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Investment Announcement: Towerlane Centre
New Towerlane Centre investors renew vision for mall
Towerlane Centre has the attention of investors looking to breathe more life into downtown Airdrie.
RealStream recently purchased the 250,000 square feet of retail space housing more than 50 businesses along the west side of Main Street south of Centre Ave and north of the old fire hall. The seven-year-old Comox, B.C.-based investment firm was looking to diversify into Alberta when Airdrie caught its eye as a strong secondary market with lots of growth potential.
Business partners Jim Stewart, Richard DeLuca and Jonathan Veale, have big plans for their biggest acquisition to date. Towerlane Centre is over 22 acres and represents 25% of Airdrie’s downtown core.
“We're really excited about it,” said DeLuca, founder and portfolio manager. “We like the look and feel of the property, but also feel we can add value with what we do.”
Stewart said the first priority of RealStream is to fill up about 10 vacancies, including expansion of existing tenants.
“We're trying to align ourselves with the revitalization of the downtown area,” said the founder and real estate asset manager.
The investors are proactive, with plans to improve customer experiences on the property with more lighting, renovated facades, and “little picnic nodes” beside the path and Nose Creek along the west side of Towerlane Centre. They’re excited about the city’s new multi-use facility and library, which will be located on the property of the old fire hall south of Towerlane and is set to open in 2025.
“We love the attitude of the City of Airdrie,” said DeLuca. “Everyone's been very gracious, very supportive, and trying to help us make the shopping centre as good as it can possibly be going forward.”
The investors plan to collaborate with the City to host more events and are looking to open more restaurants as a way to give patrons a reason to come and shop and stay downtown for a few hours.
“We're trying to create an atmosphere that is a little bit more of a fun zone,” said Stewart.
DeLuca Veale Investment Counsel of Comox is the selling dealer for RealStream unitholders. To learn more about the two firms, visit DeLucaVeale.com or RealStream.ca.
Story and photography by Britton Ledingham.