Decade Capital buys ‘gateway’ shopping plaza in Pickering

Toronto-based Decade Capital has made a splash in Pickering with the acquisition of a “gateway” shopping plaza on Kingston Road.

Decade Capital called the deal a “marquee acquisition” and plans to submit a rezoning application to the City this fall that would allow it to re-develop the site as a mixed-use development with two residential towers.

The $16 million purchase from Pickering Square Inc. was fully funded by the Toronto firm.

The plaza, located on Kingston Road and Rougemount Drive near the border with Toronto, currently has a butcher shop, an organic grocery, a doctors’ office, a dental clinic and a physiotherapy clinic.

The Kingston Road corridor, which will soon welcome the BRT rapid bus line, is largely a collection of low-rise strip malls, larger retail plazas and car dealerships and is considered ripe for redevelopment and intensification.