Simon Property Group, Inc, and Callaway Real Estate Investment Trust has announced that the construction of Canada's first upscale outlet center will begin on April 25 with a ground breaking ceremony, with the first phase of the 500,000 ft.² center due to open by the summer of next year. The project which is called "Toronto Premium Outlets", is a joint-venture between Callaway and Simon.
The premium outlets will be located in Halton Hills on Highway 401 at Trafalgar Road, adjacent to highways 401 and 407. It will have sufficient space for more than 100 high-quality outlet stores, and is expected to be the Canadian entry point for selected upscale US retailers and designer brands.
John R Klein, President of Simon's Premium Outlets Division, commented on the project:
"Toronto Premium Outlets will feature an outstanding collection of many of the finest brands, offering value, quality and selection all in one convenient location. We already welcome large numbers of Canadian visitors to our centers in the US and look forward to serving these valued shoppers closer to their home. We see tremendous opportunity to introduce our top merchants to the Canadian market."
Simon Property Group’s outlet portfolio comprises of 70 premium outlet centers, 57 of which are in the United States, while eight are in Japan, two are in Korea, one is in Mexico, and one is in Puerto Rico. Most of the centers in the United States are in or near major metropolitan markets such as Boston, Chicago, New York, and Los Angeles, as well as visitor markets such as Las Vegas, Palm Springs, and Orlando. Each Premium Outlet property is designed to be an architecturally distinct village, and offers a mix of leading designers and name brands selling direct to the consumers at significant savings.
SmartCentres worked on behalf of Simon and Callaway to secure the necessary approvals and permits for the project to proceed the spring. Simon is providing the leasing, management and marketing services.
Al Mawani, President and CEO of Callaway said "Callaway is proud to be Simon's partner as they expand their portfolio into Canada. The Canadian retail landscape is evolving and Toronto Premium Outlets will be the first of its kind in the country."
The project is expected to create more than 500 full and part-time jobs, as well as hundreds of local construction jobs over the next 16 months. Gary Carr, Halton Regional chair is quoted as saying "Businesses are choosing to locate in Halton due to both the quality of infrastructure and high quality of life."
Simon Property Group, Inc. is an S&P 100 company, and the largest real estate company in the world.
Callaway is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6 billion.
SmartCentres is a privately held Canadian company which has developed more than 300 shopping centers in provinces throughout Canada.