COMMUNITY SHOPPING CENTRE REPOSITION, CARLINGVIEW SHOPPING CENTRE

Ottawa, Ontario

 

Starbank’s goal was to modernize an existing two-storey retail commercial property in order to unlock significant value and increase leasable space, while reducing operating costs.

Our challenge was to strategically reposition the 103,333 SF shopping centre in order to maintain market share and better compete against new retailers in the area.

Our solution was to partially demolish the existing enclosed mall by removing common area corridors. The building face was pulled back from the street, and a significant parking field was created in front. Major tenants, such as the LCBO, TD Bank, and Swiss Chalet were added to the site’s street edge, as pad buildings allowed GFA to be added back to the site. The existing structure was then reworked to create a multi-tenant strip with second floor office space. A remerchandising strategy was put into place to create a co-tenancy mix that would improve the property’s performance and draw in new customers.

The key to the project’s success was our ability to recognize and expose the potential value of a declining building. As a result of this renovation, the rental rates and property value increased, and the centre has attracted new customers from its primary and secondary trade area.

 

Client: Starbank Development Corp.