T&T has announced that it will be closing its only downtown Toronto location at 222 Cherry St. to make way for redevelopment in the Port Lands.

The Loblaws-owned Asian grocery store chain announced Tuesday that it plans on finding a new downtown Toronto location and offer online shopping.

Waterfront Toronto has plans to transform the property and the surrounding area into a new public park called Promentory Park along with a naturalized river valley for flood protection. A total of 16 hectares of parkland are planned in the area.

“I want to sincerely thank our Cherry Street customers and colleagues for their loyal patronage and support over the past 12 years,” said CEO Tina Lee in a news release.

Jan. 30 will be the last day for the Cherry Street location. The chain says it hopes to celebrate one last Chinese New Year, which falls on Jan. 25, before closing.

T&T has 27 stores across Canada including eight in the GTA.