Commercial Real Estate in Canada

With 23 properties slated for development over the next decade or longer, Crombie is focused on increasing our presence in some of the most competitive commercial real estate markets in Canada. Working both independently and in joint-ventures, we're evaluating, planning, and building spaces that will help shape the way people will live, work, shop, and play in Canada's fastest growing metro areas.

23

Major Development Opportunities

888,000 sq. feet

Commercial Potential

8.6M sq. feet

Residential Potential

Vancouver, BC

Active Development

1641 Davie Street

Category

Mixed Use

Completion Date

2020

Buzzing with activity, Davie Street is located in a high density residential area of downtown Vancouver, BC. The site was, until recently, anchored by a 32,000 square foot Safeway grocery store, as well as a number of additional tenants. Crombie and Vancouver-based development partner Westbank Corp. will replace the existing retail asset with a new mixed use development scheduled which began construction mid-September 2017.

The development will include a new, larger, approximately 44,000 square foot grocery store with almost 9,000 square feet of ancillary retail space. As well, it will feature two rental residential towers totalling 253,000 square feet (up to 330 rental units) with an estimated total project cost of $180 million. Crombie will retain 100% of the new commercial component and own 50% of the rental residential component.

Montreal , QC

Active Development

Le Duke

Category

Mixed Use

Completion Date

2020

A joint venture project with PrinceDev, the new Le Duke mixed use development is adjacent to the new Bonaventure Greenway in Old Montreal, comprising an estimated $127 million investment, 25 storey mixed use tower with 390 residential rental units above a 25,000 sq. ft. IGA branded Sobeys grocery store, 1,000 sq. ft. of retail space with frontage on William Street and 300 underground parking stalls. The new building will retain the existing heritage building currently on site, integrating the two story façade and structure into the new development.

Langford, BC

Active Development

Belmont Market

Category

Mixed Use

Completion Date

2021

Belmont Market is poised to be the shopping destination in Langford, BC. 100% owned by Crombie REIT and currently estimated at 160,000 square feet, it includes a 53,000 square foot Thrifty Foods with an additional 107,000 square feet of retail and commercial space over 18 acres of land. Construction is underway, with 100,000 square feet of the overall development in committed leases or advanced stages of negotiation, and 96% of Phase I currently leased.

Oakville, ON

Active Development

Bronte Village

Category

Mixed Use

Completion Date

2020

Bronte Village is located in South Oakville at the intersection of Lakeshore and Bronte Roads. The redevelopment of Bronte Village provides an opportunity to add luxury rental residential density in a desirable area currently experiencing undersupplied market conditions. The redevelopment plan for mixed use residential/retail required demolition of a portion of the original retail centre, which took place in 2018, with the existing Sobeys store remaining operational during the redevelopment.

This discussion of Crombie’s development properties contains forward-looking statements about expected future events, including statements and images regarding the locations identified, timing, cost, and development size and nature, all of which may be impacted by real estate market cycles, the availability of financing opportunities and labour, actual development costs and general economic conditions, and which assumes obtaining required municipal zoning and development approvals and successful agreements with development partners and existing tenants. All forward-looking information is qualified by all cautionary statements included in Crombie's public filings which can be found under the “Company Documents” page under the “Investor Relations” tab on this site. These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on Crombie’s current estimates and assumptions. Crombie can give no assurance that actual results will be consistent with these forward-looking statements.

Developments