The sales related to the second phase of retail space in the New Horizon Mall have proven to be a huge success.
The Torgan Group, the developer, along with The MPI Property Group, has stated that purchase agreements are already in place for all 26 food court units. The group has received purchase commitments for around 85% of the 500 retail stores.
A weekend sales blast in Vancouver, Toronto, Edmonton and Calgary ended in transactions in excess of $100m for the mall. Between 80 to 85% of the retail locations were sold during the first part of the sales launch of the mall.
The mall concept is an exclusive, traditional Asian center with a modern design. Investors or retailers will have the opportunity to purchase condo spaces in the center, rather than lease it. The mall is based on the eastern side of the Queen Elizabeth 2 Highway, which is north of the Calgary International Airport and south of the CrossIron Mills center.
The mall will cover 320000ft² and offer in excess of 1100 parking spaces, of which 350 will be underground. The food court will offer seating to more than 400 people. Open concept style retail space will range from 285 to 855ft², with prices ranging from $189800 to $749800. The food court units vary in cost from $299800 to $949800.
Construction is set to commence next spring and the completion date is at the end of 2017.
The plans include an added 40000ft² for anchors, which may include a supermarket. The ground floor will hold 400 retailers, with room for 100 more on the second level.
There are two entertainment centers, with a main stage located on the lower level and a traditional Chinese stage on the top level.
18 SEPTEMBER 2014, Canada
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