Niagara Square will be demolished to clear the way for a new development.
The 382,300 square-foot enclosed mall will be replaced with an open-concept mall, similar to the Outlet Collection at Niagara in Niagara-on-the-Lake.
The project is expected to cost in the neighbourhood of $25 million.
The 40-year-old Niagara Square closed on May 1, 2017.
In April 2017, RioCan Management Inc. said the company was “making a significant investment into a redevelopment plan that will transform the enclosed areas of Niagara Square into an updated retail environment with additional parking stalls for shoppers.”
“These changes are necessary to ensure we’re offering retail spaces that meet the evolving needs of the community,” said a release on the company’s website.
The release said several stores would not be affected throughout the transition, including Cineplex Odeon, CIBC, JYSK, Bank of Montreal, The Brick, Le Chateau, Michaels, Sport Chek, World Gym, Mandarin, Winners, Bouclair and Hoops.
It has not been announced which stores will be at the new mall.
According to RioCan, the company owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work, and is Canada’s largest real estate investment trust. As of Sept. 20, 2017 the total enterprise value of the company was approximately $13.9 billion.
