Ivanhoe Cambridge, a pre-eminent Canadian-based global shopping centre owner, manager, and developer, has announced CrossIron Mills will open in August of 2009. The shopping destination will offer many first-in-Alberta stores including Holt Renfrew Last Call, Pro Hockey Life, Bed Bath & Beyond, Lacoste Outlet and the largest Bass Pro Shops in Canada.
“We’re very excited about the opening of CrossIron Mills and being able to bring new retailers to the Calgary area,” says John Scott, vice president of development with Ivanhoe Cambridge. “We believe this will be the shopping destination of choice for many Albertans and a tourist destination for those visiting the area.”
CrossIron Mills is the first enclosed mall to be built in Alberta in 20 years and the total project costs are estimated to be approximately $400 million Canadian. This unique shopping and entertainment concept will feature a mix of brand name retailers, manufacturer outlets, and themed restaurants. The retail mix will provide many options to consumers from home decor shopping at Villeroy & Boch Outlet or HomeSense, to fashion at Jones New York Outlet or Winners to shoes at Puma Outlet.
“Our confirmed tenants are thrilled to be joining us,” says Scott. “We continue to receive tremendous interest from retailers because of the booming Alberta market and the previous success of our Vaughan Mills location in Ontario. Discussions are underway to bring even more quality retailers on board for this exciting project.”
Currently, 77 per cent of specialty retail space and 80 per cent of total anchor tenant space is leased. CrossIron Mills will ultimately feature 17 anchor tenants and more than 200 specialty stores. The shopping centre will have 1.4 million square feet of gross building area and 1.1 million square feet of gross leasable area.
The centre’s architecture is innovative and contemporary, yet also stays true to Alberta’s unique heritage. The design elements celebrate the beauty and diversity of Alberta. Geographic regions, memorable landmarks and cultural icons of Alberta inspired the unique design. The centre’s interior will feature different themed areas including fashion, ranch, resource, fossils and wildlife.
“A lot of thought, time, experience and energy have gone into the development of this shopping destination,” explains Scott. “Ivanhoe Cambridge has a proven track record of developing and managing top-performing, innovative retail and entertainment centres and building CrossIron Mills from the ground up has allowed us to put our experience and creativity to work.”
Not only will CrossIron Mills have first-in-Alberta retailers, the centre will also have largest-in-Alberta retailers including the largest locations for Toys ‘R’ Us/Babies ‘R’ Us, La Senza, H&M, The Children’s Place, Tommy Hilfiger Outlet, Laura Outlet and Forever XXI.
In addition to shopping, CrossIron will include a state of the art Racing Entertainment Centre developed and operated by the United Horsemen of Alberta. The facility will feature a one-mile long thoroughbred track, a seven-furlong standardbred track, a gaming parlor, entertainment stage and simulcast room.
“From the beginning, Ivanhoe Cambridge and United Horsemen of Alberta shared the vision of creating an incredible destination for Albertans,” says Scott. “We believe that UHA’s racing entertainment centre adds a very special element to the overall offering.”
Ivanhoe Cambridge and United Horsemen of Alberta own an additional 120 acres of land north of the Racing Entertainment Centre and CrossIron Mills that is to be developed with a complimentary, mixed-use offering including synergistic retail, service, hotel and office space.
“Ivanhoe Cambridge and UHA have been working closely with the MD of Rocky View to ensure the seamless integration of shopping, racing and entertainment in this 700-acre master-planned development,” explains Scott. Upon opening, the Racing Entertainment Centre and CrossIron Mills and its retailers will employ more than 5,000 individuals on a full- or part-time basis and add approximately $5 million in taxes to the local economy.
About Ivanhoe Cambridge
Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner, manager, developer and investor, focusing on high-quality shopping centres located in urban areas. Beyond its strong Canada-wide presence, the Company is also active in the United States, Brazil, Mexico and Europe, where it owns a number of properties either by itself or through joint ventures with prominent real estate partners. Abroad, Ivanhoe Cambridge also holds interests in several shopping centre development and management companies and maintains offices in Europe and Asia.
Its real estate portfolio consists of more than 44 million square feet (4 million square metres) of retail space and includes some 70 regional and super-regional shopping centres. As at December 31, 2007, the market value of Ivanhoe Cambridge’s assets reached CAD $13.4 billion.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec, one of the largest institutional fund managers in Canada. Amongst its shareholders, the Company also counts four prominent Canadian pension funds.