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RioCan, Boardwalk REIT Team Up On Calgary Rental Tower

An aerial view of RioCan's Brentwood Village in Calgary

RioCan REIT and Boardwalk REIT are partnering on the development of a mixed-use tower at RioCan’s Brentwood Village shopping centre in Calgary (above). The 11-storey building—RioCan’s first rental residential development in Calgary, as per its urban intensification strategy—will have 165 apartment units and a 10k SF retail podium. The JV partners each have a 50% stake in the project, and Boardwalk will pay RioCan $2.9M for its interest in the subdivided land. The firms will co-develop the asset, with RioCan managing the retail and Boardwalk the residential. Construction is slated to begin in Q3 2017.