3155 Howard Avenue (The Roundhouse Centre)

Approximately 231,000 square feet. Mixed use centre with a combination of big box tenants as well as in-line commercial and office space.

This property was purchased in 2001 from Ivanhoe Cambridge and it is located at 3155 Howard Street in Windsor Ontario.

At the time of purchase, the centre was underperforming with underutilized land and several weak tenants including White Rose. The centre was in an excellent location in Windsor across from the dominant Ivanhoe Cambridge mall (Devonshire Mall). Windsor was an economically stable city buoyed by a strong manufacturing sector and a low Canadian dollar. The Company saw an opportunity to re-merchandise and modernize the centre as well as develop additional retail pads.

As part of this process, Terracap did not renew many of the weaker tenants. White Rose went bankrupt as anticipated, which cleared the way to redevelop and re-merchandise the centre. LCBO was relocated from a smaller in-line space to their prototype pad facing Howard Street. A pad was constructed for one of the first
Krispy Kreme locations at a time when the concept was extremely successful. The space was subsequently released to HSBC and the Future Shop space has been re-demised to accommodate Shoppers Drug Mart.

A 28,000 square foot pad was built to accommodate Linen’s and Things, which because of the bankruptcy of its US operations, closed all Canadian locations. The former White Rose space was released to International Clothiers which has also left the market. Negotiations are currently nearing completion to lease the majority of these vacancies.

In addition, the entire centre has been modernized with a re-facade program which has positively impacted the re-tenanting program resulting in almost 100% of the in-line and office space now being occupied.