SmartCentres Secures Residential Permission in Alliston, Ontario
TORONTO, Feb. 08, 2021 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN), one of Canada’s largest real estate companies, is pleased to
announce that residential permissions have been approved for its existing Walmart anchored shopping centre located on Highway 89 and Dunham Road in Alliston, Ontario, by the Town of New
The addition of residential uses to the 37 acre Alliston Shopping Centre is part of Project 512, the previously announced $12.1 billion intensification program by SmartCentres which focuses on transforming itself by developing complete, connected mixed-use communities on its existing retail properties. This intensification program consists of rental apartments, condos, seniors’ residences, hotels, office and storage facilities.
“We are very pleased that Town Council of New Tecumseth supported these exciting new housing forms on this site in addition to existing uses currently operating and over our undeveloped surplus land,” said Mitchell Goldhar, Executive Chairman of SmartCentres. “The evolution of this shopping centre is another example of the many applications of our well located real estate across the country,” added Mr. Goldhar.
Phase 1 of the application includes a three storey apartment building with forty-two units. Construction is expected to start later in 2021.
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 166 strategically located properties in communities across the country. SmartCentres has approximately $10.4 billion in assets and owns 33.8 million square feet of income producing value-oriented retail space with over 97% occupancy, on 3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing retail properties. Project 512, a publicly announced $12 billion intensification program ($5.4 billion at SmartCentres' share), represents the REIT’s current major development focus on which construction is expected to commence within the next five years. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.