Mount Royal Village owner’s vision includes major redevelopment

A proposed $130-million redevelopment that includes Mount Royal Village and adjacent land is aimed at creating a community retail node in the Beltline and revitalize the area.
First Capital Realty Inc., owners of Mount Royal Village, have plans that include the $10-million redevelopment of the existing Mount Royal Village shopping/office centre, the $45-million construction of a three-storey retail/office building with a high-end grocery store as the main anchor, and the $75-million construction of a 32-storey residential condo tower, the Herald has learned.
Brian Kozak, executive vice-president for Western Canada for First Capital Realty, said the vision is to develop a retail centre serving the needs of the immediate community to be anchored by the high-end grocery store and other ancillary retail.
Mount Royal Village is located at 16th Avenue and 8th Street S.W. The two new proposed buildings would be located just west of Mount Royal Village across 8th Street.
Kozak said redevelopment plans for the Village, which is 85,000 square feet with 50,000 of that for retail, are in the development permit process with the City of Calgary. The proposed new developments are in a land-use application before the City.
“Everyone benefits from a revitalization project like this, including local businesses and people who live and work in the area. As a landlord in the Beltline district, we’re excited to see these types of developments because they improve the livability of the community and complement the existing restaurants and retail establishments nicely,” said Ellisa Asaria, leasing associate with the Strategic Group.
Michael Kehoe, an Alberta-based retail specialist with Fairfield Commercial Real Estate Inc., said this is an “important re-invention of one of Calgary’s landmark commercial properties” and the project is “in good hands with (First Capital Realty) given their success with similar urban properties in markets like Toronto.”
“The pending redevelopment of Mount Royal Village is a vote of confidence for the 17th Avenue S.W. high-street retail district and a continuation of the momentum generated by the success of Hanson Square anchored by Best Buy. This solidifies 8th Street and 17th Avenue as the 100 per cent corner in one of Calgary’s most important urban business districts,” added Kehoe.
Barb Stein, executive director of the Uptown 17 BRZ (Business Revitalization Zone), said the organization is supportive of plans to “enhance” Mount Royal Village.
Stein said she has not seen formal or final plans for the proposed development on the adjacent land.
“We look forward to the eventual development of the property to increase mixed-use and residential opportunities in the zone,” she said.
Kozak said the proposed three-storey commercial building will be about 90,000 square feet with two floors for retail use and one floor for office use.
That building would be situated at 8th Street. The condo tower would be located west of the building and at the end of the development would be a public park at 9th Street.
 
Thursday, February 21, 2013 – Calgary Herald