"We are now zoned and ready to go, fully designed," said Drov Duchovny, vice president of marketing, sales and asset management with ELAD Canada, the developer.
"We can start sales, and then once we hit financing thresholds, we can start construction," he said.
Those initial sales start next month, with Duchovny expecting construction to begin by next summer and take about four years.
By the time the entire project is complete, in about 10 years, the low-slung mall will be razed and replaced with eight mixed-use towers containing almost 3000 condos as well as office and retail space.
Duchovny says ELAD has worked up a plan to make things easier for neighbours bracing for a decade of noise and dust: keeping the mall and the current community centre open until their replacements are ready.
"The mall will never be closed for good. We are creating a temporary mall… where we are moving all the tenants who are remaining," he said.
2 decades of discussion
That means anchor tenants like FreshCo and Rexall will remain open in a section of the original mall for another five to seven years before making the jump to the new commercial space.
Likewise, the existing Wallace-Emerson Community Centre will remain open until the new centre, set to be double in size, is ready to open — likely in 2023 or 2024.