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MONTREAL-A consortium including Kimco Realty Corp. has been set up to develop the Faubourg Boisbriand Shopping Centre project on 86 acres in the Montreal suburb of Boisbriand. The joint venture partners are Cherokee Investment Partners, Kimco, Sterling Centrecorp and North American Development Group. The project will total 1.2 million sf of leasable space as well as a new 147,000-sf Costco being developed by the retailer on adjacent land. The store will be integrated into the shopping center.

The project is being developed in phases. The first phase of approximately 565,000 sf--including the Costco unit--is currently under development with the majority of tenants projected to open for business in the fourth quarter of 2006. Tenancies currently under development include Zellers, Toys "R" Us, the Brick, Deco Decouverte, Omer de Serres and a number of restaurants and banks. Home Depot, a Metro food supermarket and Sears Home are located on lands immediately adjacent to the build site.

Subsequent phases of the project will include additional large-format retailers, complementary retail and service uses, a potential food store and a fashion/lifestyle component that will be developed in a town center layout also projected to include ancillary office and retail components.

Sterling has been retained by the joint venture to provide property management services and with overall leasing responsibility for the project, and Sterling-North American will provide project/construction management services jointly with Cherokee Canada.

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