City Council approved a land purchase that will make the City of Lethbridge the sole landowner of the downtown property occupied by Park Place Mall.
An agreement was reached for the City to purchase a 60-per-cent share in the property from the Province of Alberta for $12.2 million. The City and the Province have owned the property since 1984, with the City owning a minority 40-per-cent share under a joint venture established with the relocation of the CP Rail yard from downtown to its current location in Kipp.
The land where the mall is situated is leased and operated by Primaris Management.
"This is a great long-term investment for the City of Lethbridge. This is a prime downtown location that anchors retail activity in the area. Ensuring the property has long-term viability contributes to the overall well-being of our community," said Mayor Chris Spearman, noting the mall operation itself is owned by Primaris Management.
Under the joint venture agreement, the City and the Province each had first right of refusal to purchase the share of the other, if one of the partners decided to sell its share.
Tara Grindle, Communications Consultant
City of Lethbridge