Dupont Street is rapidly changing. A number of prominent developers have acquired plots on the formerly industrial strip with plans to build both high and mid-rise mixed-use buildings.

Now there are reports that Freed Developments has purchased the Galleria Mall, a lagging mall in desperate need of refurbishment.

A representative from Galleria confirmed that as of August 14, the building's new owner is 2470347 Ontario Inc. with Avison Young Property Advisors and Managers Inc. as the property manager. As of present, Freed Developments has yet to comment.

Instead of getting a makeover, the mall could get a complete overhaul, and a new life, as some sort of mixed use condo tower likely thanks to one of the most fashionable developers in the city.

This wouldn't be Freed's first foray onto Dupont. The company has already acquired land west of Spadina and has submitted a rezoning proposal with plans to construct two high-rise condo towers at 328 Dupont with a total 560 residential units.

The Galleria is currently home to discount grocery store Fresh Co. and the relatively recently opened Planet Fitness. For many, however, a sale such as this seemed inevitable.

What do you think of the Galleria Mall sale? Let us know in the comments.