RioCan Real Estate Investment Trust announced Thursday that the home improvement giant had paid the developer an unspecified sum to back out of its lease on a trendy downtown Toronto retail and residential site.
Original plans for the project called for a total of approximately 91,000 square feet of retail space, of which approximately 75,000 square feet would be occupied by a single retail anchor.
"As a result of this change, we have an opportunity to reposition the retail portion of this project to reflect a more 'traditional' retail model, and are currently in discussions with several potential replacement tenants," said Edward Sonshine, Q.C., President and CEO of RioCan.
