LETHBRIDGE, AB, Aug. 11, 2015 /CNW/ - Centre Village Mall is undergoing a comprehensive redevelopment over the next 12 months, Anthem Properties announced today. With a budget of more than $26 million, this is the largest capital investment in the mall's 45 year history.
"We are pleased to be increasing our investment in the community of Lethbridge and enriching the experience for consumers and tenants of Centre Village Mall," said Bill Kennedy, Anthem Properties' Executive Vice President of Investments. "We want the mall to be a prime shopping destination for residents. The upgrades have been in the planning stage for a long while, and thanks to the City of Lethbridge and our existing and new tenants, they are now coming to fruition."
In addition to substantial exterior upgrades, one anchor tenant is moving to a new store and new tenants are moving in. Save-On-Foods will move from its current location in the mall to a new 43,000 square foot space at the west end, where the now-demolished Zellers stood. Right next door will be London Drugs, a new anchor tenant that will occupy 40,000 square feet. Also, a 9,000 square foot pad is being built for Dollar Tree, which is relocating from the mall.
"Other tenants, including Canadian Tire, Royal Bank of Canada, and A&W, have also demonstrated their commitment to Centre Village Mall by entering into long-term leases with upgrades or newly-built premises," said Kennedy. "Anthem Properties' company mandate is to create real estate that works and that's what we are doing with the mall."
The redevelopment project will be completed in early fall of 2016.
Centre Village Mall is a full-service mall with more than 25 stores, many of which are independently owned and operated. Anthem Properties purchased the mall in 2006.
Anthem's other Alberta retail assets are in Edmonton, Calgary, Hinton and Lacombe.
Anthem Properties: Anthem Properties is a 175-person real estate company operating in Western Canada. The Anthem portfolio is currently comprised of more than 3.5 million square feet of commercial space, 40 acres of urban and suburban land held for future development, and approximately 3,500 residential condominium units either in the design/development stage or under construction. Anthem has invested in, developed, and/or managed - alone or in partnership - more than 210 projects with a cumulative historical value of approximately $2.5 billion. Anthem's sister company is United Communities. Operating for more than 27 years in Alberta, United Communities has developed and sold more than 23,000 serviced lots to homebuilders in Calgary, Edmonton and Sacramento.
SOURCE Anthem Properties Group
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