Intensification

Purchased for its high yielding return and opportunity to add value through vacancy lease-up, Frontenac Mall benefited from both cap rate compression and occupancy level increases in its early years from acquisition. While new tenants were continually being secured, during the period of 2014 – 2016, the mall was hit with a series of leasing departures due to retailers vacating the Canadian market and National tenants entering receivership. Accordingly, we began to look at various intensification strategies, ultimately settling on a residential development integrated within an open-concept retail centre. Frontenac Mall is currently under development, with Phase 1 of the residential intensification and de-malling underway. The additional 2 residential phases, already approved, will be initiated at the opportune time.