A shopping centre in Winnipeg’s swankiest part of town is getting a $4 million makeover.
Work on the Tuxedo Park Shopping Centre began in the summer and is expected to wrap up before Christmas.
The most noticeable change is on the outside where the facade of the more than two dozen storefronts is being overhauled. The sidewalks throughout the centre are being torn up and replaced and the parking lot is being regraded to eliminate flooding problems of the past.
John Prall, principal and vice-president of Colliers International in Winnipeg, said real estate owners often need to make strategic and proactive moves.
“There are a lot of options for retailers to go elsewhere. You want to make sure you maintain your long-standing tenants,” he said.
Demand remains high for space at Tuxedo Park because developers aren’t going out of their way to build new suburban office spaces, Prall said.
Tuxedo Park has 26 main- floor tenants in retail, services and professional and 16 office tenants, primarily in the medical and professional fields.
Investors Real Property Fund, a division of Winnipeg-based mutual fund company Investors Group, owns the 132,000-square-foot centre. The anchor tenants are Canada Safeway and Shoppers Drug Mart.