RE­TAIL CEN­TRE IN BANFF CHANGES HANDS, REN­O­VA­TIONS PLANNED

Site in heart of down­town in­cludes shops, of­fice spa­ces, park­ing and res­i­den­tial suites

Calgary Herald - - CITY + REGION - DAVID PARKER David Parker ap­pears reg­u­larly in the Her­ald. Read his col­umns on­line at cal­gary­her­ald.com/ busi­ness. He can be reached at 403-830-4622 or by email at [email protected]­parker.ca.

One of the most prom­i­nent build­ings and the dom­i­nant re­tail cen­tre in Banff has been pur­chased by Cal­gary com­mer­cial real es­tate part­ners Michael Evans and Bernie Sl­o­got­ski of At­las De­vel­op­ment.

The Cas­cade Shops com­bines re­tail, of­fice and multi-fam­ily rental in the heart of the Rocky Moun­tain re­sort town; a highly vis­i­ble struc­ture on the cor­ner of Banff Av­enue and Wolf Street.

Built by Banff res­i­dent Sam Schultz 28 years ago, for the past 13 years it was owned by In­vestors Group and was put on the mar­ket by Ja­son Cot­tle of RBC Cap­i­tal Mar­kets Real Es­tate Group.

Named by Na­tional Geo­graphic as one of the Top 21 travel des­ti­na­tions in the world, Banff at­tracts more than 4.1 mil­lion vis­i­tors an­nu­ally.

The year-round vol­ume plus the fact that there are re­stric­tions on new de­vel­op­ment within the town were rea­sons for At­las to find the sale at­trac­tive.

It now owns the 125,000-square-foot re­tail and of­fice prop­erty, which also in­cludes a 240-stall, six-level, se­cure, heated park­ing struc­ture and more re­tail along Marten Street be­low 32 fully leased res­i­den­tial rental suites.

Cur­rently, the park­ing is rented out on a monthly ba­sis, but after work is com­pleted to ren­o­vate the struc­ture that will brighten it up with bet­ter light­ing and in­stal­la­tion of new se­cu­rity cam­eras, it will be con­verted to hourly rates to help off­set Banff ’s park­ing prob­lems.

Plans also in­clude of­fer­ing valet park­ing, with text mes­sag­ing to re­trieve your car.

Evans re­ports that At­las is work­ing with Cal­gary ar­chi­tect Abu­gov Kas­par and Can­more ar­chi­tect Rob Find­lay to re­design the three floors of re­tail un­der a floor of 26,804 square feet of of­fice space, where ten­ants in­clude Banff & Lake Louise Tourism, Collins Bar­row and Dr. El­iz­a­beth Hall-Find­lay, who has been in her space for 24 years.

Plans are to re­con­fig­ure the food court on the lower con­course level into a trendy food hall that will po­ten­tially form the base of a dra­matic climb­ing wall that will soar up to the glass cupola atop the build­ing.

Many of the re­tail­ers in The Cas­cade Shops have en­joyed long re­la­tion­ships, such as Old Spaghetti Fac­tory, ATB Fi­nan­cial, GAP, Ar­dene and IDA Drug Mart, and Evans says ne­go­ti­a­tions are un­der­way to se­cure a high-end re­tailer for the ground floor.

Since 1983, At­las has de­vel­oped and man­aged more than 1.5 mil­lion square feet of com­mer­cial, in­dus­trial and re­tail space, and it con­tin­ues to ex­pand its busi­ness in the Cal­gary area. Among its ma­jor de­vel­op­ments is Avi­a­tion Cross­ing, a 10-acre, mas­ter­planned, mixed-use de­vel­op­ment on the cor­ner of McKnight Boule­vard and Avi­a­tion Boule­vard N.E.

Ten-years in the mak­ing, it has be­come a high-vol­ume des­ti­na­tion cov­er­ing six build­ings that was first launched on the west side to in­clude a Shell ser­vice sta­tion and ma­jor ten­ants Ricky’s, Star­bucks and Mc­Don­alds.

Next came two large bay build­ings that quickly leased out, with just one bay now avail­able fac­ing onto McKnight Boule­vard. Only a one-acre site re­mains to com­plete the de­vel­op­ment.

17th Av­enue S.W. has long been a favourite area in the At­las port­fo­lio and, al­though the com­pany sold the lo­ca­tion at 8th Street where Cho­co­la­terie Bernard Calle­baut spreads around the cor­ner, it still owns the Liquor De­pot build­ing on the cor­ner of 11th Street, Mount Royal Court, and oth­ers that house Pop­eye’s, BMO and CIBC branches, and Sleep Coun­try.

The com­pany’s prop­er­ties also in­clude 12th Av­enue Place S.W., Chi­nook Cross­ing, Craft Cel­lars and BMO build­ings on 32nd Av­enue N.E., GM Place on Black­foot and 42nd Av­enue N.E., Kens­ing­ton Cres­cent, Hex­tall Place in Bow­ness and a stand-alone RBC branch build­ing in Cochrane.

Evans and Sl­o­got­ski be­lieve in Cal­gary.

NOTES:

In the Ig­nited Test Kitchen at the west en­trance of the Sco­tia­bank Sad­dle­dome, Cal­gary Flames fans have been en­joy­ing Ja­panese food for the first time. OMO Tep­pan, which opened ear­lier this year along Macleod Trail, has two more home games left in its month-long trial. For an hour be­fore each game and dur­ing the two in­ter­mis­sions it of­fers Wagyu beef, sushi, Cal­i­for­nia and avo­cado roll, a spe­cially cre­ated Flames Roll and, for the first time in a North Amer­i­can sport­ing arena, icy cold Ja­panese Sake.

The Cas­cade Shops in Banff were re­cently pur­chased by At­las De­vel­op­ment.

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