DewCor and Plaza Retail REIT announce joint venture to develop large format retail shopping centre in St. John's, NL
Jun 4, 2015
ST. JOHN'S, NL and FREDERICTON, NB, June 4, 2015 /CNW/ - DewCor and Plaza Retail REIT ("Plaza") (TSX: PLZ.UN) are pleased to announce plans to develop the retail portion of the Galway master planned community which will be known as "The Shoppes at Galway". Located at the corner of Pitts Memorial Highway and Ruth Avenue, the center will be situated on over 100 acres of land, will consist of more than 700,000 square feet once completed and will be home to some of Canada's top retailers. The development will be a 50-50 joint venture between Plaza and DewCor.
The Shoppes at Galway will be built in several phases, with construction of the initial portion of the development anticipated to begin in late 2016. Phase 1 is expected to consist of approximately 300,000 square feet of retail space.
Strategically located in the west end of the greater St. John's area, the project will fill an important void that currently exists in the city's retail landscape. It will benefit from the residential growth embedded in both the Galway master planned community and surrounding bedroom communities.
"We are delighted to be partnering with one of Newfoundland's most successful and respected businessmen" said Michael Zakuta, CEO of Plaza. "The opportunity to work side by side with Danny Williams to build what will become St. John's preeminent destination for retail shopping is an opportunity that we are truly excited about."
Danny Williams, President of DewCor added, "To gain the expertise of one of Eastern Canada's most experienced and respected retail developers is a perfect complement to the legacy asset that we are creating with Galway. We are very pleased to have Plaza on board for this exciting new project, which will provide a great service to the people of the region."
The Galway master planned community consists of a 2,400-acre development located at the gateway to the City of St. John's and will include retail, industrial/office, residential and golf course components. Directly off the TransCanada Highway and minutes from the Port and Airport, Galway will be the preferred place to live, work and play for generations to come.
About Plaza Retail REIT
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada. Plaza's current portfolio includes interests in 306 properties totaling approximately 6.6 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants.
DewCor is owned and operated by Danny Williams – businessperson, lawyer and former Premier of Newfoundland and Labrador. Established in 2013, DewCor has several dynamic business ventures that consist of everything from massive real estate developments, recreation and entertainment, golf courses, a professional hockey team, to charitable organizations.
SOURCE Plaza Retail REIT
For further information: For more information on Plaza Retail REIT, visit our website at www.plaza.ca or contact: Michael Zakuta, President and Chief Executive Officer, at (514) 457-0997 or Floriana Cipollone, Chief Financial Officer, at (416) 848-4583; For more information on DewCor, visit our website at www.dewcor.ca or contact: Craig Hippern, Chief Financial Officer at (709) 570-8156