Construction has finally started on New Horizon Mall in north Calgary, where all of the retail space is being sold, not leased, a first for an Alberta shopping centre.
The Torgan Group and MPI Property Group are building the $200 million project. A groundbreaking ceremony was held June 23 at the site, which is near the Crossiron Mills shopping centre and the Calgary International Airport.
The New Horizon was first announced in October 2013 and construction of the 320,000-square-foot Asian-themed development was originally planned to start in 2014. The project is now planned to complete in 2018.
According to the developers, the 500 outlets range from 285 square feet to 855 square feet. Retail space has been selling for from $170,000 to $750,000. More than 400 of the retail units have been sold.
The individual spaces can be used by owners, or leased out by investors, according to the Torgan Group.