TSAWWASSEN, BC, April 8 /CNW/ - TFN Economic Development Corporation
(TEDC), the economic development arm of Tsawwassen First Nation (TFN),
has entered into a Memorandum of Agreement (MOA) with Ivanhoe Cambridge
and Property Development Group to develop up to 70 hectares (175 acres)
of TFN's lands as a significant new mixed-use project. The MOA sets out
the process to complete a comprehensive due diligence analysis to
determine the feasibility of developing the project and satisfying the
needs of TFN. This exciting project has the potential to become one of
British Columbia's signature shopping locations.
The lands, situated along the north side of Highway 17 near the B.C.
Ferries terminal in Tsawwassen, were received by TFN as fee simple land
in 2009 as part of its Treaty with the Governments of Canada and
According to Chris Hartman, TEDC's CEO, "Ivanhoe Cambridge is proposing
to develop roughly 2/3 of the property, with Property Development Group
developing the remaining 1/3. Under the current concept,
approximately 1.8 million square feet of retail, office, entertainment
and other uses would be developed in two projects."
Hartman noted that Ivanhoe Cambridge's part of the project would
comprise 1.2 million square feet as a destination retail and
entertainment centre. Tentatively named "Tsawwassen Mills", it will
follow the success of CrossIron Mills, north of Calgary, which opened
in 2010, and Vaughan Mills north of Toronto which opened in 2004.
"Property Development Group is proposing to develop a further 600,000
square feet as outdoor retail space and mixed use, said Hartman.
"'Tsawwassen Commons' will be similar to destination retail
neighbourhood centres they are developing in other parts of Canada."
Next Steps and Potential Benefits
"The MOA sets out a process for both companies to further develop their
concepts for more detailed discussions with TEDC and TFN," stated
Hartman. "It is estimated that the project could generate upwards of
1200 person years of employment during the construction of the
projects, and employ over 4500 part-time and full-time workers if the
projects proceed as conceptualized."
It is hoped that the initial phases of the projects will be under
construction in 2012.
Background on Proposed Partners
Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner,
manager, developer and investor, focusing on high-quality shopping
centres located in urban areas. Beyond its strong Canada-wide presence,
the Company is also active elsewhere in North America, Latin America,
Europe and Asia, where it owns a number of properties either by itself
or through joint ventures with prominent real estate partners. Abroad,
Ivanhoe Cambridge also holds interests in several shopping centre
development and management companies and maintains offices in Europe,
Latin America and Asia.
Its real estate portfolio consists of more than 44 million square feet
(4 million square metres) of retail space and includes 70 regional and
super-regional shopping centres. As at December 31, 2010, the market
value of Ivanhoe Cambridge's assets reached CAD $13.5 billion.
Property Development Group is currently developing over 3 million square
feet of destination power centres and neighbourhood retail centres in
strategically located sites in the Lower Mainland, the Okanagan Valley
and on Vancouver Island. Property Development Group's principals have
a proven track record of developing competitively distinctive and
superior performing shopping centre projects throughout Canada, the
U.S. and Asia.
SOURCE TFN Economic Development Corporation
For further information:
Chris Hartman, CEO, TFN Economic Development Corporation 604.948.5202