Calgary developer looks north for opportunities
Posted Aug 10, 2014 8:08 am.
This article is more than 5 years old.
One Calgary based landlord has his eyes set on Edmonton’s Arena District as his next big opportunity.
Bob Dhillon is the president and CEO of Main Street Equity Corp. In what is seen as a strategic move, the company has been snatching up apartment buildings around the soon-to-be built, new NHL arena.
“We think the arena development and all the commercial and entertainment district that is going to pop up around that neighbourhood, it’s going to uplift the neighbourhood and we are hoping to ride that wave,” said Dhillon.
He said they are also helping to transform the area by investing a serious amount of capital into the newly acquired units.
Dhillon said he knows the Edmonton market well; he bought his first building there eight years ago.
Rental demand is extremely tight; the vacancy rate is similar to Calgary’s at 1.4 per cent.
