Home / Knowledge / News / Apparel/Garments / Sears Canada signs development agreement with Concord
Sears Canada signs development agreement with Concord
16
Jun '14
Sears Canada Inc. is announcing that it has entered into a binding agreement with Concord Pacific Group of Companies ("Concord") to pursue the development of the 12-acre Sears site located at the North Hill Shopping Centre in Calgary, Alberta. Closing under the agreement is conditional upon satisfaction of conditions such as site investigations and obtaining the approval from the City of Calgary for the project, which are expected to take some time.
 
The vision of the redevelopment is an infill project consisting of residential high-rises, with a potential retail component. Concord brings its development experience, depth and diversity to the joint arrangement. Concord develops comprehensive multi-phased urban communities across Canada and, in 2013, entered into a similar agreement with Sears regarding the retailer's land adjacent to its store at Metropolis at Metrotown in Burnaby, British Columbia.
 
"Sears has been part of the Calgary landscape since 1958 and we are excited about the possibilities for the North Hill site as conceptualized by Concord and Sears," said Doug Campbell, President and CEO, Sears Canada Inc. "We plan to continue operating our store at North Hill as we have for almost six decades and seeing this new development adding positively to the landscape and economy of Calgary. We look forward to working together with Concord and moving the project forward."
 
The arrangement contemplates the sale of a 50% interest in the site for a value of approximately $15 million, subject to adjustments, and the retention of Concord on customary terms to manage most facets of the development. Following the transfer of the 50% interest, the parties would enter into a co-ownership joint arrangement. If third party debt financing cannot be obtained, Concord, and not Sears, will be responsible for providing debt financing to develop the project.
 
Sears reminds the public that, given the very early stage the project is in today, there has been no determination as to capital or other expenditure required, if any. In addition, it is too early to tell whether or not the project will be completed given a multitude of potential factors, both internal and external, such as the economic value to the Company, obtaining approval of the project from the City of Calgary, shifts in the Canadian economy, and the condition of the real estate market now or in the future, during this multi-year endeavour.
 

Sears Canada

Must ReadView All

Textiles | On 27th Sep 2016

Pak spinner Sajjad Textile halts operation

In a filing with the stock exchange, Pakistan yarn spinner Sajjad...

Courtesy: BCG

Fashion | On 27th Sep 2016

Luxury brands need to shift in digital direction: BCG

A new research report from BCG indicates that almost six out of ten...

Textiles | On 26th Sep 2016

Azerbaijan pins hope on revival of cotton sector

In the midst of economic problems, Azerbaijan president Ilham Aliyev...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Pinkesh Jain
Everflow Petrofils Ltd

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search