RioCan REIT Launches 5th & Third Project In Calgary
RioCan REIT and Embassy BOSA broke ground last week on 5th & Third, a mixed-use project in Calgary’s rapidly evolving East Village. The development will include 188k SF of retail, anchored by Loblaws City Market. (Loblaw Cos is investing $1B to grow its stores this year.) RioCan will own 100% of the retail and has sold residential builder Embassy air rights above the commercial component of the 2.8-acre site. The project, being built on one of Calgary’s few remaining privately owned full city blocks—with direct access to the C Train LRT—is slated for a 2019 completion.