Retail construction in Canada has slowed in recent years, but Forum is moving ahead with a mixed-use development west of Edmonton that combines rental housing and retail space in one location.
The company said it is building Legacy Park in Spruce Grove at the intersection of Highway 16A and Jennifer Heil Way, a corridor between Spruce Grove and Stony Plain.
The area is designed to eventually serve a combined population of about 60,000 people, and Forum expects some of those residents to frequent its mixed-use project.
“Integrating the residential and commercial development in Spruce Grove’s Legacy Park subdivision was a strategic, intentional decision,” said Jay McMartin, co-founder and partner at Forum in an email. “This was a planned decision. We wanted to bring housing and retail together in one neighborhood.”
While the retail development process isn't easy, new shops are a necessity, McMartin said.
“Building retail centres in Canada comes with its challenges, especially as market conditions, costs and consumer habits continue to evolve,” said McMartin. “Despite these changes, there is still a real need and demand for physical retail, particularly for products and services people want to access in person. Proximity to a grocery store is a key factor in retail success. Grocery-anchored shopping centres consistently draw steady foot traffic, which is a major reason many tenants choose to sign a lease.”
Forum said Legacy Park will include a retail center called The Shoppes at Legacy Park and a residential development called The Elm at Legacy Park. The first phase of the retail portion will open in the second quarter of 2026 and contain five buildings totaling 36,380 square feet. A second phase would add four more buildings and 102,541 square feet, bringing the total retail space to about 138,900 square feet, according to the developer.
The residential portion will open its first phase in early 2027 with two buildings and 186 apartments, Forum said. Phase 1 construction costs are estimated at $27 million for retail and $55 million for residential, according to Forum.
A second residential phase would add two more buildings and another 186 units, for a total of 372 apartments expected to house about 558 residents, according to Forum. The full build-out is expected by 2030.
Forum began planning the Legacy Park development in 2019, focusing on market research and design. It acquired the land in 2021, with retail part of the plan.
Retail space in Edmonton’s outlying submarket remained tight in 2025, with vacancy at 2.7% — even after significant new project completions, according to CoStar data. That’s slightly higher than 2024 but still below the Edmonton market average.
Rents are holding near $23 per square foot, down only slightly from the past year, and they’ve climbed more than 8% over three years. “Current vacancy is higher than its trailing three-year average of 2.1%. However, this figure is lower than the Edmonton market trailing three-year average of 3.9%,” according to a CoStar analysis. In short, demand is strong, supply is limited, and pricing reflects that, even as construction adds space slowly.
Forum is a real estate development company founded in 2018 and backed by principal Paul Schacter. Along with its Montreal office, the firm has an office in Edmonton led by McMartin and another in Burlington, Ontario, headed by Toby Singlehurst. Forum owns and manages properties across Canada in Alberta, British Columbia, Ontario and Quebec.
Forum is working with Dawson Wallace Construction on Legacy Park. The two companies have partnered on retail projects for more than 15 years.
“They helped us complete a project in Duncan [in British Columbia] when we faced challenges,” McMartin said. “That built trust and led to this partnership.”
Read the full article that was published in Costar.com