Work on building Alberta's newest and biggest shopping centre is entering its final stages. The $200 million New Horizon Mall will launch over 500 stores in the summer, making it the second-largest shopping centre in the country measured by the number of businesses, falling short of the West Edmonton Mall.
The internationally themed shopping centre lies directly across from CrossIron Mills in Balzac, just beyond Calgary proper. Developer Torgan Group is basing the project on Toronto's highly successful Pacific Mall, partnering with MPI Property Group to bring the multicultural shopping concept to Calgary. New Horizon Mall is currently being outfitted with 320,000 square feet of space across two floors.
The mall will be unique in the province for its ownership structure. For the first time in Alberta history, each retail store inside New Horizon Mall will be individually owned. Storefronts will either be operated directly by the owner or leased to a retailer.
Eli Swirsky, president of Torgan Group, says the condominium-style ownership structure has quickly paid dividends. "We found this model to be very successful when we launched the project in September 2014. The concept works as we are almost sold out of stores. We expect that there will be much interest to lease the stores once the mall is open and the public gets a chance to review the magnificent interior."
The centre's diverse shopping experience caters to the multiculturalism of Calgary, where about three in ten residents from the metropolitan area are immigrants. Nationally, Calgary is ranked third in the proportion of immigrants, behind Toronto and Vancouver.
A main stage will serve as a venue for year-round multicultural festivities, and a 26-restaurant food court will cater to the discerning taste buds of shoppers. New Horizon Mall is currently 98 percent sold. The exterior of the building is nearing completion and interior work to prepare the space for store owners is underway.