BANFF – The Cascade Plaza shopping mall is under new ownership.
Atlas Development Corporation, a privately-owned, commercial real estate development company based in Calgary, purchased the Cascade Plaza from Investors Group on Sept. 17.
Craig Fulton, of Atlas Property Services Inc., said the Cascade acquisition is an exciting one for the company, noting Cascade Shops and Cascade West are highly visible buildings in Banff.
“We believe that having locally based ownership of the centre will allow for long- term development that focuses on making the centre a popular destination in Banff for both visitors and locals,” he said.
For now, Fulton said the company expects all current tenants will remain in the centre, as all of their leases have remained effective.
“Our short-term commitment is to fill vacant space in the centre and we have already begun touring prospective tenants,” he said.
“Unfortunately, it is too early in the process to officially comment on any names, but we believe we will have a few new tenants in Cascade Shops by the summer holiday season that will be a great fit for Banff and the greater Bow Valley communities.”
In addition to leasing, Atlas Property Services is presently putting together a capital investment program for the centre.
Fulton said the most immediate plans are some minor renovations to improve flow around the centre, adding Wi-Fi hotspots and doing a full refresh of the parkade, which could add some hourly public parking stalls.
He said there’s also talk of reconfiguring the food court on the lower concourse level into a food hall that will potentially form the base of a climbing wall that will soar up to the glass cupola atop the building.
“Those are long-term conceptual ideas we have discussing as we formalize our long-term strategy for Cascade Shops,” he said.
“I can confirm they are possibilities that we are considering, and really like, but are not presently certainties.”
Cascade plaza was built almost 30 years ago by Banff resident Sam Schultz.
The Atlas owners have more than 40 years of experience in real estate development. The company’s development projects have been primarily focused in Calgary, but its portfolio includes properties across Canada.
Fulton said Atlas is happy to have the centre endorse public programs such as the Bow Valley Job Resource Centre’s winter career fair; the annual Breast Cancer Awareness Program in October; and a seniors’ walking program in winter months.
“Everyone in our office has been energized by this addition to our portfolio and it has been our pleasure to add to the Atlas family by employing our new team of Banff-based employees, who are caring for the property daily on-site,” he said. “We look forward to being a part of the Banff and Bow Valley communities for many years to come.”
Currently, Cascade Shops has about 30 businesses, some of which include The Second Cup, Bow Valley Basics, ATB Financial, Ardene, GAP, Billabong, Indigo, The Source, The Old Spaghetti Factory, Westrock Jean Co and more.
