Prepared to wait forever: optimism at New Horizon Mall despite slow start

WATCH: CityNews reporter Jonathan Muma looks at whether there is optimism at New Horizon Mall

CALGARY (CityNews) – It’s a tale of two malls. Owners at the New Horizon Mall near Balzac, north of Calgary, are having vastly different experiences.

Some have risked it all and feel like they’re sinking, while others have started to lease or open and can’t wait for business to take off.

CityNews recently heard from one retail expert who said the model of the mall was not sustainable and the fact that it remains empty is quite concerning.

READ MORE: New Horizon Mall remains virtually empty causing concern for analyst

It’s only one mall, but two very different pictures are emerging about why it is still sitting mostly empty.

Albert Fialkow owns two units. So far, one has been rented, while the other hasn’t.

“I’m prepared to wait forever.”

Fialkow said he did his homework and expected this to a long-term gain, rather than a get-rich-quick plan.

“I anticipated this I put the financing in place so that yes I could literally hold onto this for five years,” he explained.

But there are also growing concerns about negative attention the mall is starting to get.

READ MORE: Eerily empty condo-style retail mall in Calgary postpones grand opening

Multiple sources CityNews spoke to are worried that it may impact their ability to sell or lease properties, which is why despite several conversations, no one with those concerns has been willing to go on camera or provide a statement.

The sources said that it has been difficult to move forward on projects with mall ownership and that ownership has been unresponsive.

“It’s hard to communicate with everybody,” Fialkow added. “Especially because they speak different languages. And there are unreal expectations upon the ownership group that we all can be kept abreast of what’s going on.”

He added that it might be counterproductive that the mall management would communicate with tenants on every single matter.

The mall has offered a $5 thousand incentive to businesses to open their doors before Dec. 31.

Fialkow said for his two units, it cost $8 thousand to get the unit finished. He said the $5 thousand incentive would go a long way for someone who may have been delaying opening shop.

“Certainly it’s not going to happen overnight. I think investor expectations are certainly unrealistic.”

According to Fialkow, more than 60 units are finished. He has no idea why they’re willing to lose money every day instead of opening.

He suggested that it may be a case that some investors weren’t aware of the challenges of owning and leasing retail space.

CityNews continues to reach out to mall management for comment but has not been successful to this point.

The grand opening was scheduled for Oct. 27. That’s been moved to a date to be determined in 2019.

WATCH: Concept video of New Horizon Mall