Crombie REIT Adding More Commercial Units As Part Of Elmwood Drive-Area Expansion
MONCTON–Crombie Real Estate Investment Trust (REIT) is preparing to expand its footprint in the city’s northeast.
Elizabeth Engram, manager of public relations with Crombie, confirmed in an email that Crombie plans to build two new commerical retail units, that will add a total of 11,800 square feet to its holdings, in an area that spans a part of Elmwood Drive and Fils de Jesus Avenue.
Right now, Crombie is also the landlord of a 95,010-square-foot retail area that includes a 51,000-square-foot Sobeys as its anchor tenant, as well as a Lawtons Drugs, ANBL, and Dollarama, in an area about half a kilometres away from the Trans-Canada Highway.
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Although there has been some speculation about future tenants, Engram declined to provide any names, saying instead that she would announce their identities in the future.
Despite Engram’s silence on future tenants, it appears Pet Valu could be on the roster to take up some of the new retail space in the coming months. It plans to open a franchise at 53 Elmwood Drive – the location of Crombie REIT’s existing property and future plaza development.
The pet store chain announced on its website that it’s seeking franchisees to open a location, noting that the cost of opening a franchise ranges between $475-500,000.
If Pet Valu does open a location on Elmwood it would join two other, previously confirmed Pet Valu locations opening in the Moncton region.
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A webpage published by Crombie REIT promoting the future development lists tenancy opportunities for four 1,400-square-foot suites in one of the buildings it plans to build.
Engram said that foundation work for the new plaza will start soon and Crombie aims to have it finished in late 2022. The new retail spaces will have tenants before early 2023.
Sam Macdonald is a Huddle reporter in Moncton. Send him your feedback and story ideas: [email protected].