FREDERICTON, N.B.— Plaza Retail REIT has announced details of eight recent, current and upcoming projects in Atlantic Canada, Quebec and Ontario.
Plaza has invested approximately $7.8 million to date on these projects on land and other capital and construction costs, and expects to invest approximately $5.3 million more, for total capital costs of $13.1 million, noted a media release issued Oct. 2.
The projects are comprised of two newly acquired ground-up projects, three redevelopments of existing properties and three expansions of existing properties. Plaza expects to add approximately 107,000 square feet to its portfolio through these projects, the statement indicates.
The projects range from several in the planning stages to four already under construction. They also range in size from a 1,590-square-foot addition to an expansion of 70,000 square feet.
Among properties where redevelopment is being planned, there is the Lawrence Avenue Plaza in Toronto, with completion expected in the third quarter of 2018, an outlet on Century Avenue in Mississauga, with completion anticipated in the second quarter of 2019, a property on Baseline Road in Ottawa, with a finish expected in the first quarter of 2018, and the Bedford Commons Plaza in Bedford, N.S., where an expansion is expected to wrap in the third quarter of 2018.
Three builds were recently completed in the third quarter of 2017: a strip plaza on Saint-Jude Nord in Granby, Que., the Welton Street Plaza in Sydney, N.S. and the Powell Drive Plaza in Carbonear, N.L.
Another current build, on Boulevard St. Charles in Kirkland, Que., is expected to be done in the first quarter of next year.
Plaza’s portfolio as of June 30 includes interests in 296 properties totalling approximately 7.6 million square feet across Canada and additional lands held for development.