Grosvenor is capitalizing on Calgary's energized economy with the $42 million-plus purchase of Crowfoot Corner and Crowfoot Village. The two well-established retail properties in the city's fast growing Northwest sector comprise 99,956 square feet and are home to 53 retail tenants. An almost 14,000 square foot office complex in Crowfoot Village is primarily occupied by medical services tenants.
The two Crowfoot Town Centre retail buildings are expected to benefit from completion of a new interchange located at the southern corner of the site, which is under construction and scheduled for completion in 2006. In addition, the city's Light Rapid Transit line will be extended to the location by 2008.
Grosvenor Canada's President Andrew Bibby notes the company's latest Alberta acquisition matches Grosvenor's strategy of establishing a critical mass of quality retail investments in Calgary. "We foresee expanding our presence in Calgary with attractive lifestyle-oriented retail destinations like these, particularly with the region's exposure to the growing energy sector."
Bibby adds that Grosvenor's plans for Crowfoot Corner and Crowfoot Village include upgrades to the storefronts, landscaping, pedestrian lighting, and renovations to incorporate a landscaped public courtyard adding restaurant decks and cafe patios.
With its sights set on Canadian urban retail, Grosvenor also recently acquired the refurbished Venator Building, a 25,521 square foot retail property in downtown Calgary. The property is connected to the city's "Plus 15" walkway system, a series of 57 enclosed bridges above street level that links the majority of buildings in the downtown core.