Toronto-based developer Hullmark has acquired a minority stake in the Jane Finch Mall property, and with majority owner Brad-Jay Investments Ltd., plans to move forward with a major multi-phased, mixed-use redevelopment.

Financial details of the partnership have not been disclosed.

Brad-Jay’s development proposal for the site - which it has owned and operated since 1968 - has been approved by the City of Toronto. It is to incorporate housing, retail and community amenities in as many as 11 towers built over podiums of various heights.

Full build-out would take place over a 15- to 20-year period.

"We've been clear from the beginning that we will take the time needed to find the right partner, and we found that in Hullmark," Jay Feldman, Brad-Jay’s chief executive officer, said in Monday’s announcement. "Hullmark brings deep experience in thoughtful, community-minded urban development.”

Hullmark is to act as the master development manager for the project. 

“We're looking forward to working collaboratively in the years ahead to help shape the future of this site in a way that reflects the needs and aspirations of the Jane Finch community."

The development plan for Jane Finch Mall

The plan filed with the city includes six towers ranging from 27 to 50 storeys in the first phase, which would be built in three stages. All will incorporate multi-tiered podiums up to eight storeys. This is to be constructed mainly on parking areas, with most of the mall to continue operating.

It would deliver approx. 2,650 housing units of various types plus commercial space, a childcare centre, indoor amenities and outdoor park space.

The expanded 18-stop Finch West LRT line, which is undergoing testing and is slated to go into service in the coming months, is at the front of the property. 

The concept for the second phase also includes multiple towers and podiums, as well as a larger commercial component.

“The Proposal has been crafted with a deep understanding of the importance that the Jane Finch Mall has for its tenants, the Mall Owners, and the local community,” the plan created by Urban Strategies Inc., states. “In recognition of this, a phasing strategy has been developed alongside the Proposal to support incremental change and an interim plan in which the majority of the Mall remains in place within the short to medium term.

Community engagement process

The partnership represents a key milestone in an ongoing planning process, which kicked off in 2021 with a community engagement initiative called jfm+. More information about the plan and engagement process is available at jfmplus.ca.

"We're proud to be part of such a meaningful and community-led redevelopment process," Jeff Hull, president of Hullmark, said in the announcement. "My grandfather, Murphy Hull, played a key role in establishing this neighbourhood – helping bring York Finch General Hospital to life and leaving a lasting legacy in the community. Today, that same spirit of long-term partnership and community focus inspires us. 

“Taking a minority stake in this site reflects our belief in honouring the community's decades-long vision and building together for the next generation."

"Brad-Jay has managed to consistently improve the mall over many years – their successful rezoning imagines the future improvement for the mall, and Hullmark is thrilled to be a partner in delivering value to the partnership and community," Noah Rechtsman, Hullmark’s executive vice-president, added. 

About Brad-Jay and Hullmark:

Brad-Jay Investments Ltd. is an affiliate of Southdown Builders Ltd., a family-owned company founded more than 75 years ago, involved in the ownership, development and operation of residential and commercial real estate throughout Canada.

Hullmark is a real estate investment and development platform focused on transforming urban properties in Toronto. Founded in 1950 by Murphy Hull, the family-owned firm is now led by his grandson Jeff Hull.

Hullmark has been involved in many major developments, including the mixed-use Hullmark Centre at Yonge and Sheppard.