The Cornerstone Projects 5/09/05 What are Cornerstone Projects? - PDF document

1 Springwood Developments Inc. The Cornerstone Projects 5/09/05

What are Cornerstone Projects? � Retail centers in Mid-Size Markets � Storefront access (no interior mall) � Large enough to be dominant in the market area � Attracts National tenants � Drawing “power” to enlarge the trade area 5/09/05 2

Current Projects � Cornerstone Lloydminster � Cornerstone Camrose � Cornerstone Prince Albert � Cornerstone Okotoks � Cornerstone Fort Saskatchewan � Cornerstone Slave Lake 5/09/05 3

Cornerstone Lloydminster � 30 Acres � 300,000 Sq.Ft. � Anchored by � Wal Mart � Canadian Tire � Staples � Sobeys 5/09/05 4

Cornerstone Lloydminster 5 5/09/05

6 Wal-Mart and Staples Cornerstone Lloydminster 5/09/05

7 CornerstoneLloydminster Mark’s Building 5/09/05

Cornerstone Camrose � 35 Acres � 400,000 square feet � Anchored by � Wal Mart � Safeway � Staples � Totem 5/09/05 8

9 Cornerstone Camrose 5/09/05

10 Cornerstone Camrose Safeway 5/09/05

Cornerstone Camrose Payless Building 11 5/09/05

Cornerstone Prince Albert � 38 Acres (future expansion to 63 Acres) � 400,000sq.ft. � Anchored by: � Wal Mart � Sobeys � Future Shop � Rona 5/09/05 12

13 Cornerstone Prince Albert 5/09/05

14 Cornerstone Prince Albert Wal Mart 5/09/05

Cornerstone Prince Albert 15 Future Shop 5/09/05

Cornerstone Okotoks � 29 Acres � 280,000 sq.ft. � Anchored by: � Wal Mart � Sobeys � Canadian Tire 5/09/05 16

17 Cornerstone Okotoks Sobeys 5/09/05

18 Bank Of Nova Scotia Cornerstone Okotoks 5/09/05

19 Ricky’s Building Cornerstone Okotoks 5/09/05

Cornerstone Fort Saskatchewan � 30 Acres � 300,000sq.ft. � Anchored by: � Wal Mart � Canadian Tire � Safeway � United Furniture 5/09/05 20

21 Payless Building Fort Saskatchewan Cornerstone 5/09/05

22 Cornerstone Fort Saskatchewan Mark’s Building 5/09/05

Design Themes � Use of brick on buildings for sense of quality � Classical architectural design elements � Brick “hard landscape” elements � Decorative light poles � Good landscape quality 5/09/05 23

24 Landscape Features at Staples 5/09/05

25 Landscape Features 5/09/05

26 Typical Pylon Sign 5/09/05

Why Cornerstone Projects Work � Wal Mart is very strong anchor � High % National and Alberta chain retailers � Land costs attractive: � $3.00 to $5.00 /sq.ft. fully serviced � Rental rates vs. development costs reasonable 5/09/05 27

Challenges � Land assembly � Servicing � 3 to 4 year development cycle � Significant equity required � Construction cost increases 5/09/05 28

Summary of Benefits to Community � Increase retail trading radius, and reduce retail “leakage” to larger cities � Improved shopping opportunities for residents close to home. � Enhance community’s position as a regional retail and service center for the region � Increased tax base � Positive impact on local economy � Infrastructure development � Employment – construction and long term 5/09/05 29

The Future � Retailers not able to offset increased construction cost with increased rent � Available markets getting smaller � Potential for competitive project in some markets? 5/09/05 30

31 Questions 5/09/05

Springwood Developments Inc. 32 Quality retail developments in key markets 5/09/05