It's a trifecta that could turn shoppers, horse racing fans, and the Municipal District of Rocky View into big winners.

A $1.5-billion entertainment, sporting and retail complex that is expected to open its doors in 2008 on Calgary's northern outskirts will create jobs, increase Rocky View's tax base, take shopping to the next level and unveil what is being described as the world's top horse-racing venue.

Operating under the code name of the Alberta Project, the development is still in its early stages, with grading under way and foundation work now beginning.

The mall is expected to create employment for 3,500 full-and part-time employees when it opens in the fall of 2008, while the projected workforce during peak season for the racetrack and equine barns is 1,700.

Additional jobs will also be created for the Canadian Equine Centre of Excellence that will operate there as a satellite campus of Olds College.

John Scott, vice-president of economic development for Ivanhoe Cambridge, estimates an economic impact of $3 million to $3.5 million annually in property taxes.

UHA CEO Max Gibb says just the racetrack alone should create between $300 million to $400 million a year in economic benefits.

Shoppers, meanwhile, will get to see what the country's next wave of mega-malls will look like.

Patterned after Ivanhoe's Vaughan Mills project in Vaughan, Ont., the regional supermall combines the best of power centres, typical regional malls that have two to three anchor stores, outlet stores, and entertainment venues.

After Calgary's version is completed, Ivanhoe Cambridge will turn its attention to planning similar malls in Montreal and Vancouver.

"We will certainly have a number of new (retail) players to the market," says Scott. And if Vaughan Mills can serve as an example, those players could include Bass Pro Shops Outdoor World and Holt Renfrew Last Call - Holt's own outlet store.

It will be early 2007 before any tenant announcements are made for the mall, but there will be approximately 15 anchor tenants in spaces ranging from 20,000 sq. ft. to 130,000 sq. ft. and another 200 retail stores.

On the entertainment side, the mall's total of 1.1-million sq. ft. of leaseable space could include venues such as Vaughan Mills' Lucky Strike (bowling) Lanes or its NASCAR SpeedPark.

Scott believes the region can support another mall, especially a mega-project.

"We know the Calgary market very well. We have a significant presence currently with Southcentre Mall, half ownership of Market Mall, Sunridge Mall and Deerfoot Outlet Mall," he says.

"We're well positioned in that market at present. This retail venue we are proposing to construct functions differently than a traditional shopping centre and it draws from a greater distance."

The mall is expected to bring in shoppers from Banff, Lethbridge, Red Deer and even Edmonton.

Nor does Scott believe finding people to hire in employee-starved Alberta will be a problem. "For the most part, the retailers we're talking to are confident they're going to find these employees."

The UHA's Gibb says the facility will be home to a world-class one-mile thoroughbred track and a seven-furlong standardbred track.

"We want to create enthusiasm, commerce and business development for horses and horse racing for the next century in this province," says Gibb, adding that the racing entertainment centre will have slot machines with the potential of a casino.

The planned opening is by April 2008.

Phase 2 of the overall project, likely to begin more than a year following the opening of the racing centre and mall, will link the development's two portions with a hotel.

Meanwhile, Rocky View Reeve Albert Schule says the project will put Rocky View on more stable footing.

"It will be a huge impact for Rocky View, there's no question about it," he says. "I don't think our residential versus commercial tax base (75 per cent compared to 25 per cent) is sustainable at this time."

After completion, he adds, "my hope is that we'll be somewhere closer to 60 per cent residential and 40 per cent commercial. That's a lot closer to being sustainable."

(Laura Severs can be reached at laura@businessedge.ca)