Construction Begins on Vaughan Mills; 200-Acre Site in Vaughan Will Soon Be Home to New 1.2-Million-Square-Foot Enclosed Shopping, Leisure and Entertainment Destination.Business Editors VAUGHAN, Ontario--(BUSINESS WIRE)--June 16, 2003 The Mills Corporation (NYSE NYSE See: New York Stock Exchange :MLS See multilevel security. ), the leading developer of innovative retail and entertainment destinations of Arlington, Virginia, and Ivanhoe Cambridge of Montreal, Quebec, today announced the start of construction of Vaughan Mills in the City of Vaughan, Ontario. Scheduled to open in the fall of 2004, Vaughan Mills will ultimately feature 15 anchor tenants, more than 200 specialty stores, restaurants and entertainment venues. New retail and entertainment tenants to join the centre to date include Bass Pro Shops Bass Pro Shops is a privately held sporting goods and outdoor goods store headquartered in Springfield, Missouri. The original Outdoor World store, referred to as the "Grand Daddy" is located at the corner of Sunshine and Campbell in Springfield. Outdoor World, H&M (Hennes & Mauritz), The Children's Place Outlet, Tommy Hilfiger Outlet, Burlington Coat Factory Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 360 stores in 42 states (as of 2006). In early 2007, the first location to be opened in Canada will be at the Vaughan Mills mall in Toronto. , Winners 'n More, Lucky Strike Lanes and ESPN ESPN Entertainment and Sports Programming Network X Games X Games Sports medicine The official Olympics of 'extreme sports' sponsored by ESPN, held annually during the summer. See Extreme sports. Skatepark. "The Mills has a proven track record of developing and managing top-performing, innovative retail and entertainment centres throughout the U.S. and Europe, and we are eager to do the same in Canada. The City of Vaughan is an ideal setting for our debut into the Canadian marketplace," said Larry Siegel, The Mills' chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are happy to partner with Ivanhoe Cambridge to bring Vaughan Mills to the residents of Vaughan, the Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. and all of Canada." The first Mills centre to be built in Canada, Vaughan Mills will be one of the largest shopping and entertainment centres in the region and a destination for millions of Canadian and American consumers, families and tourists alike. Vaughan Mills will be divided into six unique neighborhoods based on the design theme "DISCOVER ONTARIO" which will celebrate the beauty, diversity and icons of the Province of Ontario. In its construction phase, Vaughan Mills will generate an average of 2,500 jobs. During operation, the centre and its retailers will employ more than 3,500 individuals on a full or part-time basis, and add approximately CAD $12.5 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $9 million) in taxes to the local economy annually. The total project costs are estimated to be approximately CAD $355 million (USD $263 million). "The Vaughan Mills project is an opportunity to further expand our portfolio in the Greater Toronto Area and is an important investment for our company," said Rene Tremblay, president and CEO of Ivanhoe Cambridge. "Together with The Mills, we look forward to making Vaughan Mills a dynamic and compelling destination that will significantly enhance the retail and entertainment offering in the Canadian marketplace." Seven and one half million people - more than 60% of Ontario's population and nearly one quarter of Canada's population - live within 60 miles (97 kilometres) of Vaughan Mills. 10 million people live within 100 miles (161 kilometres) of the centre, including Buffalo and Niagara Falls, New York Niagara Falls is a city in Niagara County, New York, United States. As of the 2000 census, the city had a total population of 55,593. It is across the Niagara River from Niagara Falls, Ontario, both named after the famed Niagara Falls which they share. . The centre will be located southeast corner of Highway 400 and Rutherford Road in the City of Vaughan. This will be Ivanhoe Cambridge's first joint venture with The Mills, a company with a proven track record of developing and managing top-performing innovative retail and entertainment centres throughout the U.S. and in Europe. Ivanhoe Cambridge and The Mills jointly own Vaughan Mills in a 50/50 joint venture. This project represents a great opportunity for Ivanhoe Cambridge to bring together its expertise in the Canadian retail market with the proven success of the Mills concept. About Ivanhoe Cambridge One of Canada's leading property owners, managers, developers and investors, Ivanhoe Cambridge, headquartered in Montreal, Quebec, focuses on high quality shopping centres located in urban areas. Its real estate portfolio of more than 46 million square feet of retail space consists mainly of 50 regional and super-regional shopping centres. As at December 31, 2002, the fair market value of Ivanhoe Cambridge's assets was over CAD $7 billion. Ivanhoe Cambridge is a member of CDP CDP (cytidine diphosphate): see cytosine. (1) (Certificate in Data Processing) An earlier award for the successful completion of an examination in hardware, software, systems analysis, programming, management and accounting, Capital, the asset manager for the Caisse de depot et placement du Quebec (CDP). Amongst its shareholders, the Company also counts four Canadian pension funds. The company's Internet address is www.ivanhoecambridge.com About The Mills Corporation The Mills Corporation is a self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) based in Arlington, Virginia, that owns, develops, leases, manages and markets a portfolio of 21 retail and entertainment destinations totaling approximately 26 million square feet. Currently, the company has seven projects under construction and/or development around the world. The company's Internet address is www.millscorp.com. For renderings of Vaughan Mills, please visit the media page on www.vaughanmills.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion