Plaza Retail REIT Closes Purchase in St. John’s Development Project
FREDERICTON – Plaza Retail REIT announced today the closing of its purchase of a 50% interest in approximately 100 acres of land in St. John’s, Newfoundland.
The land is valued at $21.1 million and will be developed into a retail centre called The Shoppes at Galway through a joint venture arrangement between Plaza Retail REIT and land vendor DewCor. The Shoppes of Galway will be part of the Galway master planned community.
“The Shoppes at Galway represent a substantial investment by Plaza and promises to significantly alter the retail landscape of St. John’s, one of our preferred retail markets in Atlantic Canada,” Plaza CEO Michael Zakuta said in a release.
The first phase of building will comprise 250, 000 square feet of retail space and upon completion, 700, 000 square feet of space which will add to the 7 million existing in the Plaza Retail REIT portfolio.
Construction of The Shoppes at Galway is expected to begin by mid-2016 and will host a number of Canada’s top retailers.