Pacific Mall

Pacific Mall

March 12, 2010 10:45 ET

Pacific Mall Set to Double in Size

GTA'S Oldest and most successful Asian-themed mall gets bigger and better

MARKHAM, ONTARIO--(Marketwire - March 12, 2010) -

Editors Note: There are two photos associated with this press release.

Markham's Pacific Mall, a tourist, entertainment and shopping destination for all southern Ontario today announced an ambitious expansion program that will more than double its size, add a new hotel to the complex and guarantee its status as Ontario's paramount Asian-themed shopping experience.

"What the directors of Pacific Mall - which is a condominium corporation – wanted, was to ensure that Pacific Mall kept pace with the times," says Stephen Wong, broker of record for Living Realty Inc. of Markham, Ontario. "The Mall is the centerpiece of an entire area devoted to shopping."

"The expansion will provide an opportunity for existing unit owners to diversify their businesses and provide an additional investment opportunity. This also opens the gates for new businesses and investors to join the Pacific Mall family."

"It just seemed a natural response to take on a major expansion at this time."

The Board of Directors, which represents unit owners of the existing 400 Pacific Mall stores, retained MPI Group to spearhead the project, an enormously experienced, successful investment and development group that has been involved in the development of billions of dollars of residential, commercial and retail properties across Canada and the US.

Pacific Mall 2 Developments Corporation will create two-level extensions to the existing twin-level mall to the south towards Steeles Avenue and to the north. The result will be about 450 new stores.

The expansion will also feature a four-level garage atop the retail levels, plus surface as well as an underground garage which will connect with the existing underground garage. In addition, a new hotel is proposed for the southern corner of the property. Mr. Sam Cohen, President of the Pacific Mall Condominium Corporation, says the new mall units will be released to the general public sometime in April. At that time they will be able to submit reservation applications to reserve units at Pacific Mall 2.

"Pacific Mall has proven to be an extraordinarily good investment," says Mr. Wong. "Currently resale space in the mall sells for more than $1,900 a square foot, which makes it among the most expensive space and the most sought after in the GTA."

"That alone indicates the enormous demand for more stores at Pacific Mall and the level of its success since it was first opened in 1996."

To view the first photo associated with the press release, please visit the following link:

http://www.marketwire.com/library/20100312-pacific_mall_day.jpg

To view the second photo associated with the press release, please visit the following link:

http://www.marketwire.com/library/20100312-pacific_mall_night.jpg

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