SITUATION
The previous owner had lost all interest in the property and even after being presented with a redevelopment strategy, they still had no interest in investing in the shopping centre. Zellers was not being converted to a Target and IGA notified the owner that if it did not address the shortage of parking and the 30% vacancy in the property, they would not renew.
SOLUTION
- Find a buyer for the property with capital to invest in the site
- Secure a replacement tenant for the 100,000 s.f. Zellers building
- Reconfigure the property to meet today’s market demands and retail needs
OUTCOME
An agreement with Walmart was finalized for the former Zellers, IGA will relocate from their current 28,000 s.f. to their new 48,000s.f. prototype and agreements in principle with 60% of the redevelopment’s Phase I have been reached.
