TORONTO, Feb. 1, 2016 /CNW/ - Richard Crenian, President of ReDev Properties Ltd., is pleased to announce the completion of a settlement agreement with their insurance company, resulting from the fire that destroyed approximately 50.7% of the original Kensington Crossing property. The settlement agreement was completed on mutually agreeable terms.
With the completion of the settlement agreement, ReDev Properties Ltd., the asset manager for the property, can proceed with completing the construction at Kensington Commons, consisting of finalizing the interior construction of a 6,000 square foot building, and the development of a future pad site up to 7,000 square feet, in addition to the completed 16,500 square foot building. Existing national tenants at Kensington Commons include Dollarama and Cora Restaurant. The site is also adjacent to a Real Canadian Super Store, as well as Lucky Supermarket, a large speciality Asian food supplier.
Richard Crenian offers the following thoughts: "We are ecstatic to complete the settlement with the insurance company. This agreement allows us to complete the construction of Kensington Commons, the replacement buildings, as well as construct a pad site at the property. These projects will greatly enhance the site, and provide a new build, best-in-class development at the 137th Avenue and 127th Street intersection in Edmonton, AB."
Substantial completion of the two new buildings at Kensington Commons is complete and are ready for occupancy. There remains approximately 1,600 square feet vacant in the first building, along with the 6,000 square foot second building. Interested tenants are encouraged to contact Gary Hudson, Director of Asset Management, at 416-225-5700 ext. 215 for further information.
About ReDev Properties Ltd.
ReDev Properties Ltd. is a Canadian commercial real estate asset manager. Since 2001, ReDev Properties has purchased and managed over 30 commercial real estate properties in Canada. ReDev Properties understands that the key to any successful commercial real estate project is location. ReDev Properties carefully and diligently locates existing commercial real estate properties in markets which provide the necessary stability and future growth to ensure our assets retain and increase their value.
Richard Crenian has personally developed, owned, and managed real estate worth over 2 billion dollars since 1981.
SOURCE ReDev Properties Ltd
Image with caption: "ReDev Properties Ltd. (CNW Group/ReDev Properties Ltd)". Image available at: http://photos.newswire.ca/images/download/20160201_C5399_PHOTO_EN_610117.jpg
For further information: Richard Crenian, President, firstname.lastname@example.org, 416-225-5700