THE FUTURE OF MAINSTREET

Stampede mainstreet retail development moving forward
Leasing activity for the project picking up
By MARIO TONEGUZZI
Calgary Herald February 2, 2011

CALGARY - A turnaround in the local economy has the Calgary Stampede's mainstreet retail and entertainment development back on track as leasing for the project has picked up in recent months, the Herald has learned.

Alberta Development Partners Inc., based in Denver, is working on the mainstreet project along the current Olympic Way that leads into Stampede Park and will include Jimmy Buffett's Margaritaville restaurant. Prior to this year's Stampede an announcement is expected on a construction start date for the project, which had been delayed due to the recent recession.

"We've had a couple of years here dealing with the downturn that slowed things down," Bryan McFarland, principal-development of Alberta Development Partners Inc., told the Herald.

"Things are now swinging back the other direction in a much more positive way. We're seeing some significant (activity) in the lease-up velocity for the retail space. We're encouraged to have this project moving forward this year to be able to announce some concrete financing and delivery milestones."

McFarland said the development permit was submitted with the city a long time ago but the company has stayed in touch with the city on a regular basis about the project.

On its website, Alberta Development Partners describes the project as a mixed-use development that will provide daily shopping, dining, socializing, learning, entertaining and hospitality experiences. Stampede Trail will preserve and advance the Calgary Stampede's western heritage and values, it says.

"Grand amenities will create a procession of activity all along Stampede Trail and will include a fire pit, architectural monuments, chiming carillon bells, a dramatic sculpture fountain, a plaza for gathering and majestic entry gateways," says the website.

Eventual plans for the 6.5 hectares include 150,000 square feet of retail space, 100,000 square feet of office space and a 300-room hotel, says the company on its website.

"Probably a new deal comes across our desk every couple of weeks which really has picked up over the last six months," added McFarland. "It's been strong. We've got 150,000 square feet of retail space. Of that I'd say we've got about half of that under binding offer right now.

"I would expect ... that we'll have some announcements here to make prior to Stampede about the final schedule, the actual construction start date and opening dates."

Warren Connell vice-president of park development and operations for the Calgary Stampede, said mainstreet is a critical piece of the organization's master plan.

He said that in the world of tourism a common mistake is that places gear developments towards tourists when in reality tourists go to the places where the locals want to hang out.

"And the whole idea of mainstreet is that it is a place where Calgarians will bring their guests and visitors as well as themselves," he said.

Michael Kehoe, an Alberta-based retail specialist with Fairfield Commercial Real Estate Inc., said the proposed Stampede Trail retail and restaurant project will be an important part of the overall Stampede Park redevelopment.

"The shoppertainment/eatertainment formula on this scale is unproven in Western Canada. However I feel that the critical mass of year-round entertainment and sports events generating foot traffic at the Scotiabank Saddledome and the adjacent BMO Conference Centre will ensure that the project will be viable over the long term."