BOGO incentive offers the equivalent one year’s lease for free on a two year contract
Balzac, AB – New Horizon Mall in Balzac announced today a new leasing incentive program aimed at seeing even more stores sprout up in the Calgary area’s largest mall this summer.
Following the recent signings of Prairie Horizon Fresh Market and Best Shop as major anchor tenants, and the success of its Cinco de Mayo festival, the leasing incentive program capitalizes on the current momentum of new store openings at the mall – now nearing 100 stores strong – as well as its economic advantage of being located in Rocky View County.
“We’ve continued to grow steadily in terms of store openings. All of the retail units have been sold so now it’s just a matter of assisting individual owners find tenants. This new leasing incentive program will do that,” said Ross Cannata, Chief Investment Officer for the Torgan Group, co-developer of New Horizon Mall with its partner, MPI Property Group.
While progress in occupancy for this commercial condominium mall is right on schedule, according to the developer, the plan is to continue the momentum of growth through new stores opening every week. The leasing incentive program brings the developer and owners together through sharing in the costs of the first two years of the lease, with the end result essentially being the tenant pays the equivalent of one-year’s lease and gets another year free. Standard retail units range in size from 145 to 450 square-feet and each unit is customized to the tenant’s specifications.
“We’re investing in partnership with unit owners. Everything about New Horizon Mall is unique and this is just one more reason why right now is a great time to lease,” says Cannata.
Meanwhile, tenants are already reaping the benefits of lower lease rates and business taxes by virtue of the location in Rocky View County. Heather Dougall, a licensed commercial real estate agent with Royal LePage Benchmark who lives and works in Rocky View County, says it’s not just taxes that are less, as property costs are far less too. Even New Horizon Mall’s closest neighbour, CrossIron Mills, has a minimum monthly lease rate of $3,250 according to a 2019 Ivanhoe Cambridge report. With this new leasing incentive, stores can be least at New Horizon Mall for $400 a month. (https://www.ivanhoecambridge.com/-/media/files/website/shopping-centres/2019-speciality-leasing-rates/2019-specialty-leasing-rates.pdf)
“Businesses are attracted to Rocky View County and the Balzac area by lower land costs and lower property taxes. It makes the region a magnet for investment attraction that includes warehousing, distribution centers, and, most notably, retail. The New Horizon Mall continues to attract innovative and hard-working entrepreneurs that add to the world class retail offered in our region,” says David Kalinchuk, economic development manager with Rocky View County.
“There’s no business tax, no business revitalization zone levies, and no business license fee. No matter what you’re paying in business tax, it’s less out here. It’s what we like to call the Rocky View Advantage,” says Kalinchuk. Find more information on the tax comparison at: https://dhzmedia.com/rocky-view-advantage
Unlike other malls, which are occupied primarily by large corporations and chains, New Horizon Mall is a collection of small businesses, family enterprises and local entrepreneurs bringing unique products and services to the Calgary region. From Chinese sportswear to Korean skin care products; Alberta honey to Australian terrariums; from Turkish undergarments to Indian jewelry; an international food court with seating for 300, and even a main stage presenting a diverse array of entertainment throughout the year – with more than 500 retail stores when complete, New Horizon Mall will feature twice as many stores as Calgary’s largest mall.
The Torgan Group has been involved in the development, ownership and management of more than 70 commercial projects primarily in the Greater Toronto area for more than 30 years and this experience continues to be valuable to New Horizon Mall.
New Horizon Mall is located 20 minutes north of downtown Calgary on the QE II Highway and directly across from CrossIron Mills in Rocky View County.
To view New Horizon Mall’s media kit please, click – here –
For more information on New Horizon Mall visit www.newhorizonmall.com/
About New Horizon Mall
New Horizon Mall is located 20 minutes north of downtown Calgary and directly across from CrossIron Mills in Rocky View County. The mall is comprised of unique stores, an entertainment stage and a food court with 300-seats plus indoor and outdoor parking areas. New Horizon Mall’s visionary retail experience, proven in major markets throughout the world, offers the exotic colourful allure of an international mall set in the comfort and beauty of a sublime, contemporary upscale architectural masterpiece.