Thursday, July 18, 2024

Developers eye residential future after buying Carlingwood Shopping Centre

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A pair of development firms have purchased Ottawa’s Carlingwood Shopping Centre, announcing a plan for future residential development, while continuing to operate the mall. 

Toronto-based Streamliner Properties and Vancouver-based Anthem Properties Group closed the acquisition of Carlingwood last week. Details of the deal were not disclosed. 

While no timeline for any development was mentioned in a news release, a spokesperson for Streamliner Properties said this is a long-term project, with many steps ahead to be taken.

“While we see long term potential to density under-utilized land along portions of the property, we are just as excited by the tremendous history and value the existing shopping centre holds and brings to the community,” said Sayla Nordin in an email to CTV News Ottawa. “All existing lease agreements remain in place as part of the transfer of ownership. We look forward to working with the tenants and to continue operating and leasing the centre under Anthem Properties.”

The mall, which first opened in 1956, now has 95 stores, according to its directory, including the largest Canadian Tire store in Canada. The developers say that the prime location of the mall makes it a good location for future housing.

“With on-site access to numerous bus routes, immediate access to major roadways and close proximity of the soon to be completed New Orchard Station, a major transit station on the new light rail transit (LRT) line, it offers a prime location for much-needed incremental residential density,” a news release from Streamliner Properties’ parent company Minett Capital said. “An important part of future residential development planning will include a phased approach to maintain some consistency for the neighbourhood and commercial uses.”

Carlingwood, located at the corner of Carling and Woodroffe avenues, attracts around 280,000 shoppers every month, according to Minett Capital.

Streamliner and Minett CEO Alan Greenberg called the acquisition “nostalgic”, as he grew up around the corner from the mall.

“Our aim is to create prime urban communities where people live, work and play. Superior design, close proximity to services and a commitment to green living will enhance the experience for multiple generations,” he said in a news release.

Anthem CEO Eric Carlson said the company is pleased to be partnering with Streamliner.

“This investment is the first of what we hope will be many more in major Ontario markets, as we expand our management platform from Western Canada. We anticipate that the reset in real estate ownership brought on by changes in capital allocations, in turn brought on by inflation and higher interest rates, will facilitate this strategic shift,” Carlson said. “Carlingwood, as a landmark shopping destination for the Ottawa region, is a tremendous opportunity to kick off this strategy.” 

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