RioCan is partnering with Boardwalk to develop a mixed-use tower at RioCan’s Brentwood Village Shopping Centre in Calgary.
The joint venture will consist of an at-grade retail podium of about 10,000 square feet and an 11-storey residential tower, with 165 apartment units totaling about 120,000 square feet. This will be RioCan’s first rental residential development in the Calgary market.
The development will include two levels of underground parking and will provide premium rental housing minutes from downtown Calgary along the Northwest Light Rail Transit line, while offering close proximity to the University of Calgary, McMahon Stadium and Foothills Hospital.
“Boardwalk brings a wealth of management expertise to the rental residential segment, particularly within the Alberta market,” said Edward Sonshine, chief executive officer of RioCan “This rental residential tower will be an excellent addition to this mixed use shopping centre, and a great example of just one of the many urban intensification projects that RioCan has on hand within its portfolio of high quality urban locations in Canada’s six major markets.”
The total construction cost is expected to be between $60 million to $70 million, or $30 million to $35 million per partner. RioCan and Boardwalk are currently working together to finalize the submission of plans for a development permit. Closing and construction is expected to occur around mid-2017.
“We are excited to announce the formation of this joint venture with a like-minded partner who shares similar values and goals as our own, to maximize the potential of well-located, transit oriented mixed use developments that can be constructed to create new communities that residents are proud to call home,” added Boardwalk Chairman and CEO Sam Kolias.