Cressey Development Group

Cressey Development Group

September 25, 2013 09:00 ET

Cressey's Arbutus Ridge Development Attracts New Loblaw Grocery Store

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 25, 2013) - Cressey Development Group has reached an agreement with Loblaw Companies Limited to occupy the entire retail premises at Cressey's Arbutus Ridge development at the corner of West 16th Avenue and Arbutus Street in Vancouver's Westside. The store will occupy approximately 20,000 square feet on the building's ground floor.

Cressey sought a unique retailer to occupy the retail space in Arbutus Ridge to replace the eclectic mix of retail services formerly existing in the commercial building on the property.

"Vancouver's Westside is generally underserviced by food stores, so we were confident that this location would attract a strong operator that would want to deliver a great shopping experience to local residents," says Hani Lammam, Vice President of Development and Acquisitions for Cressey Development Group. "We've seen Arbutus Ridge be particularly popular with existing homeowner's looking to downsize or upgrade while remaining in the same neighbourhood and I trust that the new grocery store will be a great amenity that will enhance the livability of the project and the neighbourhood."

Demand for the homes at Arbutus Ridge has been unwavering, with the vast majority of purchasers living within a 15-block radius of the project. Since the 49 homes at Arbutus Ridge went on sale in the spring, interest has been high with only 4 available units remaining.

Arbutus Ridge offers downsizers lower maintenance apartment living without having to compromise on indoor or outdoor living spaces. Suites are 1,200 square feet on average and feature large landscaped patios or over-sized balconies, air conditioning and the functional CresseyKitchen™. The mixed-use, concrete development will add further amenities to the community including a landscaped public open space to be built on City of Vancouver property fronting the development.

Arbutus Ridge is scheduled to start construction this fall with completion slated for 2015 which will be followed by the opening of this new Loblaw grocery store.

About Cressey Development Group

Cressey is a privately owned, fully integrated project development, construction, marketing and property management company with over 40 years of experience. With over 200 projects to date, Cressey has earned a reputation for constructing landmark developments of unparalleled quality, making them one of the regions most recognized and celebrated builders.

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