The Edmonton land, located at the intersection of 17th Street and Whitemud Drive, will be home to a 500,000-sf retail center. The property will be ghost anchored by Real Canadian Superstore (160,000 sf, tenant-owned) and Home Depot (100,000 sf, land lease) and include an additional 240,000-sf of shop space.
The development will be called RioCan Centre Edmonton. Site work has commenced and construction is anticipated to begin in spring 2006. Store openings will be phased in beginning fall 2006.
In Calgary, RioCan has agreed to purchase South Trail Crossing, a 282,770-sf retail center located in the southeast section of the city, at the corner of Deerfoot Trail and 130th Avenue South. The property is anchored by a Calgary Co-op Supermarket. National tenants include Winners, Staples/Business Depot, Sport Chek and Petcetera. The transaction is expected to close in February.
In addition to the Alberta acquisitions, RioCan recently acquired an urban retail development site in Downtown Toronto. Currently zoned for mixed use, the site is bordered by Queen, Portland and Richmond streets, one block east of Bathurst Street in the midst a high-growth residential area with limited retail space available for large-format users, according to RioCan officials.
RioCan officials say they are exploring "a number of highest and best-use development scenarios," including a pure retail facility of approximately 125,000 sf or a multi-use facility of at least 225,000 sf. A number of national tenants have expressed interest in this location for their urban prototypes, they say. Construction is expected to commence sometime in 2007.
RioCan CEO Ed Sonshine did not return a Wednesday phone call seeking additional detail on the transactions. RioCan is Canada's largest real estate investment trust with a total market capitalization of approximately $6.85 billion. It has ownership interests in 201 retail properties, including 14 under development.
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