After years of planning, Alpine Park — a major new urbanist community on Calgary’s west side — is finally breaking ground with its multi-phased retail development now underway.
Alpine Park is a $2.5 billion mixed-use development by Dream Unlimited.
Speaking with Retail Insider, Alistair Corbett, Senior Vice President at CBRE, who is handling the retail leasing side of the mega project, shared insights into the scope of the development, current leasing momentum, and the strength of Calgary’s suburban retail market.
“It’s interesting — finally a lot of stuff getting in the ground and going after years of planning,” said Corbett. “This stuff takes so long for everybody to put together.”
Alpine Park is located off Stoney Trail at 154th Avenue — the interchange that takes drivers east into Evergreen and west into the new community of Alpine Park.
A Three-Phase Retail Strategy
Corbett outlined a thoughtfully staged retail strategy for Alpine Park, designed to evolve alongside the growing community.
“This has been more than a decade in the making, but essentially there are three retail components to that community,” he said.
- Phase One: The Convenience District
Construction is already underway on a single-level, 60,000-square-foot centre focused on daily needs. “It’s gas and drive-thru and daily needs, daycare, that kind of format,” Corbett explained. - Phase Two: The Service District
Coming in 2027 and beyond, this 65,000-square-foot mixed-use space will be “grocery anchored, some extra retail and medical and services like that.” - Phase Three: The Social District
Planned for further down the line, this phase will be adjacent to a village centre housing up to 12,000 residential units. “That brings on the food and the entertainment portion,” he added.
Population Growth and Market Catchment
The development will serve both the Alpine Park community and neighbouring areas underserved by retail.
“The community itself of Alpine Park when it’s fully developed would be over 20,000 people,” Corbett said. “What’s really interesting about this site is the east portion of Stoney Trail, where Evergreen and Bridlewood is — that’s really under-retailed if you think about it.”
Corbett noted that the existing retail in the area is concentrated along 162nd Avenue, on the south end of Evergreen, meaning many residents will pass directly by the new retail area to access their communities.
“You’ve kind of got an existing base of people that are under-serviced that are coming past it every day. Plus you’ve got the growth of Alpine Park on the west. Bridlewood and Evergreen brings you about 25,000 people.”
Leasing Momentum and Tenant Mix
On the leasing front, the project is gaining traction with several deals secured and more in negotiation.
“I think it’s fair to say that they’ve announced the Petro Canada deal, the McDonald’s deal, a large, 12,000-square-foot daycare,” said Corbett. “We have active paper with wine stores, vets, physiotherapies, martial arts.”
While food tenants are confirmed, Corbett couldn’t yet name them. “There’s a lot going on that’s kind of underneath the paper.”
As for the Service District, advanced negotiations are ongoing with grocery and other retail anchors. “Those are lengthy discussions,” he said.
A Tight Retail Market with Surging Demand
Alpine Park is launching into a suburban retail environment marked by extremely low vacancy rates and strong consumer demand.
“There is almost no vacancy down in the south end — well, in most of the suburban areas of the city,” Corbett explained. “The south trade zone is a 2.2% vacancy number. That’s almost functionally zero.”
“Lots of residential growth. This is what the retailers and the service providers are looking for — sites that will be successful on day one,” he added.
He noted that new retail development has lagged in recent years, despite high demand. “We normally bring on about 1.3 million square feet of space a year in the retail market in Calgary, and last year was just over half a million,” said Corbett. “This conventional stuff has been really hard to bring to market just because… the interest rates and the construction costs and what tenants were willing to pay — it just hadn’t been penciling.”
But things are shifting. “Good sites with really good tenants, with good rates. The rates are recalibrated,” he said. “The retailers can understand that Calgary’s a really desirable market to get space — it’s competitive and it’s tough, but it’s also expensive. And those rates have now recalibrated back up.
Strong Fundamentals Driving Calgary Retail
Asked to describe Calgary’s retail sector overall, Corbett pointed to a city with fundamentals working in its favour.
“We’re not an overbuilt city. In fact, on the contrary, the vacancy rate overall — including downtown — is 4.6%. And downtown is 12% vacant. But this kind of grocery-anchored, high-quality suburban retail is almost nothing vacant.”
Population growth is another factor. “We’re coming up with our six and seven per cent growth rates, right? But with no new space being delivered. Everybody’s same-store sales were, on the whole, great because all of these new people are shopping at the same number of shops.”
Mixed-use urban areas face a different trajectory, but the suburbs are booming. “The demand in the suburbs is insane,” Corbett said.
Looking Ahead
With its careful planning, rapid leasing activity, and strategic location, Alpine Park is poised to become one of Calgary’s key suburban retail hubs — a rare new project in a market starved for supply.
“It’s just been really carefully thought out by Dream,” Corbett concluded. “Some of the team have already been on it for a decade, getting this ready to go. And now — here we are.”
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