RioCan & Milestone Redevelopment Plan
RioCan REIT, in strategic partnership with Milestone, has embarked on a comprehensive urban redevelopment initiative focused on transforming key retail properties into vibrant, high-density, mixed-use communities. This partnership leverages RioCan’s deep expertise in real estate development and Milestone’s strengths in residential and project management to reimagine aging plazas into dynamic hubs for living, working, and shopping.
A cornerstone of this plan is the acquisition of a 50% interest in Lawrence Plaza for $100.2 million, with an additional $40.9 million contingent upon future development approvals. This project is part of RioCan’s broader intensification strategy, which includes major developments such as Dufferin Plaza and Lawrence Heights—locations identified for their strong demographic growth, transit accessibility, and redevelopment potential.
Together, RioCan and Milestone aim to unlock long-term value by introducing residential towers, enhanced retail offerings, and public realm improvements, aligning with city-building priorities and supporting sustainable urban growth in the Greater Toronto Area.
The New Plan
In a bold move to transform a long-standing shopping centre, RioCan and Milestone Group have submitted a proposal to redevelop Lawrence Plaza, located at Bathurst Street and Lawrence Avenue West in Toronto. The site, which dates back over 70 years, is set to evolve into a vibrant mixed-use community with housing, green space, retail, and institutional amenities.
Nearly 2,700 Homes Proposed Across Eight Towers
The ambitious redevelopment plan includes eight new buildings, ranging from six to 40 storeys, spread across a nearly 10-acre site at 490–534 Lawrence Avenue West and 3090–3114 Bathurst Street. According to Storeys, the proposal features a total of 2,693 residential units. About 32% of the units are designed for families, including two- and three-bedroom layouts. The site will also include approximately 127,000 square feet of non-residential space, offering room for daycare facilities and potential institutional uses.
Rental Housing with a Transit-Oriented Vision
The project leans heavily into purpose-built rental housing, aligning with the City of Toronto’s push for more long-term rental stock, especially near transit corridors. The development is located in close proximity to Lawrence West Station, a key stop along the TTC’s Line 1 subway route, making it an ideal location for transit-oriented development. The master plan integrates wide pedestrian promenades, green corridors, and open community space to encourage walkability and neighborhood connectivity, while also supporting a more sustainable, car-light lifestyle.
In addition to residential units, the project envisions a thoughtfully curated mix of retail, services, and community amenities that cater to both existing residents and future tenants. This includes grocery stores, cafés, fitness centres, and child care facilities—all designed to create a complete community experience within walking distance. By prioritizing inclusive urban design and connectivity, the development not only contributes to Toronto’s housing targets but also enhances the livability and long-term vitality of the neighborhood.
RioCan’s $100M Investment
In Q1 2024, RioCan acquired a 50% interest in Lawrence Plaza for $100.2 million, with an additional $40.9 million contingent on future development approvals. This deal reflects RioCan’s broader urban intensification strategy, which also includes projects like Dufferin Plaza and Lawrence Heights, aimed at transforming underutilized retail properties into vibrant, mixed-use communities. The partnership with Milestone further underscores their commitment to long-term mixed-use developments in high-growth areas, aligning with the company’s vision to enhance value through strategic redevelopment, increase residential density, and strengthen its presence in key urban markets across the Greater Toronto Area.
Mixed Community Reactions & Next Steps
Reaction to the proposal has been mixed. While some Toronto residents on Reddit lament the loss of a familiar plaza, others welcome the revitalization and new housing. One major concern is the future of United Bakers Dairy Restaurant, a beloved local business that’s been part of the community since 1986. According to early planning documents, construction will be phased to ensure that existing businesses can remain open as the site evolves.
Community consultations have already begun, and official site plan approval and demolition aren’t expected until late 2025 or early 2026. Meanwhile, stakeholders are exploring ways to retain longtime tenants, preserve the area’s character, and enhance livability for both new and existing residents.
Source:
Storeys – RioCan & Milestone Redevelopment of Lawrence Plaza
