Across the road from CrossIron Mills in Balzac, a group of excited developers, investors and dignitaries gathered Thursday to officially break ground for the $200M New Horizon Mall.
The New Horizon Mall was first announced in 2013 and originally expected to be open by the end of 2016. But after running into some unanticipated delays, the project is a go and slated for completion in late 2017, according to developers the Torgan Group and MPI Property Group.
Modelled after Toronto’s multicultural Pacific Mall — another Torgan Group project — New Horizon will feature more than 500 retail units that, unlike a typical mall, are purchased rather than leased. The stores will then be either owner-operated or rented to a retailer by the owner. The first of its kind in Alberta, the mall has already sold over 90 per cent of the space availble to investors. The mall is designed to be more like an Asian or European bazaar than a traditional shopping centre.
"We know the model works," said Torgan Group president Eli Swirsky, at the groundbreaking celebration. "Pacific Mall is very successful, and we’re duplicating the same concept. Calgary has a very large multicultural community … If it works there, it’s going to work here."
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