Phased renovations include modernization of
mall interior, food court and exterior, continuing work on Cineplex
pad and former Target space
MISSISSAUGA, ON, Jan. 23, 2019 /CNW/ - Morguard Real Estate
Investment Trust (the "Trust") (TSX: MRT.UN), owners of The Centre
mall in Saskatoon, SK, announced
today that the Trust is investing approximately $43.0 million in renovation projects for the
shopping centre. Projects include modernizing the interior and
exterior of the property, continuing development of the new
Cineplex pad and continuing the refit of the former Target space to
welcome new retailers.
"We're happy to make this significant investment in The Centre
and show our commitment to the City of
Saskatoon," said Andrew
Tamlin, Chief Financial Officer of the Trust. "Morguard is
dedicated to providing a best-in-class experience that reinforces
The Centre's position as a leading retail and entertainment
destination in the community."
The redevelopment encompasses both the interior and exterior of
the shopping centre, and will elevate the retail experience. To
minimize inconvenience to guests and retailers, the modernization
will be performed in phases. Work is expected to begin in early
2019 and be completed in 2020.
"Our team at The Centre is delighted to reveal our vision for
the property, with a beautiful modern interior, enhanced dining
area and a rejuvenated exterior," said Margaret Knowles, Senior Vice President,
Development at Morguard. "The redevelopment will create a
contemporary, connected space that can be enjoyed by our guests and
existing tenants while paving the way for exciting new retailers
and service providers in the future."
Renderings of the proposed redevelopment can be found on The
Centre's website: www.thecentremall.com. Planned phases
include:
- Modernization of the interior of the shopping centre, including
new flooring and ceilings, expansive skylights and an updated
colour scheme;
- Upgraded appearance and layout for the food court, with
enhanced seating options and modern washrooms;
- A new Guest Services kiosk in the LINK walkway connecting
Centre East and Centre West;
- Modernization of the exterior entranceways;
- Continued development of the Cineplex pad; and
- Continued renovation and refit of the former Target space to
welcome new retailers in 2019 and 2020.
"We're very excited about the great changes coming to The
Centre," says David Bubnick, General
Manager of The Centre. "The next phase of our transformation will
provide a fresh new look and an even more convenient, complete
shopping experience for our guests."
About The Centre
The Centre is a regional shopping centre anchoring the east side
of Saskatoon. The property was
constructed in 1972 and renovated in 1995. The existing facility
was created by linking together two previously separated shopping
centres. The property is located at the intersection of Eighth
Street (a major east/west arterial route through Saskatoon) and Circle Drive. The mall contains
over 100 stores and is anchored by Co-op Grocery, GoodLife Fitness,
Best Buy, SportChek, Ardene and Shoppers Drug Mart. The Centre will
also be home to a new Cineplex pad operation in 2019, aggregating
30,000 square feet.
About Morguard Real Estate Investment Trust
The Morguard Real Estate Investment Trust is a closed-end real
estate investment trust, which owns a diversified portfolio of 49
high quality retail, office and industrial income producing
properties in Canada consisting of
approximately 8.6 million square feet of leaseable space. For more
information, please visit www.morguard.com or follow us on
LinkedIn.
SOURCE Morguard Real Estate Investment Trust