Costco opening in October, developments moving ahead
Wednesday, Sep 04, 2013 03:16 pm
St. Albert’s Costco is expected to open in the third week of October – the fourth week at its latest, said a spokesperson for a local developer.
Lorraine Bodnarek, vice president of commercial development for Landrex Developers, said the store has not confirmed a final opening date but Costco is almost never late in their planning.
“They may be very cautious by saying the third week of October. But I am sure people can hit the Costco early enough to do some Christmas shopping,” she said.
In April, St. Albert-based Landrex Developers confirmed that Costco is moving to St. Albert as part of a major development that will transform Erin Ridge North. Costco itself will consist of a 155,000 square foot warehouse store, a gas bar and a liquor store.
In addition to the outlet, plans for the area call for a large commercial development south of the store by Cameron Development Corporation, with another 23 acres by Landrex to its north.
Cameron’s 300,000 sq. ft. of development is expected to house a number of retail businesses including national tenants, mid-size retailers, restaurants and independent shops, as well as a grocery store.
At this time, Bodnarek said Cameron Development is not able to release information about potential tenants. In a previous interview, the site was speculated to look similar to South Edmonton Common, another Cameron development.
“They have projected that they will be fully occupied and leased by the end of 2015,” she said. “Our development, the timing will be about six months later than them so that we can be sure that we don’t compete with them.”
Commercial site to the north
Bodnarek said Landrex’ 23 acres of commercial property is expected to complement Cameron’s plans by adding two or three professional office buildings, with the first one planned for the spring of 2014. The site is expected to house at least one hotel, recreational services, private businesses and medical services.
Bodnarek said the development’s architecture will be similar to Cameron’s. Landrex also plans to offer some of its units for sale, to cater to businesses who prefer to own, rather than lease business space.
While she could not comment on what kind of hotel would go on the land, she said the owners are well known and own hotels across Alberta.
“As far as the hotel goes, I don’t think the owners are even sure which flag they are going to run with,” she said. “It won’t be Best Western … but it may be a Holiday Inn Express or something similar to that.”
She added that she is working with another group that is interested in adding a second hotel, while there may be considerations for a third hotel in the future if the community has demand for it.
Another group is considering a large, multi-purpose recreation outlet on their land, she said.
“We are looking at something similar but not quite the size of the Saville Sports Centre on the south side,” she said. “It won’t be that scale but it’s something to complement what we already have at Servus Place and something with a multi-purpose type of facility.”
In addition to the commercial developments, Landrex has released 81 single family lots east of the Costco site. Bodnarek said The Elements features homes that include move-up, lake lot and luxury estate homes. The lots are now open and a show home parade is planned for mid-October.
Another multi-family, apartment-style development is brought in by Seymour Pacific Developments. Waters Edge will consist of four buildings with a total of 254 units, with the first four-storey building expected to become available for occupancy on December 15. Bodnarek said pricing for the condos and apartments is targeted to first time buyers.
“They are targeted to younger couples, single people and definitely in that entry level price range to complement the single family homes which are a step above that,” she said.