CALGARY – Toronto-based commercial real estate manager ReDev Properties is launching a commercial construction division.
The company’s first project will be construction at Jacksonport Retail, located in Calgary, Alta. once it has completed purchasing the site with a joint venture partner.
The property has a number of existing commercial buildings with three acres of available space to build retail and condominiums for resale.
“This was the right time in ReDev Properties’ evolution to become involved in this type of development project. I have experience in the development of commercial condos and residential units, and it is clear there is a strong demand for projects like Jacksonport Retail,” ReDev Properties president Richard Crenian said in a statement.
“While covered malls are facing many challenges, customer foot traffic in neighbourhood plazas remains very high. We know there is growing demand for the core retail outlets and services we offer at our plazas.”
ReDev is currently in negotiations for another similar project. The company has purchased and asset managed numerous commercial real estate properties in Canada since 2001.