After 17 years of being a commercial real estate manager, ReDev Properties has announced opening a commercial construction division.
Its first project is planned for Jacksonport Retail in Calgary, after it completes purchasing the site with its joint venture partner. Existing commercial structures on the property will be replaced by retail and condo buildings for resale.
According to the firm’s founder and president Richard Crenian, this is the right time for ReDev Properties to evolve and build such type of development because of the strong demand for projects like Jacksonport Retail.
“While covered malls are facing many challenges, customer foot traffic in neighbourhood plazas remains very high,” Crenian explained. “We know there is a growing demand for the core retail outlets and services we offer at our plazas.”
ReDev Properties also has another project in line that is similar to Jackson Port Retail. However, it did not reveal any details or location.
Since 2001, the firm has purchased and managed commercial real estate properties across Canada.