New Horizon Mall sales launch a success, developer
Monday, Nov 04, 2013 04:28 pm
The developer for a new Asian-style mall planned for Balzac says the project is “already overwhelmingly successful” even though a shovel has yet to break ground.
The New Horizon mall will be a 280,000-square-foot shopping centre that will house 500 retail stores, services and restaurants with underground parking and will be located east of Highway 2, south of CrossIron Mills mall.
“We were a little concerned at first that the Asian community was not as strong or vast to support this kind of project, but now we know the community can see the benefit of having a mall like this given the high-demand to be involved with the project,” said Eli Swirsky, president of the Torgan Group, which is developing the mall with the MPI Property Group.
He added that he thinks the project is successful because investors and business owners have the opportunity to purchase and own condo space as opposed to the traditional method of leasing.
Construction isn’t expected to begin until next year, but about 380 units were released to the public for sale on Oct. 26 and 27 in Calgary, Edmonton, Vancouver and Toronto.
Century 21 Bravo is the real estate agency that was selling the units and Realtor Wasim Elafech said all of the available units were already spoken for before the sales launch. He said the remaining units were being held back for design and planning purposes.
“There was so much buzz created for this project, and even though we advertised somewhat, news really travelled,” he said, adding that interested buyers were recommended to have an appointment in order to secure a unit for the sales launch held at the Clarion Hotel in Calgary on Oct. 26.
“We knew we were going to get busy but we didn’t know it’d be this busy. We hired security, we have a long line-up of people waiting to get in the door and we have people on a waitlist for units, so that just tells you that Calgary has a lot of money and a lot of investors,” said Elafech.
Condo units range from 285 square feet to 855 square feet with prices between $169,800 and $700,000. Each unit will have about 320 square feet of glass.
Swirsky said buyers were limited to two units each and can lease the unit out to other business operators.
“It’s really an open book. People can do whatever they want with the unit as long as it complies with Rocky View County (RVC) zoning restrictions. It’s your store, it’s your business.”
He added that the mall is based on a similar concept built by the Torgan Group north of Toronto about 20 years ago. Given the trends at the existing mall, Swirsky said the developers expect the New Horizon Mall to house “a lot of cell phone and accessory stores, hair saloons, Bubble Tea shops … but the condo owners will dictate what’s in the mall.”
Vivian Lee, a Calgary-based Realtor for 16 years, purchased a unit at the sales launch that she said she intends to lease to a “high-end business operator.”
She said she sees the mall as a “unique investment opportunity.”
“It’s a chance for small businesses to have the support in a bigger mall but still be independent,” Lee said, adding that the location along a major highway and close to another popular retail outlet also attracted her.
Originally from Taiwan, Lee said she plans to seek out a business operator that will feature the traditional Asian products she buys when she returns to Taiwan for visits.
“I have a lot of Asian-style clothes and accessories and people always ask me where I get them because they can’t find it anywhere here,” she said, adding that she thinks the mall will serve the Asian population “well” but also attract local customers.
The mall is expected to open in 2016 and future phases will include a hotel and supermarket on the site.