Retail
The Great Wolf Lodge near Dallas/Fort Worth International Airport.
terminal, along with offering tax free shopping for nearby residents and airport travellers, since the State of Oregon does not charge sales tax.
Elsewhere, Edmonton International
Airport (EIA) occupies a significant property of over 7,000 acres, of which an approximate one-third is not required for the current or future airside system or terminal.
Accordingly, EIA is breaking the traditional piecemeal approach to airport land commercial development by becoming actively involved in the preparation of integrated development and servicing strategies for these lands. In addition to an aggressive terminal expansion involving a dramatic new office and control tower, EIA is planning the development of a 400-acre tract of its highway commercial lands, spanning between two highway interchanges. MXD Development Strategists and
Stantec are assisting EIA in preparing the Commercial Development Strategy to establish this property as a regional commercial destination at the gateway to EIA and the Northern Alberta Petroleum and Energy Region. This project enjoys one kilometre of frontage along the QE2 Highway Canamex Corridor, which connects the region with the USA and Mexico. EIA is taking a proactive role in the zoning and servicing of this property
36 Issue 1, Volume 5
to attract international development and tenant interest and to foster new economic sectors for the region. The development will involve destination retail, entertainment, hotel, meeting space, office and commercial park activities. “EIA’s Master Plan and Development
Strategy provides a prescriptive road map to ensure that development today does not preclude future aeronautical options and commercial development opportunities,” enthuses Myron Keehn, EIA’s vice president of commercial development. “On an ongoing basis, EIA consults its
stakeholders and the commercial development community to leverage the airport’s role as the primary economic catalyst for the region.”
By measuring its risks to rewards,
EIA has recognised there is considerable short and long-term revenue potential by becoming a more active participant in the planning, marketing, development and management of its non-airside commercial lands.
Major shopping centre developers, investors and operators have also taken a keen interest in destination retail development near airports. In 2008, the Al-Hokair Group opened the 261,000 square metre Mall of Arabia adjacent to King Abdulaziz International Airport, in Jeddah, Saudi Arabia.
Destination retail development on and around airport lands has come a long way from the obligatory fast food restaurants and fuel stations. Airports are fast becoming active participants in the development of destination retail facilities on land not required for aviation use. In so doing, the most progressive airport authorities are recognising the significant non- aeronautical revenues that can flow from destination retail development.
As well, airport authorities’ unique ability
to facilitate ‘made-to-suit’ zoning, service and contribute land, ground lease, leverage their strong credit position, access competitive financing, and their willingness to become development partners has become very attractive for commercial developers, retailers and investors. Accordingly, the development of destination retail development on airport lands is a significant contributor to airports’ roles as gateways, catalysts and hubs for regional economic development.
About the authors Chris LeTourneur is president & CEO of Vancouver based MXD Development Strategists, where Andrew Fayn is a market analyst. They can be contacted at
chris@mxddevelopment.com and
www.mxddevelopment.com.
GLOBAL AIRPORT CITIES
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