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Retail developer awaits nod to proceed with expansion. (Timmins).


A 100,000-square-foot expansion at the Timmins Square Timmins Square is one of the largest shopping centres in northeastern Ontario. With 397,303 square feet of space it is the largest mall within a radius of 200 km or more, and attracts customers from outlying communities such as Chapleau, Smooth Rock Falls, Hearst and Iroquois Falls.  is waiting for a green light from the municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests. .

The retail expansion will include a 25,000-square-foot Winners clothing outlet and a 15,000-square-foot Sport Chek athletic store.

"We have heard nothing but positive comments from customers since we attracted both of those retailers to Timmins," says Brenda Johnson, Timmins Square general manager.

The expansion leaves room for pad development in the front of the building. There will be two 5,000-square-foot pad sites A pad site is a freestanding parcel of commercial real estate located in the front of a larger shopping center or strip mall. Desirable because of their visibility to consumers, accessibility, and the ease of facilitating drive-thru service, pad sites are typically sought after by  located at the east and west ends of the parking lot. There have been no deals finalized See finalization.  for occupants as of yet.

The other 50,000 square feet will be made up of smaller retail units. The spaces are not leased as of yet.

"At the end of the day, we will end up with six to eight new tenants."

Riocan Real Estate Investment Trust RioCan Real Estate Investment Trust (TSX: REI.UN) is the largest real estate investment trust (REIT) in Canada with ownership interests in over 200 retail properties.[1]  is waiting for approval from the city to go ahead with the expansion.

"We could start construction by as early as spring," says an optimistic op·ti·mist  
n.
1. One who usually expects a favorable outcome.

2. A believer in philosophical optimism.



op
 Johnson.

With the expansion, Johnson hopes to draw more people. into the city for. their retail needs.

"Thirty per cent of our business comes from outside the City of Timmins, so by having Winners and Sport Chek it will increase that market share."

Johnson says the whole community, not just the mall, could benefit from the: expansion by bringing more people into the city.

"The expansion will benefit the hotels, restaurants and the downtown, core."

Johnson says they are making sure their existing tenants are not competing head to head with the new stores.

"We are making sure existing businesses have specialty lines that Winners or Sport Chek do not carry."

Johnson states the retail economy in Timmins is fair, but is optimistic about the future.

"We have a lot of confidence our numbers will increase and this expansion shows Riocan's commitment to Timmins."

If approved, Johnson expects the redevelopment of the mall and the land to go smoothly.

"Riocan is very experienced in redevelopment because they are doing it across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. ."

As of Nov. 29, 2002, Riocan had a total of 169 properties in Canada, including 111 in Ontario alone. Riocan has 4,252 tenants operating in 26,565,824 square feet of space.
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Article Details
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Title Annotation:Riocan Real Estate Investment Trust
Author:Haddow, Scott Hunter
Publication:Northern Ontario Business
Geographic Code:1CONT
Date:Feb 1, 2003
Words:377
Previous Article:Holmer poised to develop gold project. (Timmins).(Holmer Gold Mines Ltd. ready to begin developing its Timmins gold project)
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