RioCan and developer Embassy BOSA are breaking ground on a mixed-use project in the East Village area of downtown Calgary today.
The 2.8 acre-site, formerly CPA Lands, is one of downtown Calgary’s few remaining privately owned full city blocks. The development will include 188,000 square feet of retail space to be anchored by an 82,000 square foot Loblaws City Market.
Other tenants at the site include Shoppers Drug Mart and Olympia Liquor store. RioCan will own 100 per cent of the retail portion of the site and has entered into a firm sale with Embassy BOSA Inc. for the air rights above the commercial component of the site.
Embassy BOSA will be responsible for the residential portion of the development and will also fund their proportionate share of the infrastructure costs on a cost-to-complete basis.
Construction is expected to be completed in 2019.