Early plans proposing the redevelopment of the Sheppard Centre could breathe new life into the building’s existing retail spaces as well as add a new 39-storey residential tower.
Building owner RioCan Real Estate Investment Trust proposes demolishing 25 residential rental units to make room for a tower with 368 new apartments, to be built between the Sheppard Centre’s existing office and residential towers at Yonge Street and Sheppard Avenue East.
The plans also propose 486 new bicycle parking spaces and no new parking for cars. RioCan will also remove the “moat” of sunken retail spaces around the building’s base to create large-format retail uses at ground level, which could fit new anchor tenants, said Robert Gibson, the City of Toronto senior planner assigned to handle RioCan’s applications.
Local councillor John Filion’s reaction was mixed.
He said the area could “absolutely not” handle more residences, but he was optimistic about plans to raise its currently hard-to-see retail spaces to ground level and expand shop sizes.
“We’re not looking for a Costco, [but] a high-quality anchor retailer would be good,” said Filion. “A huge mistake was made when that building was designed years ago.”
The Sheppard Centre was one of the first of many high-density developments built near the intersection. Now that space is scarce, it may also be one of the first to potentially be added onto, said Gibson.
“They’ve proposed sort of a ‘rethinking,’ ” he said. “It’s really kind of interesting in the evolution of the area to see — now they’re going back to existing sites and filling them in [with more development].”
RioCan’s City of Toronto: Official Plan amendment and rezoning applications are still in the hands of city staff.
City of Toronto, City Planning expects to compile a preliminary report by September, which may include changes to the initial proposal.
No spokesperson of RioCan was available for comment.