Originally constructed as an enclosed mall, Niagara Square was a well-performing asset with notable tenancies, including Cineplex, Winners, Sport Chek, amongst others. The mall’s performance began to deteriorate around 2013/2014, and we immediately began looking at enhancement options to improve the operation; some of which included a re-orienting of the CRU space, redesigning the anchor areas and a de-malling scenario. After extensive study and a successful negotiation for a new regional anchor draw, Niagara Square was redeveloped into an open format Shopping Centre of over 440,000 sf including an integrated Costco shadow anchor.
Redeveloped an enclosed mall to a 440,000 sf open-format regional retail destination
Anchored the de-mall program through the sale to and integration of a 15-acre portion of the site to Costco whose completed store has become one of the most productive in Canada.
Retained all preferred large tenants, relocated the 2 bank tenants to drive thru pads, and replaced several smaller CRU tenants with Nationally-branded, big-box anchor retailers
Increased the NOI by approximately 250%