Opportunity
As Ottawa’s booming residential growth continues to expand into more rural areas, the charming Village of Richmond, located just 36 kms south of downtown Ottawa, was destined to see new suburban neighbourhoods and accompanying commercial growth. Market studies supported the necessity for grocery and other retail to serve the growing population.
The solution
Colonnade Bridgeport provided a full slate of services including leasing, development management, site acquisition, design, municipal planning, budget and schedule, and construction management. Phase one of the project secured national grocery store chain, Your Independent Grocer (Loblaw), with phases two and three attracting other national retailers including Tim Hortons, TD Bank, Pet Valu, and more. Most recently the LCBO relocated to the campus, building out a modern state-of-the-art facility. As of spring 2019, a fourth phase is in the pre-leasing stages of development.
Results
The Richmond Village Marketplace retail campus is now firmly established in the community. While the original intentions for the property were to develop and sell, above budget returns and continued growth have resulted in a “hold” asset strategy. Colonnade BridgePort continues to lease, manage and develop the property.