A Sarnia-based real estate investor has acquired the former Zellers Plaza and plans to spend an estimated $10-million on the property over five years.
Robert Dawson of Lucror Property Investments on Michigan Ave. says the property at 1249 London Rd. has been acquired from Tierrasanta Investments ULC.
Dawson says the site will continue to be revitalized as a modern, outdoor and stand-alone shopping centre with food service, traditional retail and professional services.
He says they've been actively working on recruitment since October 2015 and with renewals of existing and newly signed tenants, are almost at 70% occupancy of the enhanced footprint.
"We're going to be going through an extensive design and a permit process, so we will be making announcements by the summertime of this year, 2016," says Dawson. "In all likelihood it's going to take till March of 2017 when people start to visibly see some of the new construction."
Dawson says the former Zellers property has been a staple in Sarnia since the 1960s and is a prime retail location for both tenants and shoppers.
The revitalization will follow a broader "de-malling" trend across southwestern Ontario.