Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, plans to invest more than $60 million to redevelop a mall north of Calgary.
It will relocate and expand the CrossIron Mills shopping centre food court, which will allow the addition of more rental spaces.
“With Greater Calgary’s tremendous population growth rate and high disposable income, we are capitalizing on the opportunity to expand CrossIron Mills to welcome more world-class premium outlet brands that are seeking a truly successful retail destination with a proven track record,” says John Scott, senior vice-president, development, for Ivanhoé Cambridge.
CrossIron Mills is a 1.12-million-square-foot regional shopping mall with more than 200 retailers.
The centre’s redevelopment will include the relocation and expansion of the existing food court to offer new leasable space in high-traffic areas. The new food court will feature 16 vendors, up from the current 14, while increasing the number of seats to 1,300 from 1,100.
The relocation of the food court will create 46,000 square feet of retail space that will accommodate new tenants.
“By expanding and relocating CrossIron Mills’ hugely popular food court, we’re increasing retail opportunities for outlet brands in two prime areas within the centre,” adds Scott.
Work on the redevelopment is scheduled to begin in January 2015 and is expected to be completed in two phases, with Phase 1 opening in spring 2016 and Phase 2 in spring 2017.
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