Concept drawing for The Outlet Collection at Niagara. Source: Ivanhoe Cambridge
May 7, 2013, 1:04 p.m. ET
An investment of nearly $200 million in the Niagara Peninsula.
Ivanhoé Cambridge announces today that construction has begun on the site of The Outlet Collection at Niagara, an outlet shopping centre project in Niagara-on-the-Lake, Ontario. Slated to open in May 2014 following an investment of nearly $200 million, the new outlet centre will feature close to 100 marquee retailers and coveted collections for value-seeking shoppers including Banana Republic, Bench Outlet, Brooks Brother Outlet, Calvin Klein, Forever 21, Gap Outlet, Izod, Michael Kors Outlet, Naturalizer, Osh Kosh, Tommy Hilfiger and Van Heusen. Bass Pro Shops has chosen this location to open their third anchor store in Canada.
“We are very excited to build an exceptional new shopping experience for the residents and visitors of the Niagara Peninsula and beyond,” said David Baffa, Senior Vice President, Retail Development, Central Region at Ivanhoé Cambridge. “The Outlet Collection at Niagara will not only contribute to the region’s economy but will bring our retail expertise to a new market while reinforcing our position as a leader in the Canadian shopping centre industry.”
Dignitaries present at the ground breaking ceremony included Niagara-on-the-Lake Lord Mayor Dave Eke who said: “This retail centre is a significant economic venture for all of Niagara. Not only will it create thousands of jobs and generate more tax revenue for our area, it has the potential to make the Glendale interchange at the QEW a major commercial hub for both the Southern Ontario and Northeastern U.S. markets.”
The Outlet Collection at Niagara development project will generate approximately 1,000 construction jobs. Over 1,500 full- and part-time jobs will be created upon the opening of the centre.
Phase I of The Outlet Collection at Niagara will feature eight single-level buildings totalling 48,000 m(2) (520,000 ft(2) ) of gross leasable area within a race track design. The common area will be open-air, with various sections covered by roof structures to provide relief from the elements. The centre will also include a food court pavilion and an event area for a farmer’s market and a community gathering place.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, its assets in more than 20 countries are valued at over Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada’s leading institutional fund managers. For more information, visit ivanhoecambridge.com.