Eighty per cent of space sold in 500-store mall planned near Balzac

CALGARY - The second phase of sales for retail space in the planned New Horizon Mall, in the Balzac area, will launch on September 13.

On Wednesday, real estate brokers and agents were receiving information at a northeast Calgary hotel about the sales push for the mega mall, which will house more than 500 retail stores, anchor tenants and about 25 food court vendors.

A weekend sales blitz last fall in four cities, including Calgary, resulted in more than $100 million in transactions for the mall and between 80 to 85 per cent of the retail locations have now been sold, Eli Swirsky, president of The Torgan Group which is developing the project with The MPI Property Group, told the Herald.

The Mall is a unique, traditional Asian shopping centre concept with modern architecture where condo spaces in the centre will be for sale to retailers or investors as opposed to the traditional model of leasing. It is located on the east side of the Queen Elizabeth 2 Highway, just north of the Calgary International Airport and just south of the CrossIron Mills shopping centre.

Were very happy with the response, said Swirsky, who was in Calgary on Wednesday. The reception has been very encouraging.

It gives the small guy an opportunity to actually take control. There are very little options for the small Mas and Pas to actually own their own business, their own building, especially in a big mall, a regional mall. Regional malls are usually reserved for the big chains. This is a time for the small guy to have a say.

The mall will be 320,000 square feet with more than 1,100 parking spots, including 350 underground. Retail space in an open concept style ranges from 285 square feet to 855 square feet and prices range from $189,800 to $749,800. Food court units, which will be for sale during the second phase of the launch, will range in price from $299,800 to $949,800. The food court will seat just over 400 people.

We have 25 (food court) units and we are way over-subscribed. Its going to be sold out, said Swirsky.

He said construction is expected to begin on the mall next spring with completion by the end of 2017.

Here's the developer's videopitch for potential investors:

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Eighty per cent of space sold in 500-store mall planned near Balzac