RioCan Seeks Public's Ideas and Comments Related to its 410-446 Bathurst
Street Retail Development Proposal
TORONTO, July 9, 2013 /CNW/ - RioCan Real Estate Investment Trust (RioCan)
(TSX: REI.UN), Canada's largest real estate investment trust, today launched a
public information sharing website related to its development proposal for the
now vacant site, previously occupied by Kromer Radio (410-446 Bathurst Street,
Toronto). RioCan chose to create this website to provide the public an
alternative means to submit their ideas and comments related to the project.
As well, the site provides project background and facts for those seeking to
learn more. In addition, a sign-up tool is available to receive the company's
updates on the project. The website URL is www.riocan410-446bathurst.ca.
RioCan launched this development proposal website to better listen to and
gather ideas from the public regarding this project. The company is excited
about the prospect of providing local residents and neighbouring communities
with an urban-format retail development that offers more retail choices.
RioCan also wants to be a good neighbour and is mindful that change can be
unsettling. The company is open to hearing what all members of the community
have to say about the project. To that end, this website offers the public an
additional opportunity to submit their ideas and comments for the project,
directly to RioCan. It also includes a sign-up tool so that interested people
can receive RioCan's updates on the project.
The website provides a host of information on the project to provide the
community and the media with the facts related to RioCan's development
proposal for the site, including:
-- About The Project - a detailed description of the proposed
-- Fast Facts About the Development - a list of facts on the
-- Frequently Asked Questions - questions and answers on the
-- Historical Timeline of the Development Proposal - a timeline of
the project beginning with RioCan's purchase of the property to
the present day activities
-- RioCan's Urban Developments - background on RioCan's approach
to urban retail developments and a list of examples of its
urban retail from projects in the Greater Toronto Area
-- Stay Up-to-Date On the Project - a sign-up tool for the public
to receive e-mail notifications related to website updates
-- Updates - project updates and relevant news
"We believe it is very important for RioCan to listen to the public's views
and ideas on the project. We want to be a good neighbour and to provide a net
positive benefit to this community and to all the communities in which we
operate. We want to hear what all the members of the community have to say. We
think this website complements the City's public meetings and provides the
public with an additional opportunity to give us their ideas and comments on
the project. We look forward to receiving the public's feedback in the days,
weeks and months to come," said Jordan Robins, Senior Vice-President, Planning
and Development, RioCan Real Estate Investment Trust.
About RioCan's Proposed Development for 410-446 Bathurst Street, Toronto
RioCan is proposing to develop an urban-format retail complex at 410-446
Bathurst Street on the now-vacant site previously occupied by Kromer Radio.
The complex is designed to accommodate up to 10 retailers. The ground floor
will consist of a number of smaller retail units, each with direct access to
Bathurst Street. The second and third floors have been designed to
accommodate a single or two larger format tenants. The company believes the
experience offered by the proposed retail development will be vastly different
from those of neighbouring communities.
RioCan believes its proposal to build a three-storey urban-format retail
centre will be a significant improvement to the current site. At the same
time, the company remains considerate and respectful of the needs of local
communities. At RioCan, the goal is to ensure that its developments result in
a net benefit to the communities in which it operates. As such, with every
development project (urban and suburban) the company conducts extensive
independent studies. This project is no exception. Studies have concluded
there will be no adverse impact on the neighbouring communities.
With respect to retail tenants, RioCan recently entered into a conditional
agreement with Walmart to be the tenant of the second-and third-floor space.
While still early in the process to confirm specific tenants, RioCan is in
discussions with a number of other retailers for the smaller ground-floor
spaces. RioCan envisions these to be a mix of independent and national
retailers offering a broad range of products and services including: dry
cleaning services, banks, restaurants, frozen yogurt stores, bakeries,
pharmacies, shoe stores, and fashion apparel.
RioCan believes this development approach is consistent with the City's
Official Plan policy that encourages "a broad range of shopping opportunities
for local residents and employees in a variety of settings".
RioCan has great respect for the process and remains committed to working with
the City of Toronto's planning staff to ensure that the site is a benefit to
the community and is in line with the City's Official Plan.
For more information on the project, please visit:
RioCan is Canada's largest real estate investment trust with a total
capitalization of approximately $14.4 billion as at March 31, 2013. It owns
and manages Canada's largest portfolio of shopping centres with ownership
interests in a portfolio of 344 retail properties containing more than 84
million square feet, including 50 grocery anchored and new format retail
centres containing 13.7 million square feet in the United States through
various joint venture arrangements as at March 31, 2013. RioCan's portfolio
also includes 11 properties under development in Canada. For further
information, please refer to RioCan's website at www.riocan.com.
Colleen Finnegan, Kaiser Lachance Communications
416.618.4605,email@example.com Anne Lachance, Kaiser
Lachance Communications 647.725.2520, ext. 201 /
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