Yet another Toronto shopping centre has just been added to the lengthy list of malls in the area that are either being eyed for redevelopment, or already being razed for sprawling new communities.

Rexdale Mallhas been put on the marketafter going intoreceivership, and is being touted for its vast potential, with 3.66 acres of property ripe for converting into new housing.

Its prime location right off Highway 401 will undoubtedly make it attractive to developers, who are being green lit by all levels of government to build new units — and fast — amid the current housing crisis.

While adding condo and apartment towers around existing mallshas become the new trend, with 33 per cent of Rexdale's storefronts currently sitting vacant and hundreds of millions of dollars owed to creditors, it seems unlikely that the aging 100,000-square-foot centre will be making a recovery.

Toronto's Rexdale Mall for sale in receivership process.

West-end property anchored by grocery store, offers redevelopment potential.https://t.co/WMwX5jzVnOhttps://t.co/bskSgH1TRL

— HumberSummitCommunity (@HumberSummit001)August 14, 2023

Nearby Woodbine Mall and itsFantasy Fair, alsostruggling for some time, is likewise in theprocess of switching hands, bought out from the same owners as the Rexdale plaza.

Residential complexes are in the works around shopping precincts likeYorkdale,Sherway Gardens,Markville Mall,Square One,Dixie Outlet MallandDufferin Mall, but others likeCentrepoint Mall,Bramalea CentreandCloverdale Mallare being fully demolished rather than revitalized and integrated into the new blocks.

For Rexdale, it is possible that the Fresh Value grocery store anchoring the lot — as well as some of the bigger chains in the surrounding square — will remain or be moved into an updated space while the rest of the building and parking lot goes, much like the plans forGalleria Mall.