Good to hear there was lots of interest. It's been a while since we've seen interest from locals for a high rise condo.
Broadway on 17th | 154m | 47s | Vesta | Zeidler
- Thread starter Surrealplaces
- Start date
zzkwilliamcanada
Active Member
break the ground next year
Albertasaurus
Senior Member
Sounds like they are already negotiating with potential tenants, which is a very good sign.
CalgaryTiger
Senior Member
The first phase of construction is slated to begin in 2026. It will include the condo tower and a 30-floor apartment building comprising market-rental suites and affordable-housing units.
So, I assume, the podiums will be completed as part of the first phase. Meaning the third tower is no guarantee and dependent on market conditions in 2030. At least the lot should feel finish, as opposed to West Village and BLVD.
“And then, inside of the plaza, we’ll have an urban grocery store that is approximately 20,000 sf. Which is pretty unique, because there are no grocery stores in that close vicinity here.”
Vesta is negotiating a lease with a major national grocer.
Is it normal to already be negotiating?
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trtcttc
Senior Member
They'll have discussions, but there usually isn't ink to paper until much later. For context, the Frontier development had similar promises of a grocery store. They had one company that wanted the space when construction started, believed to be Sunterra, but then they pulled out during Covid, then they had to look around for a new tenant. There was announcement of a Sauce Italian Kitchen, then eventually got the FreshCo. So it likely is true they are discussing the space, but actual leases would come later.
The Broadway location looks ideal for a grocery store though, can for sure see one at that location, especially only 20k sqft. For comparison, the Beltline Safeway is 38,000.
KensingtonLurker
New Member
I wouldn't be surprised if they are in active negotiations. They could easily ink a deal that has some aggressive requirements around milestones for completion. Ie, if you haven't broken ground by Dec 2026, the deal is void, also, if you have broken ground by Dec 2026, but aren't to grade by a certain date, it's also void etc. and so on.
While there isn't a lot of competition in grocery retail, there is a lot of competition for grocery retail space and nobody wants to give up a good location to a competitor. I've even heard of some locations being a 20 year lease and the landlord can't leas to another grocer for another 10 years in the event that the original grocer leaves the space. Loblaw controls the largest Canadian REIT and a good part of the reason is to restrict other grocers from getting into locations. Calgary Co-Op also owns a lot of their locations, again, so that if they want a new location in the neighborhood, another competitor can't scoop that spot.