EDMONTON, April 12 /CNW Telbec/ - Southgate Centre, owned and managed by Ivanhoe Cambridge, drove jackhammers into the asphalt of its west parking lot today officially launching construction of a $108-million expansion and redevelopment project that will add significant retail square footage to the commercial offering of Southgate, most of which to be located in a new free-standing building. The Centre is working towards a Summer 2009 grand opening, which will be home to more than 30 upscale fashion-focused retailers.
"We are thrilled to redevelop and expand Southgate Centre," said Roman Drohomirecki, Senior Vice President, Western Region for Ivanhoe Cambridge. "This project is aligned with Ivanhoe Cambridge's corporate strategy of continuously reinvesting in our properties to reinforce their position and profile in their market."
Ivanhoe Cambridge's investment in Southgate Centre will enrich the shopping experience for customers by providing convenient access to an increased variety of retailers, service offerings and restaurants in a stylish, modern atmosphere.
"Southgate Centre and its many longstanding retailers are proud to have been part of the South Edmonton community for more than 36 years," explained Paul Fairbridge, General Manger, Southgate Centre. "This multi-million dollar investment in the property and the community not only responds to our customers needs, but it will also enhance the operating environment for our existing retailers."
The new building will face 111 Street and occupy 155,000 square feet on the ground level with more than 126,000 square feet of that space designated for leasing. Two additional parking levels will rise above the retail expansion area with a set of escalators and elevators leading into a grand natural-lit court.
The exterior of the building will have an urban appeal and incorporate modern finishes including brick, metal cladding and a significant amount of glass. The existing building will also receive an update to its façade as part of the redevelopment.
The new building's interior décor and amenities will be rich in comfort and style. Marble tile will be carried throughout the Centre along with modern furnishings and a fresh colour scheme. The washroom facilities will be upgraded to hotel-quality standards and offer private sitting rooms for nursing mothers.
Fairbridge emphasized that a major factor in feeling comfortable is feeling safe. "Southgate Centre is committed to providing the safest possible environment for our customers. Part of the redevelopment will include enhanced site lighting and closed-circuit TV security systems monitored twenty-four hours a day, seven days a week."
About Southgate Centre
For more than 35 years Southgate Centre has been an integral part of the South Edmonton community as a modern, friendly and convenient one-stop shopping and fashion destination. The Centre currently offers 130 exciting stores and services, including Edmonton's largest Bay store, Canada's largest Sears and a full service Canada Safeway.
About Ivanhoe Cambridge
Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner, manager, developer and investor focused on high-quality shopping centres located in urban areas. Beyond its strong Canada-wide presence, the Company is also active in the United States, Brazil and Europe, where it owns a number of properties either by itself or through joint ventures with prominent real estate partners. Abroad, Ivanhoe Cambridge also holds an interest in several shopping centre development and management companies and maintains offices in Europe and Asia.
Its real estate portfolio consists of almost 46 million square feet of retail space and includes some 70 regional and super-regional shopping centres. As of December 31, 2006 the market value of Ivanhoe Cambridge's assets reached CAD $12.2 billion.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec, one of the largest institutional fund managers in Canada. The Company's Internet address is www.ivanhoecambridge.com.
SOURCE Ivanhoé Cambridge
For further information: For further information: Nancy Defoy, Senior Advisor, Communications and Public Affairs, Ivanhoe Cambridge, (514) 841-7792, email@example.com