commercial real estate

Developments

Belmont

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
Avalon Mall Interior
St. John's, NL
Active Development

Avalon Mall

Category
Retail Enclosed
Completion Date
TBD

In 2017 Crombie kicked off a three-year capital investment program to enhance Avalon Mall's position as the dominant enclosed mall in Newfoundland and Labrador. Upgrades will enable Avalon Mall to continue to improve tenant mix and increase sales per square foot. Phase one of the $54.5 million project began in April 2017, with construction of a four-level, 875 space parking structure. Phase 2 of the project is now underway, which includes entrances and exterior façade improvements.

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Penhorn
Dartmouth, NS
Development Planning

Penhorn Lands

Category
Mixed Use
Commencement Date
TBD

The "Penhorn Lands" is a 31 acre development site located at the intersection of Highway 111 and Portland Street in Halifax (Dartmouth), Nova Scotia that was purchased from Empire in 2016. The site is adjacent to Penhorn Plaza, a Crombie-owned 104,000 square foot Sobeys-anchored retail plaza. Management expects to undertake the development in two phases. Phase I involved partial demolition of a former Sears store with redevelopment into approximately 43,000 square feet of commercial space on 4.88 acres of the 31 acre development site.

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East Broadway Safeway in Vancouver, British Columbia
Vancouver, BC
Pre-Planning

Broadway and Commercial

Category
Mixed Use
Commencement Date
TBD

1780 East Broadway is located at the intersection of Commercial Drive and East Broadway, in Vancouver, BC. The single-storey, 38,000 square foot Safeway grocery store is situated at one of the busiest transit nodes in Western Canada. Crombie is currently working through the rerezoning application process to capitalize on the recently adopted community plan, which permits up to 24 storeys above the retail podium and a floor to site ratio of 5.7 times.

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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.