CF Pacific Centre Developments

[Vin]

Originally Posted by Changing City

It's not unusual for sudden closures of large retail companies to take some time to sort out. The closure of Woodwards took decades to sort out. The huge Spencer's store was redeveloped with the Harbour Centre, which took several years (and then the new Sears there closed, leaving another empty space for some time before the building was remodeled again).

It looks like the Rideau Centre and Chinook Centre Nordstrom's spaces are also still vacant, with no announced replacement. It's only two of the Toronto departmental store spaces that have leased - I think Sherway Gardens may be empty too.

Woodwards was a writeoff after the City/Province ran the DTES to the ground with social problems. The entire DTES is still being "sorted out".
The switch from Spencer to Eatons to Sears to SFU: I'm sure none of the transitional period was 4 years or more (as per Four Seasons Hotel at Pacific Centre mall). Even if Nordstrom space is taken over today, the renovations would have taken another 1-2 years. That would total about 3.5-4 years in transition.

Rideau/Chinook Centres and Sherway Gardens are all in the suburbs, unlike our Nordstrom in a very central and desirable part of Vancouver's CBD. That makes a world of difference.

Originally Posted by dreambrother808

Over 8000 posts about how Vancouver is a horrible place. Impressive consistency.

Just to balance the glory poured on this City and the irresponsible comments on the real problems here. I still live in this city and obviously find the positives to be here, but unlike yourself, I am not ignorant to its problems. In fact, I love highlighting them and triggering folks like yourself.

You are right that I am consistent.

[s211]

Originally Posted by whatnext

Saw this in Bloomberg and couldn't help wondering the pension plan involvement is effecting decision making at CF:

Real estate bets gone wrong roil US$1.24 trillion Canadian funds
Ari Altstedter and Layan Odeh, Bloomberg News

...“What’s worked famously well for the last 35 years may not work so well for the next five to 10,” Jo Taylor, chief executive officer of the $248 billion Ontario Teachers’ Pension Plan, said in an interview at Bloomberg’s Toronto office.

Taylor’s fund is grappling with the worst four-year run at its real estate operation since it was transformed by the acquisition of a business called Cadillac Fairview in 2000. That company came to be one of the fund’s crown jewels and the single biggest in its portfolio. But last year, Taylor took authority for most future real estate investments away from Cadillac Fairview and brought them in-house, just like the plan’s other asset classes....


https://www.bnnbloomberg.ca/real-est...unds-1.2088707

The woes are largely driven by the turmoil in the office market sector. Office buildings, by virtue of their larger dollar values, were an easy way for pension funds and others to quickly build their real estate portfolios. The sector was largely profitable for many years.

Across their portfolios, all real estate investment classes have seen values hit during to rising cap rates, at a time when they were coming off historical lows. Pension funds had to mark-to-market their values, enjoying large capital gains over the past decade but that bloom is now gone.

[C3YVR]

CFs continuing inability to sign a new hotel operator to take over the Four Seasons, after having well over six years since it was announced they were leaving, shows how leaderless they really have become. Their recent attempt to control the narrative is just completely cringeworthy. To admit they still don't have a plan for the hotel or former Nordstrom space, but not admit to the harm it is doing the Vancouver tourism and retail industries, just shows how out of touch they really are. The next thing they should do is hire a PR firm to stop them from making insensitive comments and show they actually care about the community they do business in - not to mention the retailers that operate in their mall.

https://www.biv.com/news/retail-manu...-empty-9120186

[Vin]

Originally Posted by C3YVR

CFs continuing inability to sign a new hotel operator to take over the Four Seasons, after having well over six years since it was announced they were leaving, shows how leaderless they really have become. Their recent attempt to control the narrative is just completely cringeworthy. To admit they still don't have a plan for the hotel or former Nordstrom space, but not admit to the harm it is doing the Vancouver tourism and retail industries, just shows how out of touch they really are. The next thing they should do is hire a PR firm to stop them from making insensitive comments and show they actually care about the community they do business in - not to mention the retailers that operate in their mall.

https://www.biv.com/news/retail-manu...-empty-9120186

Think of the millions lost to the retired teachers in Ontario as well. They should have a board overhaul, and then employ better hotel and retail sales management people to get their premises leased out.

Originally Posted by SFUVancouver

Just one more downtown mall away of greatness, if memory serves.

This is what happens when there is a monopoly happening downtown.