Popular shopping mall could be sold for redevelopment in Toronto

A financially troubled Toronto mall could be sold and possibly redeveloped.

Woodbine Mall and Fantasy Fair at 500 Rexdale Blvd., Etobicoke, was granted protection under the Companies’ Creditors Arrangement Act this month, court documents show.

CCAA is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. The aim is to avoid bankruptcy.

Known for its year-round indoor amusement park, the mall has been struggling for several years.

The mall went into receivership in May 2023, and Ernst and Young Inc. was appointed as receiver and manager. Receivership is typically defined as a legal process where a court-appointed trustee (in this case, Ernst and Young Inc.) takes control of a business’s assets to repay creditors after a loan default.

Romspen, a real estate investment company, is owed approximately $499 million, including interest, court documents state.

The amusement park in Woodbine Mall houses a Charles I. D. Looff carousel. It is one of 13 still in operation today.  Photo: Canmenwalker

The mall, also known as Woodbine Centre, opened in 1985 by developer Cadillac Fairview. The aesthetic of Woodbine Mall is heavily influenced by the revolutionary design of London’s Crystal Palace (1851-1936), according to the Architectural Conservancy of Ontario. The arched glass entrance façades at the mall’s eastern entrance, vaulted skylights and glass walls are influenced by the Crystal Palace.

The mall is heavily influenced by the revolutionary design of London’s Crystal Palace. Photo: Google Maps

Court documents state the mall has approximately 180 commercial units and is currently approximately 70 per cent occupied.

Attempts to sell the mall starting in 2024 were unsuccessful, according to court documents. The offers on the property were “significantly lower” than expected and wouldn’t cover debts.

The sale of the mall was also hindered by a lease agreement with Hudson’s Bay Company. However, during the Hudson’s Bay Company restructuring proceedings, the lease was disclaimed in July 2025, which could allow “flexibility for redevelopment or near-term income generation for an interested purchaser,” court documents state.

After the Hudson’s Bay Company lease was released, attempts to sell the mall were again unsuccessful, but RIC Woodbine, a company controlled by the lender, Romspen, is looking to purchase the property, court documents show. The hearing to approve the transaction is currently scheduled for April 27.

For mall customers, the sale of the property likely won’t impact the shopping experience in the near future, but changes, including mixed-use redevelopment, could be in the future. Redevelopment needs city approval and typically takes many years.

Lead photo: Canmenwalker