Business
RioCan Clarifies Its Development Proposal for the Kromer Radio Site
RioCan Acknowledges and is Listening to the Public's Concerns TORONTO , June 6, 201...
About this update from Riocan Real Estate Investment Trust
[{"type":"text","content":"\n\n\nRioCan Acknowledges and is Listening to the Public's Concerns\n\n\nTORONTO, June 6, 2013 /CNW/ - RioCan Real Estate Investment Trust\n (RioCan) (TSX: REI.UN), Canada's largest real estate investment trust,\n today provided clarification and acknowledged public concerns related\n to its development proposal for Toronto's Kromer Radio site (410-446\n Bathurst Street).\n\n\nRioCan is committed to developing a retail project for the Kromer Radio\n site that will improve the site and the Bathurst Street corridor and at\n the same time will respect the needs of the community. RioCan also acknowledges the public is concerned about the development\n of this site. At this evening's public meeting, RioCan will outline its\n retail development proposal for the site, listen to and address the\n public's concerns, and answer any related development proposal\n questions.\n\n\nIn addition, RioCan would like to clarify the following points related\n to its development proposal:\n\n\n\nThe Kromer Radio site today is zoned Mixed Use Commercial Retail (MCR),\n a designation that permits retail uses.  It is important to note that\n zoning by laws regulate use and not users;\n\n\nRioCan believes its proposed plan for the Kromer Radio site is entirely\n consistent with the general intent and policies of the City's Official\n Plan which encourages appropriate growth (including retail uses) within\n Mixed Use areas;\n\n\nRioCan believes the proposed form of urban retail uses proposed in this\n project is an appropriate and desirable response to growth of the\n residential population within the city;\n\n\nThe proposed uses of the development, including smaller retail uses on\n the ground floor will provide area residents and employees within the\n area shopping choices that they do not have today. This is entirely\n consistent with the City's Official Plan policy that encourages, \"a\n broad range of shopping opportunities for local residents and employees\n in a variety of settings.\" and\n\n\nRioCan's development proposal is not new. It is the same proposal that\n has been under consideration since last year.  The OMB denied RioCan's\n application for process reasons and did not make a decision based on\n the merits of the proposal. RioCan has accepted the OMB decision and is\n now following the re-zoning process laid out by the OMB.\n...