Since 1999, when Famous Players constructed their Colossus theatre in Toronto's suburbs, a massive flying saucer has hovered close to Highway 400 and Highway 7 junction in Vaughan. The alien-themed cinema structure and its environs, now managed by Cineplex, might be on their way out soon, with a proposal in the works to renovate the 25-acre land.

Together with the enormous complex as well as its 19 movie theatres, the proposal from developer RioCan REIT will see the whole unenclosed retail complex and car parks removed in phases to make room for a new mixed-use neighbourhood, featuring a Bed Bath & Beyond, Marshalls, HomeSense, and numerous eateries. The redevelopment proposal (now merely concept images) by Hariri Pontarini Architects includes a variety of buildings ranging in height from 8 to 55 storeys, connected by a network of new roadways and 4.8 hectares of parks and open space.

Vaughan would sacrifice a suburban entertainment and shopping complex that is just two decades old, but this would gain around 13,000 residential properties, with lots of employment on the land, which is expected to have 1,788 people as well as jobs per hectare. Three "precincts" in the north, southwest, and southeast are envisioned in the site's big plan. The largest structures would be centred in the northern precinct, which would run along to the increasing spine of density that runs parallel to Highway 7 through Vaughan's burgeoning downtown.

RioCan is set to expand up to its property in phases, with the northern precinct and community's tallest structures expected to be the first. This initial precinct's phasing will be coordinated to fit existing lease requirements, ensuring that no existing companies are forced to relocate. The southwest precinct is planned to be a longer-term project, with this component of the property serving as a temporary home for relocated merchant spaces while the northern precinct is being built out.