SmartCentres REIT to add residential component to Ontario shopping center

SmartCentres Real Estate Investment Trust obtained residential permissions for its Alliston Shopping Centre in Ontario from the Town of New Tecumseth Council.

The addition of residential uses to the Walmart Inc.-anchored property is part of Project 512, the shopping center REIT's C$12.1 billion intensification program aimed at developing mixed-use communities on its existing retail assets that would include rental apartments, condominiums, seniors housing, hotels, office and storage facilities.

SmartCentres said phase 1 of the application covers the construction of a three-story, 42-unit apartment building on the 37-acre site, with construction set to begin later in 2021.