TORONTO, Jan. 18, 2018 /CNW/ - After years of success as a commercial real estate manager, ReDev Properties is launching a commercial construction division. The company has announced it aims to start construction at Jacksonport Retail in Calgary, shortly after it completes the purchase of the site, with its joint venture partner. The property already has a number of existing commercial buildings and offers the opportunity to build, on almost 3 acres, retail and condo buildings for resale.
"This was the right time in ReDev Properties' evolution to become involved in this type of development project," said ReDev Founder and President Richard Crenian. "I have experience in the development of commercial condos and residential units, and it is clear there is a strong demand for projects like Jacksonport Retail." It also marks a significant change in ReDev's strategy within the commercial real estate industry. "While covered malls are facing many challenges, customer foot traffic in neighbourhood plazas remains very high," explained Richard Crenian. "We know there is growing demand for the core retail outlets and services we offer at our plazas." ReDev Properties is also involved in negotiations for another project similar to Jacksonport Retail as its business model shifts towards more redevelopment of retail and commercial condos. About ReDev Properties Ltd. ReDev Properties Ltd. is a Canadian commercial real estate asset manager. Since 2001, ReDev Properties has purchased and asset managed numerous commercial real estate properties in Canada. ReDev understands the key to any successful commercial real estate project is location and expert asset management. ReDev Properties carefully and diligently locates existing commercial real estate properties in markets, providing the necessary stability and future growth to ensure our assets retain and increase their value. The Company works to closely partner with high net worth individuals, family offices and institutions for joint venture opportunities, and is always looking for future projects to assist with developers and acquisitions on equity, financing and business expertise. Richard Crenian and ReDev Properties Ltd. has developed, owned and managed commercial real estate worth over two billion dollars since 1981.