A chunk of old industrial land is to be cleaned up and transformed into a retail power centre in the southeast part of the city.
Heritage Towne Centre will go up starting next spring at Glenmore Trail and Heritage Drive S.E.
“The exciting thing is it’s a cleanup of an old railway and cement plant that will dramatically improve the area,” says Larry Mason, president of Remington Development Corp.
Environmental approval has been received and some work has been done on the site. Remington is seeking the necessary land-use reclassification from the city. Engineer-ing work is under way on the road plans.
The traffic access for the area calls for dedicated turn lanes off Heritage Drive for east- and westbound traffic. Railway Street will be realigned and renamed Heritage Gate.
The first tenants should be able to move in next fall.
Half a million square feet of retail space aimed at big-box retailers will be built out in a project worth about $50 million over two years. “It will take a year-and-a-half to build out and lease,” says Mason.
Phase One of the project will be 30 of the 45 acres on the site.
It will include 1,583 parking stalls, more than the 1,300 required under planning regulations. The phase will include 310,000 sq. ft. of retail. Store sizes will range from 2,500 sq. ft. to 70,000 sq. ft. Pads will also be available for service uses such as banks, restaurants and convenience stores. Plans show the parking lot in the centre of the complex, giving the stores exposure along the roadways.
The nearest roads are some of the busiest in the city. Deerfoot Trail carries 82,000 vehicles a day, Heritage Drive 27,000 and Glenmore Trail 84,000. Just up the hill to the west, Blackfoot Trail hosts 49,000 vehicles per day. More than 150,000 people live within a 10-minute drive of Heritage Towne Centre.
The project is being marketed by Jeff McGinley at Avison Young Commercial Real Estate.
Townhouse buyers can express their individuality in a project at Garrison Woods. The Sanctuary Wood townhouses by Homes by Avi can vary from 1,300 sq. ft. to 2,300 sq. ft. in three floors of living space plus a basement garage. Buyers can choose from several plans for each floor. The various plans are stackable, explains marketing and sales manager John Sparrow.
Homes by Avi is the Alberta licensee for the Grow-Home principle.
The sales centre for the Sanctuary Wood project is at Scarpe Avenue and 20th Street S.W.
CapRate Commercial Properties Inc. has bought a south-central office building in a deal to close Nov. 15.
The building, at 5824 2nd St. S.W., is 20,921 sq. ft. CapRate is paying $2.15 million for it to Wincor Properties Ltd. Wincor will lease the property until mid-2002.
CapRate says it intends to retain 25-per-cent ownership and syndicate 75 per cent, with its subsidiary, TransAct Realty Advisors, acting as general partner.