$230-million investment into an expansion and redevelopment project to
start in summer 2013
MONTREAL, Jan. 23, 2013 /CNW Telbec/ - Ivanhoé Cambridge announced today
a $230-million redevelopment and expansion project at Oshawa Centre, a
well-established shopping centre located in Oshawa, Ontario. The
project will result in 24,000 square metres (260,000 square feet) of
new construction including approximately 17,000 square metres (185,000
square feet) of redeveloped retail space and approximately 7,000 square
metres (75,000 square feet) of new retail. Once complete, the total
gross leasable area of the shopping centre will exceed 116,000 square
metres (1.25 million square feet).
The additional space will allow the centre to introduce over 60
highly-desirable retailers into the Durham regional market.
Construction will begin in summer 2013 and is slated for completion in
"Ivanhoé Cambridge's substantial investment in Oshawa Centre will
enhance the centre's fashion offering, solidify its competitive
positioning and enable it to meet retailer demand," said David Baffa,
Vice President, Retail Development, Central Region, Ivanhoé Cambridge.
Over 60 new retail concepts, including two additional large format
New 1,000-seat, sophisticated food court
New main entrances on the east side
New and updated entrances on the west side
Upgraded seating area elements, including floor and ceiling treatment
Fully renovated washrooms with modern upgraded finishes
"This expansion and renovation reaffirms our confidence in the Oshawa
community and the Durham region, today and in the future. Today's
announcement is not only great regional economic news but also
reinforces our dominant position in the fastest growing community in
the GTA," added Bill Thompson, General Manager, Oshawa Centre.
"Oshawa Centre has been a part of the Oshawa community for close to six
decades," said Oshawa Mayor John Henry. "A renovation and expansion
project of this size will create numerous construction and retail jobs
right here in our city."
About Oshawa Centre
Built in 1956 as an open air shopping centre, Oshawa Centre has been an
integral part of the Durham Region for nearly 60 years. Currently at
1.1 million square feet, the super regional shopping centre offers over
230 stores and services that create a unique shopping experience. The
mall features sought after fashion forward brands such as Victoria's
Secret, PINK, Sephora, Lululemon Athletica, Town Shoes, GUESS, H&M and
the largest Boathouse location in Canada. Oshawa Centre was one of the
first to be recognized for excellence in the environmental management
and performance, achieving the BOMA BESt level 4. The centre will
continue its exceptional leadership in sustainability and environmental
practices. Located just east of Toronto and minutes from Highway 401,
it is the largest super regional shopping centres within the Durham
Region, one of the fastest growing regions in Canada.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the world's 10 largest real estate
companies. As at December 31, 2011, its assets totalled more than
Cdn$30 billion and could be found in over 20 countries around the
world. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de
dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more
information, visit ivanhoecambridge.com.
Image with caption: "Ivanhoé Cambridge announced today a $230-million redevelopment and expansion project at Oshawa Centre (CNW Group/Ivanhoé Cambridge)". Image available at: http://photos.newswire.ca/images/download/20130123_C7936_PHOTO_EN_22870.jpg
SOURCE: Ivanhoé Cambridge