A massive retail-anchored mixed-use project appears timely for south Calgary as the retail vacancy rate in that area of the city is the lowest in the metro area, according to CBRE.
“New retail supply is in time with the market,” the commercial real estate agency noted in a recent Calgary retail report.
The late-2018 data showed that the overall retail vacancy rate had fallen to 5.6 per cent from 6.4 per cent but that the vacancy rate in south Calgary, where Royop Development Corp. will break ground this July on the first phase of its giant Township mixed-use project, has fallen to 1.1 per cent.
Township will be approximately 1.5 million square feet of mixed-use buildings when fully developed. The project will feature a number of anchor retailers and a mix of large format retailers, grocery, fashion retailers, restaurants and smaller service retailers.
The area will also feature office, medical, residential and hotel opportunities.
Current plans are for the project to be constructed over two phases. The first phase will be completed by 2012, with the second phase to follow. The project encompasses approximately 60 acres.
“Township will not only be the hub for the surrounding communities of Chaparral, Walden, Silverado and Legacy but the commercial centre for Southwest Calgary and the communities of Okotoks and High River,” according to a statement from Musson Cattell Mackey Partnership, architects for the project.
Work will start on Phase 1, which will include 300,000 square feet of retail space as part of a $125 million development, Jeremy Thal, Royop’s president and CEO, told Renx.ca.
The initial phase will include grocery, regional and local retailers, services, child care, and food and beverage options. It will set the tone for the entire community with public art, murals, outdoor fireplaces and public areas.
Royop has secured major international anchors to take space in the regional mall, the company said.