Ground broken on $500m mixed-use project in Calgary

WCN Editorial Team 15 Apr 2016 NORTH AMERICA BUILDINGS

RioCan Real Estate Investment Trust (RioCan), along with Embassy BOSA, has broken ground on the $500m Fifth and Third East Village project in Calgary.

The 2.8-acre project site is located in the East Village area of downtown Calgary, Alberta. The mixed-use project, formerly known as CPA Lands, will include approximately 188,000 sq ft of retail space.

Central to the project will be an 82,000 sq ft Loblaws City Market that will service the East Village, Bridgeland and Inglewood.

Two residential towers will rise 20 floors above it, totalling 500 condos. Other tenants will include Shoppers Drug Mart and Olympia Liquor store.

RioCan will own 100% of the retail portion of the site and has entered into a firm sale with the developer Embassy BOSA for the air rights above the commercial component of this development site.

Embassy BOSA will be responsible developing the residential portion and will also fund their proportionate share of the infrastructure costs on a cost-to-complete basis. It had already paid the first instalment in the first quarter of 2016.

Construction work on the project is anticipated to be completed in 2019.

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