TORONTO, Jan. 23, 2014 /CNW/ - First Capital Realty Inc. ("First Capital Realty") (TSX: FCR), Canada's leading owner, developer and manager of well-located, high quality urban retail-centred properties where people live and shop for everyday life, provided today an update on its major urban development and redevelopment projects currently underway or having recently received or in the final stages of approvals.
Hazelton Lanes Shopping Centre, Toronto, Ontario
First Capital Realty received municipal approvals from the City of Toronto in late 2013 to allow the Company to start the redevelopment of the interior and exterior of Hazelton Lanes Shopping Centre. Hazelton Lanes is a 205,000 square foot shopping centre with 515 stalls of underground parking, which is centrally located in the Bloor/Yorkville area, Canada's premier shopping district and one of Canada's most affluent neighbourhoods. Tenants of the shopping centre include a Whole Foods grocery store and an Equinox gym.
The redevelopment of Hazelton Lanes entails a complete renovation of the interior mall, including the creation of some additional retail space, and an attractive new façade that will open up the shopping centre's street-facing retailers to Avenue Road, a major arterial road in the City of Toronto. First Capital Realty expects to commence construction on the project shortly and will maintain the shopping centre in operation throughout the renovation.
In addition to Hazelton Lanes Shopping Centre, the Company's Yorkville portfolio includes a further 55,000 square feet of mixed use streetfront retail and commercial space as well as an investment in 77 hotel suites and related retail, all located on Yorkville Avenue.
Humbertown Shopping Centre, Toronto, Ontario
First Capital Realty's Humbertown Shopping Centre rezoning application received City of Toronto council approval in late 2013 and today received approval by the Ontario Municipal Board. These approvals will permit the redevelopment of Humbertown Shopping Centre into a mixed-use property that will include 235,000 square feet of retail and commercial uses in five buildings and 550,000 square feet of residential, which will include condominiums, townhomes and a seniors' residential building, with a total of 1,495 parking stalls (including 815 stalls for retail/commercial use, substantially all of which are underground). The residential component of the property is expected to be developed in a joint venture with a leading residential developer. Once completed, First Capital Realty expects the redeveloped Humbertown Shopping Centre to continue to be anchored by a grocery store and other daily necessity retailers and service providers.
Humbertown Shopping Centre was originally developed in 1958 and is located in the heart of Toronto's affluent Humber Valley neighbourhood.
Rutherford Marketplace, Vaughan, Ontario
The Company received municipal approvals in late 2013 for the development of the third and final phase of Rutherford Marketplace, located at the major intersection of Bathurst Street and Rutherford Road in the City of Vaughan. The development entails the construction of an additional 50,000 square feet of retail/commercial uses, a 240,000 square foot residential condominium building and 560 underground parking stalls (including 155 stalls for retail/commercial use). This additional density, together with the existing Rutherford Marketplace shopping centre initially developed by the Company in 2009-2010, will comprise a total of 243,000 square feet retail/commercial space with 610 surface and 1,000 underground retail/commercial parking stalls. Current tenants of the property include Longo's, Shoppers Drug Mart, LA Fitness, LCBO, RBC Royal Bank, CIBC, Second Cup and Aroma.
Shops at King Liberty, Toronto, Ontario
In late 2013, First Capital Realty received final rezoning approval for the development of its KingsClub mixed use project in Liberty Village, just west of Toronto's downtown core and one of the city's fastest growing neighbourhoods. KingsClub will be developed in a joint venture with Urbancorp, one of the leading residential developers in the King/Queen West area, and will comprise almost 160,000 square feet of retail/commercial uses and 345,000 square feet of residential (for approximately 500 residential units) in three high-rise buildings above the retail, as well as a total of 775 underground parking stalls (including 345 stalls for retail/commercial use). Construction is underway and the project is currently in the excavation stage. The Company has the right to acquire its joint venture partner's interest in the retail/commercial space and related parking at completion.
KingsClub together with the remainder of First Capital Realty's existing Shops at King Liberty mixed use retail and commercial property will total 450,000 square feet of retail/commercial space and 960 underground and surface parking stalls. The property includes two heritage buildings restored to state-of-the-art commercial properties by the Company. Tenants of the property presently include Metro, GoodLife Fitness, West Elm, EQ3, LCBO, The Beer Store, TD Canada Trust, CIBC, RBC Royal Bank, Starbucks and Aroma.
Edmonton Brewery District, Edmonton, Alberta
First Capital Realty obtained rezoning approval for this 14.3 acre site located on 104th Avenue in downtown Edmonton in late 2013 to allow for retail, office and high-density residential use. The Company is presently in the process of obtaining its development permit for the project and may start construction as early as the second quarter of 2014. The project is a joint venture with Sun Life Financial.
Edmonton Brewery District's unique design will incorporate certain buildings from the Molson Brewery that previously operated on the site. Upon completion of its two phases of development, the property is expected to comprise approximately 267,000 square feet of retail and 70,000 square feet of office, with a total of 390 surface and 590 underground parking stalls. The project enjoys strong interest and the Company is in advanced lease negotiations with various tenants. In addition, the site includes three acres of development land that is intended in the future to be sold to a third party residential developer for construction of approximately 430,000 square feet of residential density.
Following completion, Edmonton Brewery District is expected to be directly linked to the 120th Street Station on the West LRT line (light rapid transit) that is in planning to be built by the City of Edmonton. Edmonton Brewery District is located diagonally across the street from the Company's existing 45,000 square foot Longstreet Shopping Centre.
Mount Royal Village, Calgary, Alberta
As part of its redevelopment of Mount Royal Village, First Capital Realty is nearing completion on the major renovation of the 136,000 square foot Mount Royal Village shopping centre mixed use retail and office complex, which includes as major tenants London Drugs and GoodLife Fitness and is expected to also include a high-end furniture retailer and restaurants. In addition, the Company is currently in the entitlements process for the development of an adjacent three-level, 110,000 square foot retail/commercial building, to be anchored by an Urban Fare grocery store. The Company intends to sell a land parcel forming part of the property to a residential developer for construction of a 250,000 square foot high-rise residential condominium building.
Mount Royal Village is located on 17th Avenue SW, in the beltline of Calgary's downtown core, and is in the heart of a densely populated, fast growing, high income neighbourhood. On completion of the redevelopment project, Mount Royal Village will total 336,000 square feet of retail/commercial space and 630 parking stalls.
Place Viau, Montreal, Quebec
First Capital Realty is completing delivery of Phase I of a major redevelopment of Place Viau. This new multi-level shopping centre comprises a full-scale, open-air shopping centre on top of a building that includes a Walmart store and other retail/commercial space, all connected with convenient pedestrian and vehicular access, vertical transportation and surface and covered parking. Place Viau makes innovative use of the surrounding topography to provide street-level entrances to all components of the shopping centre. Once complete, Place Viau's first phase will encompass a total of 235,000 square feet of retail space, 635 underground parking stalls and 300 surface parking stalls. The shopping centre's 100,000 square foot Walmart store opened today.
According to the Company's current plans, upon completion of future phases of redevelopment, Place Viau may comprise in total approximately 360,000 square feet of retail/commercial space, 1,360 underground and surface parking stalls, and may incorporate residential density. Together with the Company's neighbouring Place Michelet and Place Provencher shopping centres, and assuming final completion of all phases of the Place Viau redevelopment, the Company expects to own a total of 501,000 square feet of retail/commercial space in this retail node at the busy intersection of Highway 40 and Boulevard Viau, in the Montreal borough of Saint-Léonard.
VMR Shopping Centre, Montreal, Quebec
First Capital Realty has obtained municipal approval for the redevelopment of its VMR Shopping Centre. The Company commenced construction in late 2013 on the first phase of the redevelopment comprising a multi-tenant single-level building in the parking lot of the existing shopping centre. Completion of this first phase will permit the Company to thereafter proceed with the remainder of the redevelopment, including demolition of the existing shopping centre and the construction of a 49,000 square foot Provigo Le Marché grocery store (Loblaws) on the second floor of a multi-tenant building.
Further phases will complete redevelopment and rebranding of this well-located shopping centre, in the affluent borough of Ville Mont-Royal in Montreal. Subject to final plans and approvals being obtained, once completed the redeveloped VMR Shopping Centre is expected to include approximately 122,000 square feet of retail/commercial space, 420 surface parking stalls and may incorporate residential density.
Collectively, the above projects (assuming all phases) are expected to comprise an aggregate of approximately $520 million of future incremental investment over the next five years. Collectively, these properties have an average household income of $91,000 and an average population of 398,000 within a five-kilometer radius. In addition to the projects listed above, the Company's major developments pipeline also includes projects at the following properties that are currently in active planning: Victoria Park Centres, Toronto, ON; 3080 Yonge Street, Toronto, ON; Place Portobello, Brossard, QC; Macleod Trail, Calgary, AB; Semiahmoo Shopping Centre, Surrey, BC.
"With the recent approvals received on the above projects, we are advancing into the construction phase to build what cannot be bought in these mature, supply-constrained markets," said Dori J. Segal, President and CEO of First Capital Realty. "We are pleased with the important milestones achieved and the progress being made on these major development projects."
ABOUT FIRST CAPITAL REALTY (TSX:FCR)
First Capital Realty is Canada's leading owner, developer and manager of well-located, high quality urban retail-centred properties where people live and shop for everyday life. The Company currently owns interests in 164 properties, including four under ground-up development, totalling approximately 24.4 million square feet of gross leasable area and one site in the planning stage for future retail development.
This press release contains forward-looking statements and information within the meaning of applicable securities law. Forward-looking statements can be identified by the expressions "expects", "believes", "estimates", "will", "projected" and similar expressions. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events and are based on information currently available to Management. Certain material factors and assumptions were applied in providing these forward-looking statements.
Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that the actual results or developments will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in First Capital Realty's 2012 annual Management's Discussion and Analysis and under "Risk Factors" in its current Annual Information Form. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. First Capital Realty undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities law.
All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.
SOURCE: First Capital Realty Inc.
Dori J. Segal, President & CEO, or
Karen H. Weaver, Executive Vice President & CFO
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655