Shops of Sum­mer­hill sells for 42 mil

De­vel­op­ers em­bark upon joint ven­ture to build mixed-use project on prop­erty sur­round­ing the ‘Five Thieves’

North Toronto Post - - News - By Justin Lee

The Shops of Sum­mer­hill, a strip of in­de­pen­dent re­tail­ers on Yonge Street af­fec­tion­ately dubbed the “Five Thieves” by lo­cals, has been scooped up in a deal to three de­vel­op­ers in Toronto.

RioCan Real Es­tate In­vest­ment Trust, Tri­con Cap­i­tal Group Inc. and Di­a­mond Corp. have ac­quired the his­toric real es­tate for $85 mil­lion from Wood­cliffe Land­mark Prop­er­ties. The land­mark prop­erty was ini­tially built in 1892 and des­ig­nated as her­itage in 2003. Wood­cliffe over­saw a painstak­ing restora­tion of the strip prior to the sale, which was com­pleted in 2009.

The joint ven­ture is made up of two sep­a­rate trans­ac­tions. Di­a­mond and Tri­con ac­quired the site south of the LCBO for $43 mil­lion. The two com­pa­nies are plan­ning a mixed-use project with res­i­den­tial and re­tail.

RioCan and Tri­con ac­quired the Shops of Sum­mer­hill, at the north­east cor­ner of Yonge Street and Price Street for $42 mil­lion.

The real es­tate con­sists of about 31,000 square feet of fully oc­cu­pied re­tail space and an ad­join­ing oneacre par­cel of land, which con­tains two four-storey of­fice build­ings and a park­ing lot.

“There is no in­ten­tion to re­de­velop the shops on Yonge Street,” said Steve Di­a­mond, pres­i­dent of Di­a­mond Corp. “In terms of the re­main­der of the lands, we be­lieve there is an op­por­tu­nity to pro­duce a plan that is far more com­ple­men­tary to the neigh­bor­hood than what cur­rently ex­ists. How­ever, in mov­ing for­ward, it is our in­ten­tion to meet with com­mu­nity rep­re­sen­ta­tives and work col­lab­o­ra­tively with them be­fore putting pen to pa­per.”

Di­a­mond said the group’s plan may in­clude de­mol­ish­ing the build­ing at 8–10 Price St., cur­rently oc­cu­pied by the Beer Store.

The re­de­vel­op­ment plan is cur­rently in the works and has not yet been sub­mit­ted to Toronto’s city plan­ning de­part­ment.

Ward 27 coun­cil­lor Kristyn Wong-Tam has en­cour­aged the com­pa­nies to con­sult with lo­cal res­i­dents and lo­cal busi­nesses be­fore they fi­nal­ize any plan to bring to the city.

The re­tail strip at 1099 Yonge St. was built in 1892 and des­ig­nated as her­itage in 2003

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