Developing in a downturn: How retail spaces are expanding on the northeast Avalon
Building around community is key to success, local business owners say
Ryan Cooke · CBC News · Posted: Sep 04, 2018
Paradise Plaza is the latest shopping centre being constructed on the Avalon Peninsula — a $25-million venture. (Ryan Cooke/CBC)
At a glance from high ground, St. John's doesn't appear to be a city in the midst of a muddled economy.
Tall yellow cranes stretch towards the sky, turning steel beams into places to shop, eat and study. Dump trucks line the streets, carrying crushed rock to new ground for growing business.
From the downtown core to the wealthy east end and the inner-city neighbourhoods, multimillion-dollar deals are being struck to expand retail spaces in the province's capital.
If the economy is in a downturn, Vic Lawlor is chief among the developers who just don't care.
"Once the economy drops a bit, it becomes like a fire sale for everyone," he said. "It's a great development time because costs are usually down 20 or 30 per cent on the construction side."
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https://www.cbc.ca/news/canada/newfoundl...iness-vic-lawlor-kelly-mansell-1.4806978