Montreal, Quebec – Ivanhoe Cambridge, owner and manager of Conestoga Mall, is pleased to announce an investment of $50 million to expand and renovate this shopping centre of choice located in Waterloo, Ontario. Construction work on this highly anticipated project started in spring 2006 and is expected to be completed by fall 2009.
George Fiddler, Senior Vice President, Central Region, of Ivanhoe Cambridge, says: “We are excited to redevelop Conestoga Mall, a project that is aligned with Ivanhoe Cambridge’s strategy of continuously reinvesting in its portfolio to further reinforce the position and profile of its properties in their respective markets. The renovation and expansion of Conestoga Mall will significantly enhance the operating environment for retailers, increase convenience for customers and expand the retail and service offering in the north end of Waterloo.”
This project underlines the vitality of Conestoga Mall and confirms its status as a prime retail destination in its market. Once completed, the shopping centre will present a renewed retail and service offering in a contemporary, fresh and modern setting. The availability of a wide selection of high-quality brand-name retailers will strengthen the regional appeal of Conestoga Mall in the Waterloo area.
Sandra Stone, General Manager of the property, states: “This project is excellent news for Conestoga Mall, shoppers, retailers and the entire community. The mall is part of a thriving business and retail hub and, as important members of the community, we want to contribute to the area’s vitality and growth. Renovation works will be planned in such a way as to minimize inconvenience to our tenants and to continue to provide a shopper-friendly environment to consumers.”
Details of the project include:
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Relocation of CIBC to an 8,000-square-foot freestanding building (scheduled to open early January 2007)
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Addition of an 18,800-square-foot Old Navy that will be located in the space left vacant by CIBC (scheduled to open in late summer 2007)
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Expansion of The Bay which, once completed in spring 2008, will reach 130,000 square feet
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A major 75,000-square-foot expansion at the property's south end, which will use some of the space vacated by The Bay to feature a ”race track design”, linking the new wing to the Zehrs wing, and to house new high-quality retail concepts · relocation and redesign of the food court using a new, contemporary concept that will feature 10 dining venues and seating for 700
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New, stylish and well-appointed washrooms
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Addition of over 1,000 parking spaces to an expanded, pedestrian-friendly south-end parking lot.
Moreover, the new expansive interior will showcase dramatic 25-foot-high ceilings, a clear story roof over the food court, fashionable interior design and improved lighting. The stunning combination of stone, glass and stucco on the exterior will present an exciting street façade that will make the community proud. The existing building will boast fresh new flooring, lighting and skylight upgrades, modern interior décor and furnishings, attractive outdoor landscaping and new design elements incorporated into the King Street main entrance.
This project will be led by general contractor Ledcor Construction of Toronto and is expected to create 130 construction jobs. Some 235 full-time and 155 part-time retail positions are expected to be added to the region as a result.
About Conestoga Mall
Conestoga Mall is owned and operated by Ivanhoe Cambridge. Serving Waterloo and an extended secondary trade area, the centre is positioned to serve middle-, upper-middle- and high-income markets. Anchors such as Winners, Zellers and Sport Chek, and marquee retailers such as Gap and American Eagle Outfitters, drive the centre's appeal in this fast-growing market. A dominant 10-screen Galaxy multiplex theatre confirms the centre's status as a regional draw.
About Ivanhoe Cambridge
Ivanhoe Cambridge is a recognized leader in the Canadian real estate industry. It is one of the country’s pre-eminent property owners, managers, developers and investors. The Company focuses on high-quality shopping centres located in urban areas. Beyond its strong Canadawide presence, the Company is also active in the United States, Brazil, Asia and Europe – where it partners with prominent real estate entities. Its real estate portfolio consists of more than 43.2 million square feet of retail space and includes over 65 regional and super-regional shopping centres. As at December 31, 2005, the value of Ivanhoe Cambridge’s assets was close to CAD $9.3 billion.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec, the largest institutional fund manager in Canada. Amongst its shareholders, the Company also counts four prominent Canadian pension funds.