For 40 years, Niagara Square provided retail shopping experiences to Niagara Falls residents.
Last year, the shopping centre’s doors were closed for good. Only the stores with outdoor entrances remained open, some of which are still currently operating. The free-standing Cineplex Odeon movie theatre has also remained open.
Now, Niagara residents finally get to know what’s going to happen to the property: the dilapidated mall will be demolished and turned into an outdoor, open-air shopping centre.
A $25 Million Retail Revamp
The revamp of Niagara Square is one of the more recently announced developments in Niagara.
The $25 million project will see the shopping centre demolished and replaced with an outdoor retail centre similar to the Outlet Collection at Niagara that was constructed in 2014.
However, it will not be an outlet mall as there is already a variety of selection in the area. In addition to the Outlet Collection at Niagara, there is also the Canada One Factory Outlets on Lundy’s Lane and the outlet stores across the border in Niagara Falls, New York.
This retail centre will focus on becoming a retail hub for both residents and visitors alike, with more unique experiences.
Planning and Permits are the First Step
Don’t expect to see construction vehicles pulling into the property just yet. The project is still in the initial stages and will not be breaking ground right away.
Currently, designers and developers are in the planning stages as they wait for permits to come through. Before the official demolition would begin, businesses on the property, such as banks and the remaining stores, would need to be relocated. The design, however, is planned to be built around the stores that did remain open, such as the Mandarin and Michael’s, and they will be incorporated into the final construction plans.
Bayfield Realty Advisors Inc. and RioCan Real Estate Investment Trust Co. are the two companies who share ownership of the property and have been undertaking the redevelopment project.
Boosting the Niagara Growth Potential
With a brand new, modern shopping centre, more businesses will be able to arrive in Niagara and contribute a vibrant new retail culture to the area. Mayor Jim Diodati has stated that his hopes are to grow the population around the mall, through a combination of job creation and retail opportunities.
The location of Niagara Square already provides many amenities and services necessary, from Walmart, gas stations, and Lowe’s, to the movie theatre and quick QEW access. It will also be located just minutes from the new hospital that will be built in the next few years.
Niagara Falls Development: Why it May be Time to Invest
Niagara Falls development is booming, and the need for a new shopping centre that provides a location for businesses to grow indicates that there is a lot of opportunity in the region.
There are many projects throughout the region that offer amazing development and investment opportunities. If you’re looking for a new location to establish your commercial real estate interests, consider Niagara as your ultimate destination.