By Patricia Lonergan
RioCan REIT and Tanger Factory Outlet Centers Inc. announced in November that they jointly entered into a purchase-and-sale agreement to buy property near Highway 417 and Palladium Drive, close to Scotiabank Place and several car dealerships.
The country’s largest real estate investment trust is currently going through the planning process to develop a 50 acre site in Kanata.
Stuart Craig, RioCan’s assistant vice-president of planning and development, said they will submit the site plan application soon and hope to have zoning approvals early in the new year. Construction could start either in the summer or fall of 2013 and would take between 16 and 20 months.
“We’re fairly optimistic,” Mr. Craig said, noting the timeline seems realistic. “The city has been good to work with.”
He added that he expects to tender the project next spring. Work should start as soon as the tender is awarded, he said.
The project will feature 350,000 square feet of retail space and will include 100 to 110 units, Mr. Craig said.
Leasing deals are already in the works, but Mr. Craig said it’s too early to comment on who will set up shop in the new mall. While he can’t yet specify who the tenants might be, he said leasing is “going fairly well.”