residential development near the Blair transitway stop at the property north of Regional Rd. 174 and south of Ogilvie Rd.
The first tower would have more than 300 units and “communal amenity space” at its three-storey podium. The current retail plaza to the west will be reduced, setting up for future opportunities “to create a compact, mixed-use transit-oriented development.”
Then the developer plans to build two additional highrises to replace the retail outlets, the company says in its zoning amendment filings. The overall project would combine different residential housing, community amenities, “retail and commercial opportunities,” and office space.
RioCan says the size of the existing retail plaza to the west, which includes mostly clothing stores, would be reduced in the first phase, setting the stage for “future opportunities … to create a compact, mixed-use transit-oriented development.”
The developer is seeking a zoning amendment to allow construction of two additional highrises that would eventually replace those retail outlets. These would be housed in at least 10 additional buildings for future phases.
“Over time, City Park will become a vibrant and active community and destination that adapts to long-term changing market conditions, provides development flexibility and creates an intensified, active and mixed-use, transit-oriented community,” says the document prepared by FOTENN Consultants.
RioCan also plans to redevelop the Westgate Shopping Centre, as well as several others across the country.
