Redevelopment will further strengthen the centre's leading position and will attract new outlet retailers
MONTREAL, Aug. 13, 2014 /CNW Telbec/ - Ivanhoé Cambridge announced today an investment of more than $60 million to optimize CrossIron Mills shopping centre in Rocky View County, north of Calgary, Alberta. The relocation and expansion of the food court will allow the addition of more rental spaces, which are in high demand by retailers in the area, and will further strengthen the centre's leading position in the region.
"With Greater Calgary's tremendous population growth rate and high disposable income, we are capitalizing on the opportunity to expand CrossIron Mills to welcome more world-class premium outlet brands that are seeking a truly successful retail destination with a proven track record," said John Scott, Senior Vice President, Development, for Ivanhoé Cambridge.
CrossIron Mills is a 1.12 million ft2 (104,060 m2) regional shopping destination featuring more than 200 retailers and one of Western Canada's most dynamic shopping centres.
The centre's redevelopment will include the relocation and expansion of the existing food court to offer new leasable space in high traffic areas. The new food court will feature 16 vendors, up from the current 14, while increasing the number of seats from 1,100 to 1,300.
The relocation of the food court will create 46,000 ft2 (4,274 m2) of retail space in a bustling area of the shopping centre that will accommodate new tenants.
"By expanding and relocating CrossIron Mills' hugely popular food court, we're increasing retail opportunities for outlet brands in two prime areas within the centre," said Mr. Scott.
CrossIron Mills was built in 2009 in Rocky View County, in one of Canada's fastest-growing major markets with a trade area population of approximately 3.5 million people.
The project will seek LEED® certification. Work is scheduled to begin in January 2015 and is expected to be completed in two phases, with Phase 1 opening in spring 2016 and Phase 2 in spring 2017.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential properties. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For further information: ivanhoecambridge.com.
About CrossIron Mills
CrossIron Mills, the first enclosed shopping centre built in Alberta in 20 years, opened in August 2009, just 1.5 km north of Calgary in Rocky View County and less than 10 minutes from the Calgary International Airport. Ideally situated on the busiest transportation corridor in the province of Alberta, the Queen Elizabeth II Highway, the innovative 1.12 million-square-foot shopping centre is the largest single level shopping centre in Alberta, with 17 large format anchors and more than 200 specialty stores and premium brand outlets. Developed in the Mills concept, combining the best attributes of a traditional shopping centre, power centre and exciting architecture under one roof, CrossIron Mills is the only true outlet concept shopping centre in Western Canada.
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SOURCE: Ivanhoé Cambridge
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