A new equity partner has joined the group developing the Tsawwassen Commons Retail Centre in Vancouver. Forgestone Capital Management LP has acquired a 50 per cent interest in the project and now joins GVest Private Equity LP (an investment fund managed by Gracorp) as equal partners in the project. PDG Investments is developing Tsawwassen Commons and managing the leasing of the project with FORM Retail Advisors, a Vancouver-based retail broker. MacKenzie•Goulais Inc. has been retained by the partnership as retail advisors overseeing the leasing program. The project is already 50 per cent pre-leased, with 78 per cent of the retail area under letter of intent or offers to lease.
Located in Tsawwassen on 52 acres of Tsawwassen First Nation lands on Highway 17, between the intersections of 48th and 52nd Streets, Tsawwassen Commons will provide 51,000 suqare metres (550,000 square feet) of outdoor retail space and will include a quality blend of national, regional and independent retailers, restaurants and financial services. Feature retailers include Walmart and RONA.
Construction of Tsawwassen Commons began in January 2014 with pre-loading of soil and is expected to be complete in spring 2016. Tsawwassen Commons is being developed adjacent to Ivanhoé Cambridge’s 1.2 million sq.-ft. Tsawwassen Mills, which will have 16 major anchor retailers, smaller retail shops, a 1,100 seat food court, restaurants and retail kiosks. The Tsawwassen Mills project will be modelled on the successful CrossIron Mills and Vaughan Mills in the Greater Calgary and Greater Toronto areas.