Calgary, AB - Sunridge Mall, owned and managed by Ivanhoe Cambridge, celebrates the official launch of an extensive redevelopment and expansion project. When work is completed in summer 2006, Sunridge Mall’s size will be expanded from 640,000 to 740,000 square feet and will have undergone a major makeover designed to solidify the mall’s position in the marketplace. The project represents an investment of $47 million.
Brian Castle, Senior Vice President, Western Region of Ivanhoe Cambridge, says, “We are very excited to redevelop Sunridge Mall, a project that is aligned with our strategy of continuously reinvesting in our portfolio to further reinforce the position and profile of our properties in their respective markets. This project will significantly enhance the operating environment of Sunridge Mall’s retailers, increase the convenience to customers and expand the retail and service offering in North Calgary.”
Details of the project include; three new main entrances that will become focal points incorporating dramatic lighting; 32,000 square feet of exterior retail streetscape that will offer consumers a truly unique retail offering; a completely renovated and transformed interior with special emphasis on comfortable soft seating, soothing colors, new lighting and floors; a two-level class “A” medical and professional gallery and a stylish 750-seat food court, with a magnificent fireplace. The food court also offers a spectacular view of downtown Calgary and the Rocky Mountains.
General Manager of Sunridge Mall, Mike Mielnichuk says, “Sunridge Mall is in the heart of a thriving business and retail community and as important members of that community, we want to be part of the area’s growth. The new Sunridge will offer a contemporary, innovative, fresh and spacious shopping environment. Already, the scope and quality of the project is attracting a lot of attention from new retailers who want to capitalize on the substantial commercial opportunities afforded by the North Calgary market.
Relationships between long-term charity partners will also continue to play a strong role in the new Sunridge Mall plans, Mielnichuk says. “In 2003, we raised more than $120,000 for Habitat for Humanity and the Peter Lougheed Centre through fundraising campaigns in Centre Court. We plan to continue and expand our relationships with these two community partners in the next year.”
Northeast Community leaders, such as Alderman Ray Jones, representatives and families from Habitat for Humanity and the Peter Lougheed Centre, attend the renovation launch and take part in a ‘handprint’ ceremony. Each member impresses their hand in a clay tile that will be incorporated into a mall art piece. “The handprints represent the extended Sunridge Mall community,” says Mielnichuk. “We plan to display them proudly in the new Sunridge Mall.”
About Sunridge Mall
Following renovations, Sunridge Mall will have more than 175 stores and services and become the largest shopping centre in Northeast Calgary. Situated in the heart of Calgary’s largest retail and commercial business node, Sunridge Mall will offer more than 740,000 square feet of retail destinations serving shoppers throughout the city and surrounding areas.
About Ivanhoe Cambridge
Ivanhoe Cambridge, one of Canada’s leading property owners, managers, developers and investors. Ivanhoe Cambridge, headquartered in Montreal, Quebec, focuses on high quality shopping centres located in urban areas. Its real estate portfolio of more than 39 million square feet of retail space consists mainly of 50 regional and super-regional shopping centres. As of December 31, 2003, the fair market value of Ivanhoe Cambridge’s assets was over $6.8 billion.
Ivanhoe Cambridge is a member of CDP Capital, the asset manager for the Caisse de dépôt et placement du Québec (CDP). Amongst its shareholders, the Company also counts four Canadian pension funds.