RETAIL CENTRE IN BANFF CHANGES HANDS, RENOVATIONS PLANNED
Site in heart of downtown includes shops, office spaces, parking and residential suites
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.
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.