Some good news for edmonton
New lease on life for North Town Mall
Renovation aims to fill largely empty centre
Ron Chalmers, The Edmonton Journal
Published: 1:38 am
EDMONTON - A two-year renovation of North Town Mall could fill one of this city's largest vacant spaces.
North Town is strategically located on the northeast corner of 137th Avenue and 97th Street -- just north of Northgate Centre and east of Griesbach. The seven-hectare site holds a major ETS station and a large Co-op taxi stand.
But the 32-year-old mall, originally owned by Triple Five Corp., is run down and 78 per cent empty.
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Font: ****Anthem Properties of Vancouver, which bought it in May 2006, now has started a sweeping redevelopment.
"In acquiring it, we recognized the potential of the property," says Anthem vice-president Sylvia Yung. "We spoke to key tenants that we are thinking of bringing in. That was part of our due diligence."
Anthem also has negotiated with existing tenants. CIBC, Rogers and Wendy's will remain where they are, Yung says. "London Drugs will reopen with a new store in the spring of 2008."
T & T Asian Supermarket, which has a large store in West Edmonton Mall, will open at North Town in the spring of 2009.
The 230,000-square-foot mall currently has 180,000 square feet of vacant space, according to CB Richard Ellis, a commercial real estate broker. If it were fully leased, retail vacancy in northwest Edmonton would fall from the current rate of 12.5 per cent to 3.9 per cent -- approaching the city-wide rate of 3.2 per cent.
But the owner expects to do even better -- by expanding to 270,000 square feet.
"Anthem is good at looking at diamonds in the rough," Yung says. "In this particular market, where it is very difficult to find perfect properties, we were willing to put in the elbow grease and work with tenants to make the real estate succeed."
The renovation was designed by Nejmark Architects of Winnipeg.
"All of the Edmonton architects were too busy to meet our timeline," Yung said. "We are using local architects and contractors." The improved North Town Mall "will have a modern, updated look with warm colours," plus new landscaping and a smoother-flowing parking lot, she said.
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© The Edmonton Journal 2007