Grocery chain Calgary Co-op is acquiring a key site in the heart of the trendy southwest Marda Loop neighbourhood for future development into retail and residential space.
The company announced Thursday that the Marda Loop Village is a 1.77-acre property at the corner of 33rd Avenue S.W. and 20th Street S.W.
“For Calgary Co-op’s food business to survive and thrive in the long term, our offering of products, services and experiences must be most relevant to our members’ lifestyles. When you look at the potential of this site, we see the opportunity to provide the community with a fresh take on grocery shopping and enhance community amenities, making this a strategic investment on behalf of our members,” said Damon Tanzola, Vice President, Facilities Development and Real Estate for Calgary Co-op, in a statement.
“We have an over-arching development and redevelopment strategy to better serve our Calgary area members and we are committed to completing important developments over the long –term, balancing diligent investment on behalf of our members with ensuring the best shopping experiences for our member-owned cooperative,” said Ken Keelor, CEO, Calgary Co-op.
The sale of the property is expected to close at the end of this month and details of the transaction are not being disclosed.
Calgary Co-op said it will work with the community to tailor the Marda Loop project to their needs, adding that work has begun to identify a collaborative development partner, with the goal of creating not just a marquee development, but one that aligns and supports the City of Calgary’s planning and development priorities and vision.
This is the third major acquisition for Co-op in the past two years. In 2018, it purchased Chinook Park Plaza at the corner of Macleod Trail and 58th Avenue S.W. In 2019 it acquired the retail business (and three corresponding real estate assets) of Community Natural Foods.
It will be opening a new food store later this year in Sage Hill.
Co-op has more than 400,000 members, 3,850 employees, assets of $627 million and annual sales of $1.3 billion.
Mario Toneguzzi is a business reporter in Calgary.
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