Plazacorp Retail Properties Ltd. is planning two new projects in Newfoundland and Labrador.
The developments will be located at the corner of Stavanger Drive and Torbay Road in St. John's, and at the site of the former Canadian Tire building on Villa Marie Drive in Marystown. The Newfoundland projects are among five announced by Plazacorp this week. Two others are in Ontario and one is in Nova Scotia.
They are "substantially leased" to national retailers, Plazacorp president and CEO Michael Zakuta said in an interview.
Zakuta said he can't provide details on those tenants until they disclose their interest themselves.
However, the local town council recently gave permission to erect a Dollarama sign on the old Canadian Tire building in Marystown. Work on the 12,000 square feet building is expected to be finished this summer.
The cost of the Marystown work is roughly $1 million, Zakuta said.
Construction on the St. John's site is expected to start this summer and finish next year. Plazacorp will own 90 per cent of the project, which is tagged at $8 million. The project will cover 50,000 square feet.
Plazacorp Retail Properties Ltd. owns shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario.
Plazacorp now owns interests in 102 properties comprising more than 4.6 million square feet of retail real estate. In Newfoundland, those properties include the Village Shopping Centre, the former Canadian Tire on Kenmount Road (now home to Montana's and Cora's) and a number of Shoppers Drug Mart stores, including the new one on LeMarchant Road.
"So we're growing," Zakuta said.
Is there anything else in the pipeline for Plazacorp in Newfoundland? "We're working on stuff," Zakuta said. "We'd like to do more. We're pursuing opportunities. Obviously we'll announce them when we have things leased and organized."