I'm rather fascinated by the Cloverdale Mall. Sherway Gardens is for the rich, the Dixie Value Mall is for the poors, and there in the middle is the Cloverdale Mall. I visit it often, if not to visit FOTM fact checker Robert Lawson at Sunrise Records, then to see what wacky deals are to be had at the Home Hardware. Heck, my dentist used to be in the Cloverdale Mall.
Here's FOTM Bill Brioux and I discussing the open air era of the Cloverdale Mall, which was before my time.
Toronto Mike
For years we've been told the Cloverdale Mall would be demolished to make room for The Clove Condominium Project from Mattamy Homes and QuadReal. I've seen businesses close and vacate in anticipation of this development, despite the fact Nick Ainis has been telling us on Building Toronto's Skyline that Toronto's condo market is currently frozen.
Well, the Cloverdale Mall condo development has been scrapped. Long live the Cloverdale Mall. Here's the official statement:
Thank you for your interest in The Clove condominium project. We want to let you know that, after careful analysis and consideration, Mattamy Homes and QuadReal have made the very difficult decision to begin the process of cancelling The Clove.
While the project received strong initial interest, sales have remained below 10% of available units, well below our sales threshold as described in our early termination conditions. Unfortunately, the GTA condominium market is experiencing significant headwinds, and, given these conditions, moving forward with The Clove is not in the best interests of our purchasers or the community.
While this news is disappointing, we look forward to future opportunities as market conditions improve. If you are interested in learning more about possibilities by Mattamy Homes or QuadReal visit our websites for more information.
