Friday, June 14, 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.

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

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.

No timeline for any development was mentioned in Minett Capital’s news release.

“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,” said Streamliner and Minett CEO Alan Greenberg.

Greenberg called the acquisition “nostalgic”, as he grew up around the corner from the mall.

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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