The iconic Manulife Place store sitting on the corner between 101st Street and 102nd Avenue in downtown Edmonton has been at the same spot since 1983. It’s a famous brand in Canada, and people were used to seeing their store in Edmonton.
After almost 40 years, the company has decided to redevelop its store and revamp it completely. This comes at a time when most of Edmonton is blossoming once again. As Manulife head of asset management, Ted Willcocks says, “The City of Edmonton is undergoing a renaissance that will breathe life into its downtown service and amenity offerings.”
The redevelopment of the whole space will start mid-year, and it’s estimated that it will take around 18 months for it to be completed. The company realizes that a lot of its property needs to be rejuvenated across Canada.
Apart from downtown Edmonton, the company is looking to redevelop several other spaces, including one in Toronto and other major cities. A total of $100 million investment is going to be made for these reconstructions. The one in Edmonton alone is worth around $30 million.
The whole redevelopment project has four primary goals that need to be achieved after 18 months:
-Reconstruction of the exterior façade with a modern look.
-Retail storefronts will be placed at the exterior to improve the shopping experience and a better view of the store.
-The interior will get new communal areas, LED lighting, and new flooring.
-The Manulife Place employees will also get new amenities, including a rooftop terrace with gardens stretching across 45,000 square feet.
In the last few years, both downtown Edmonton and the ICE District have been under reconstruction. Various towers and buildings have been reconstructed for retail stores, business spaces, offices, hotels, and residential purposes.
The reconstruction of the Manulife Place store is just another project in line. It shows that the city as a whole is doing well and that companies are able to invest back into their infrastructure.
Manulife Place is one of the largest retailers in Canada. The fact that the company is rejuvenating its stores shows that retail real estate in Canada remains a popular option for investors. If big companies are making moves, then the climate is perfect for smaller players alike, and this is obvious with many new spaces being opened in downtown Edmonton.