New stores coming to Central City - Page 15

Shift · #**281** Posted **Jan 19, 2016, 7:38 PM**

The former Brick/Sears outlet will likely continue to sit vacant until it's re-developed as a future phase of Bosa's University District.

As for the Best Buy building.. It would be suitable for a re-located Staples from across the street. Could also suit a furniture store. Should just be subdivided, sold off, and re-developed though really. Such a prime site.

logicbomb · #**282** Posted **Jan 19, 2016, 7:42 PM**

Quote:

Originally Posted by Sheba

Oh please let that area be redeveloped soon. Most of the area between 104th and 105th, King George to City Parkway is empty (including surface parking in my definition of empty here). I could easily see retail / office north of the TD and a couple towers facing City Parkway.

Blame Bosa for putting forth bogus proposals and always going back to the drawing board (pretty much stalling). Don't expect much to change unless we tax the hell out of land speculators.

The City of Surrey planners want to see the entire area developed, but of course...there is no real rush to sell or develop. Land speculators are happily sitting on gold. Another reason why the City is hesitant on rezoning parcels along 104th Ave as they know investors will gobble up the land, level any preexisting development and hoard it (you see many vacant parcels).

As for Central City...There was a proposal put forward 10 years ago for 5-6 mixed use developments (in the Central City parking lots including 2 in the parking lot adjacent to the bus loop). Alas, it was just a proposal and Blackwood Partners has no desire to develop or sell off the land.

I don't see the area changing much in the next decade.

Cypherus · #**283** Posted **Jan 20, 2016, 4:25 AM**

I remember seeing this picture a while back where a tower was envisioned to be situated on the lot beside where Best Buy used to be. Likely a stale proposal at this stage but the area has a lot of potential.

clee7903 · #**284** Posted **Jan 20, 2016, 7:12 AM**

That would be nice - with those high density towers and the dramatic expansion of the mall. If only it'll become reality...

Pinion · #**285** Posted **Jan 20, 2016, 8:20 AM**

Quote:

Originally Posted by logicbomb

Blame Bosa for putting forth bogus proposals and always going back to the drawing board (pretty much stalling). Don't expect much to change unless we tax the hell out of land speculators.

The City of Surrey planners want to see the entire area developed, but of course...there is no real rush to sell or develop. Land speculators are happily sitting on gold. Another reason why the City is hesitant on rezoning parcels along 104th Ave as they know investors will gobble up the land, level any preexisting development and hoard it (you see many vacant parcels).

As for Central City...There was a proposal put forward 10 years ago for 5-6 mixed use developments (in the Central City parking lots including 2 in the parking lot adjacent to the bus loop). Alas, it was just a proposal and Blackwood Partners has no desire to develop or sell off the land.

I don't see the area changing much in the next decade.

Wait, have you really convinced yourself that developers aren't building in Surrey because it's too valuable?

Axe · #**286** Posted **Jan 20, 2016, 2:53 PM**

Quote:

Originally Posted by Cypherus

I remember seeing this picture a while back where a tower was envisioned to be situated on the lot beside where Best Buy used to be. Likely a stale proposal at this stage but the area has a lot of potential.

That is not the Best Buy site, it on the other side of the skytrain tracks...

Blease · #**287** Posted **Jan 20, 2016, 4:17 PM**

Quote:

Originally Posted by Pinion

Wait, have you really convinced yourself that developers aren't building in Surrey because it's too valuable?

In one of your recent posts, you complained that your North Van condo now has a lower appraisal value than when you purchased it 11 years ago. So, not to be mean, but you're hardly in a position to be making cracks about property valuations in a neighbourhood you probably (I'm assuming) don't spend much time in.

WarrenC12 · #**288** Posted **Jan 20, 2016, 4:32 PM**

Which store is closing at Central City between FS and BB?

logicbomb · #**289** Posted **Jan 20, 2016, 7:17 PM**

Quote:

Originally Posted by Pinion

Wait, have you really convinced yourself that developers aren't building in Surrey because it's too valuable?

No, my profession (I worked in the City) and ties with developers have brought attention to the fact that land speculators (not developers) are not in a hurry to sell to developers.

You can see why there is no rush to sell. This is from COSMOS (open to the public).

Now, as it pertains to the area around 104th and City Parkway and the lack of development...well, I have a feeling Bosa is trying to pressure the City to sweeten the pot which is stalling development.

Shift · #**290** Posted **Jan 20, 2016, 7:20 PM**

Quote:

Originally Posted by Pinion

Wait, have you really convinced yourself that developers aren't building in Surrey because it's too valuable?

Except that developers are building in Surrey..

City hall is swamped with development applications, probably more than any other city in the region. While the majority of these are for single family or townhomes (because thats what the market here wants, and has the land for), the City Centre isn't exactly sitting in idle mode.

A reminder of the activity here right now:

Under Construction:
Park Avenue East (Condo) - 36 Storeys
Park Avenue West (Condo) - 40 Storeys
3 Civic Plaza (Condo, Hotel, Office, University) - 48 Storeys
University District Phase 1 (Condo) - 36 Storeys
Gateway Place - (Office) - 5 Storeys

Under excavation:
Prime (Condo) - 37 Storeys
Evolve (Condo) - 36 Storeys

Compare this to a decade ago and it's clear to see that the pace is picking up and will only continue as confidence builds in this area.

After University District Phase 1 is complete, i'd expect Bosa to move forward with their next 2 towers across the street from City Hall.

Pinion · #**291** Posted **Jan 20, 2016, 9:54 PM**

Quote:

Originally Posted by Blease

In one of your recent posts, you complained that your North Van condo now has a lower appraisal value than when you purchased it 11 years ago. So, not to be mean, but you're hardly in a position to be making cracks about property valuations in a neighbourhood you probably (I'm assuming) don't spend much time in.

This is an incredibly childish, defensive response but I should've expected nothing less. I was trying to point out how silly that logic leap was.

Jack Guevara · #**292** Posted **Jan 21, 2016, 7:49 AM**

Someone mentioned that speculators are sitting on gold in Surrey Central.
Fun fact, with the price at $35,449 a kilogram. Some of these land parcels are worth around 155 kilograms of gold.

Blease · #**293** Posted **Jan 21, 2016, 7:52 AM**

Quote:

Originally Posted by pinion

this is an incredibly childish, defensive response but i should've expected nothing less. I was trying to point out how silly that logic leap was.

)0(

GMasterAres · #**294** Posted **Jan 21, 2016, 10:16 PM**

Quote:

Originally Posted by logicbomb

No, my profession (I worked in the City) and ties with developers have brought attention to the fact that land speculators (not developers) are not in a hurry to sell to developers.

You can see why there is no rush to sell. This is from COSMOS (open to the public).

Now, as it pertains to the area around 104th and City Parkway and the lack of development...well, I have a feeling Bosa is trying to pressure the City to sweeten the pot which is stalling development.

Definitely some truth in what you're saying, but owners still pay property tax on empty land. And with those assessed values we're not talking small pennies worth of Property Tax. So it does cost them to hold on so if the values start to flatten then it hits them in their pocket book and that's when selling happens.

If the prices go up though like you pointed out, the increase in value greatly exceeds any property tax they pay. Even if they paid $50,000 in a year in property tax, if the value went up $1 million... it's a no brainer.

That said, I don't think land speculators are entirely the cause for some developments to be slow. There is also pressures of supply and demand. Bosa was pointed out. They aren't a land speculator they are a developer.

They are also building 1 tower right now and nearing end of construction. The fact they aren't building more is, I feel, more an indication of the area's supply and demand than it is them wanting to just sit on land or them speculating. If they were to put on the market 2 more towers for example, those 2 towers would compete with 1 of their other projects, would compete with Wave #2 when it comes online, would compete with Prime, Evolve, Park Avenue, 3 Civic, and the Phase B of The Hub. So they'd effectively be competing with 8 other high rise projects within 1 SkyTrain station distance.

It's just silly to do that and that's why large projects are "phased" in the first place in Metro Vancouver.

So yes it is partly land speculators that like to sit on empty lots, especially those around Gateway which are going up in price a lot quicker. But that isn't the entire story.

Katherine S · #**295** Posted **Jan 30, 2016, 2:57 AM**

I can never keep up with all the conversations on the forums, but if no one else has already said before, it seems like a Walmart Supercentre is headed for the central city mall.

http://surrey.ca/city-government/18883.aspx
http://surrey.ca/bylawsandcouncillibrary/PLR_7915-0370-00.pdf

GMasterAres · #**296** Posted **Jan 30, 2016, 5:51 AM**

Quote:

Originally Posted by Katherine S

I can never keep up with all the conversations on the forums, but if no one else has already said before, it seems like a Walmart Supercentre is headed for the central city mall.

http://surrey.ca/city-government/18883.aspx
http://surrey.ca/bylawsandcouncillibrary/PLR_7915-0370-00.pdf

Yah they bounce around a bunch. The Walmart coming has been known since not long after Target closed, they've had signs posted saying Walmart coming soon. The document you linked is the sign application so they change the exterior from the current Target red look to the Walmart look.

Not surprised it is a super center as the Target that was in there had a grocery store part in it also and combined 2 floors it is the size of one.

officedweller · #**297** Posted **Jan 30, 2016, 8:01 AM**

Hopefully they organize the store well.

I don't recall any of the Zellers or Targets that were 2 levels having good layouts for groceries versus soft goods, etc.

i.e. they often had groceries on the 2nd floor!

Anyone been to the Royal City Centre Wal-Mart? I think it's 2 levels, right?

CoryHolmes · #**298** Posted **Jan 31, 2016, 5:05 AM**

The inside Best Buy has opened. It's big! But there are no DVDs or Blu-Rays except for one small stand in a corner somewhere.

Nites · #**299** Posted **Jan 31, 2016, 9:15 AM**

Quote:

Originally Posted by CoryHolmes

The inside Best Buy has opened. It's big! But there are no DVDs or Blu-Rays except for one small stand in a corner somewhere.

The new Best Buys in Surrey Central, Coquitlam Centre, etc. Are basically entirely vendor funded showrooms.

Shift · #**300** Posted **Feb 1, 2016, 4:40 AM**

The new Best Buy looks great. Complete re-design from the typical layout of every other Best Buy / Future Shop you've been in, with prominent new sections for Wearables and Smart Home products, and overall just more balanced floor space between all departments. Makes all other Best Buy's look quite dated by comparison (having not changed much since the 90's). I'm sure all their stores will get this make-over eventually.