OTTAWA, CANADA-A joint venture of Ivanhoe Cambridge and KingSett Capital is adding about 160,000 square feet to its Bayshore Shopping Centre here as part of a $200 million redevelopment plan. The venture says there’s an incredible demand for retail in the country’s capital.
The 646,850-square-foot mall is 95% occupied, but has typically been fully leased, property general manager Denis Pelletier tells GlobeSt.com. Tenants will be moving around in the property redevelopment, including Target moving into the former Zellers store, one of the 220 new locations for the Minneapolis-based department store chain. Other tenants at the 165-store property include Bath & Body Works, Sports Experts, Banana Republic and Old Navy.
Pelletier wouldn’t comment on what new tenants will be added at the property with the addition. “We typically let the retailers make their own announcements,” he says. “But the demand is very high for the mall and Ottawa. We’re right on two provincial highways, and our competitors are all pretty well leased.”
The venture is demolishing a parking structure to make room for the addition, and will also be doubling the size of the mall’s food court. The bulk of the expansion will be on the north side of the mall, and should be completed by 2015, the venture said in a statement.
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