Construction has begun on New Horizon Mall, a multicultural mall in Calgary with more than 500 stores.

The $200 million development is a joint effort between The Torgan Group and MPI Property Group, a project that is expected to have twice as many stores as Calgary’s largest mall.

For the first time ever in Alberta, each retail store is purchased not leased. Stores may be either owner-operated or leased to a retailer by the owner. As it stands, more than 400 business owners have already invested in units.

Located across from CrossIron Mills, the mall will be Calgary’s newest shopping destination, described as “more like an Asian or European Bazaar,” with unique fashion, health and beauty, giftware, electronics, food, entertainment and more.

The space will be built by Ledcor Construction (same company that built CrossIron Mills) and will offer a unique, traditional Asian shopping concept in a contemporary upscale architectural setting.

The retail units range from 285 square feet to 855 square feet and are priced between $170,000 and $750,000.