The first project for the new division is expected to be Jacksonport Retail in Calgary, once the firm and its partners have completed the purchase of the site.
"This was the right time in ReDev Properties' evolution to become involved in this type of development project," said ReDev Founder and President Richard Crenian. "I have experience in the development of commercial condos and residential units, and it is clear there is a strong demand for projects like Jacksonport Retail."
The Calgary site will offer an opportunity for the creation of retail and commercial condo development and ReDev is already in talks to acquire another site.
Crenian says the move into construction is a significant change in the firm’s strategy in the real estate industry.
"While covered malls are facing many challenges, customer foot traffic in neighbourhood plazas remains very high," he explained. "We know there is growing demand for the core retail outlets and services we offer at our plazas."
More market update:
After 17 years in the commercial real estate asset manager, Toronto-based ReDev Properties is expanding into construction.