As land in the city becomes more expensive, Toronto's suburban malls have found themselves sitting on gold mines of real estate, their squat buildings and sprawling deserts of surface parking becoming harder for property owners to justify in today's housing market.

Plans are already in the works for new communities surrounding malls like Square One in Mississauga as well as Scarborough Town Centre and Yorkdale in Toronto, and it looks like Sherway Gardens is the next shopping centre in line for a major intensification.

Mall owner Cadillac Fairview (CF) has partnered with real estate developer DiamondCorp to bring a new mixed-use community to the shopping centre at The Queensway and The West Mall in Etobicoke.

"We look forward to partnering with Cadillac Fairview to bring quality residences to the CF Sherway Gardens Community, and working with key community stakeholders, the City and the broader community through the municipal planning consultation process to bring this vision to life," said Stephen Diamond, CEO of DiamondCorp.

In an application submitted with city planners on Wednesday, the project team is looking to go big for the parking lots along the north side of the mall, fronting onto The Queensway.

Approximately 1.28 million square feet of mixed-use development is in the works in this community master plan, which would be spread across four towers with heights of 45, 40, 35, and 30 storeys.

The pairs of condo and rental towers would come with a new public park and a pedestrian-friendly urban plaza, bringing foot traffic and life to what is now an expanse of asphalt and painted lines.

Public space including a park would help weave the new community in with the existing mall. Rendering courtesy of CNW Group/Cadillac Fairview Corporation Limited.

Future phases with even more new housing would eventually surround the shopping complex, replacing the sea of parking that exists today.

Fifty years after the mall's opening, this redevelopment has the potential to transform the existing car-dependent, low-density land use into a community with an on-site population capable of supporting the existing businesses.

"As we reflect on the history of how CF Sherway Gardens has evolved in the past, we are very excited to plan for its future," said Wayne Barwise, executive vice president, development, Cadillac Fairview.

"The Master Plan vision will help urbanize, enhance and create a thriving new mixed-use community."