RioCan Investment Trust
In April 2013, CMLC finalised the sale of the former Calgary Police Association lands (Gateway block) to RioCan. Canada’s largest Real Estate Investment Trust, RioCan develops, owns and manages a variety of urban and suburban shopping centres across Canada.
On the 2.75-acre site bound by 5th and 6th Avenues and 3rd and 4th Streets SE, RioCan is developing an urban retail centre. Within the planned 188,000 sq ft of retail space, a new Loblaws City Market will occupy 100,000 sq ft along with a selection of other retail tenants to be announced.
The RioCan project provides a strong underpinning for the success of CMLC’s redevelopment efforts, as a strong retail dimension in East Village will stimulate the sales programs being advanced by our residential development partners, and it will help sway prospective residents as they consider East Village as a place to call home.
In September 2014, RioCan announced a new partnership with Embassy BOSA, which will build two residential towers with approximately 600 condo units atop a 188,000 sq ft ‘retail podium’ within the RioCan urban retail project. The project broke ground in April 2016.