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RioCan Acquires Land for Ontario Retail Development

LONDON, ON-The Toronto-based REIT completes the acquisition of a 31-acre parcel here, on which it plans to develop a 185,000-sf shopping center. The $30-million development project, slated to begin in the spring and be complete next fall, is the smallest of several RioCan retail developments in Ontario.

By Brian K. Miller | Updated on November 06, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

LONDON, ON-RioCan is continuing its development push with a 185,000-sf open air development here called Summerside Shopping Centre. The Toronto-based retail REIT recently acquired 31 acres for the $30-million development and expects to break ground next spring. Completion is slate for next fall.

The development site is located at the intersection of Commissioners Road and Highbury Avenue in the southeast quadrant of London. Without naming names, RioCan says the center will be anchored by a 100,000-sf national home improvement retailer, a 45,000-sf tenant-owned national brand supermarket and approximately 40,000 sf of ancillary retail space.

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