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The Globe and Mail

RioCan plans shopping centre for Calgary's East Village

The site is one of downtown Calgary’s few remaining privately owned full city blocks. Loblaw is considering leasing a significant portion of the planned 300,000 square feet of retail space

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An artist’s rendering of the shopping mall that RioCan Real Estate Investment Trust is planning for a 2.8-acre site in Calgary’s East Village next to downtown. The developer is aiming for a 2017 opening date.

RioCan Real Estate Investment Trust

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The piece of land, known as the Gateway Block, was formerly owned by the Calgary Police Association and is bordered by 5th and 6th Avenues and 3rd and 4th Streets S.E. The land was bought in a 50/50 joint venture with KingSett Capital for $20-million, although RioCan will develop, lease and manage the property on behalf of the partners.

RioCan Real Estate Investment Trust

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RioCan, which has been looking at the East Village for some time, says the site is one of downtown Calgary’s few remaining privately owned full city blocks. It is looking at building 300,000 square feet of retail space there, and has talked to Loblaw Cos. Ltd. about leasing a significant portion of that.

RioCan Real Estate Investment Trust

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“Calgary is an important market to us and this urban shopping centre will provide an exciting shopping destination for new and existing residents in Calgary’s unique urban village,” RioCan CEO Edward Sonshine said.

RioCan Real Estate Investment Trust

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