The Metro Vancouver Retail Thread

[officedweller]

New Scotiabank logo - globe is gone.

Will that mean a change at the top of Scotia Tower?

https://www.scotiabank.com/scotiabrand/international/en.html


https://www.underconsideration.com/brandnew/archives/new_logo_and_identity_for_scotiabank.php

[Conrad Yablonski]

Originally Posted by SpongeG

I think Eataly would be good.

We're just too small....

[connect2source]

Originally Posted by officedweller

New Scotiabank logo - globe is gone.

Will that mean a change at the top of Scotia Tower?

100%, banks seem to stay very current with their tower logos, even with subtle logo changes.

Good move by Scotiabank, the globe looked tired and added clutter to the branding.

[Jougho]

Originally Posted by jollyburger

12,269 sf

I talked to the guys on sight, it had not benn rented, they are only ther to demo.

[Vin]

Originally Posted by trofirhen

Is there any other "doable" ultra high-end department store that you could think of? Thank you for your time. I think that corner is ripe for something really "hot".

Say, how about Galleries Lafayette or Printemps?

[Changing City]

CBRE Reported a while back (and I missed noticing) that City Square mall sold for $225 million. That's double its assessed value last year. There's some speculation the new owners might be thinking of redevelopment - which will be challenging given the heritage elements. Maybe they can do more with the W12th side of the property.

The new owners are based in Richmond, and have a small but diverse portfolio of properties - the Sands Best Western on Davie, a couple of Richmond golf courses, and a pub and bowling alley, also in Richmond.

[Vin]

Originally Posted by Changing City

CBRE Reported a while back (and I missed noticing) that City Square mall sold for $225 million. That's double its assessed value last year. There's some speculation the new owners might be thinking of redevelopment - which will be challenging given the heritage elements. Maybe they can do more with the W12th side of the property.

The new owners are based in Richmond, and have a small but diverse portfolio of properties - the Sands Best Western on Davie, a couple of Richmond golf courses, and a pub and bowling alley, also in Richmond.

They can always create a new mall and make it go tall (4 to 5 storeys), while at the same time preserving the heritage portion of it by having it partially incorporated into the mall. That really depends on how deep their pocket is, and if the City were to approve of a taller redevelopment.

Similar to what downtown Seattle's Pacific Place mall is doing would be nice:

https://www.gensler.com/projects/pacific-place?o=seattle


Another idea would be to encase the heritage building within a new atrium/podium, similar to the Brookfield Place in Toronto:

https://www.glassdoor.co.uk/Photos/Brookfield-Asset-Management-Office-Photos-IMG2054604.htm

[s211]

Originally Posted by Changing City

CBRE Reported a while back (and I missed noticing) that City Square mall sold for $225 million. That's double its assessed value last year. There's some speculation the new owners might be thinking of redevelopment - which will be challenging given the heritage elements. Maybe they can do more with the W12th side of the property.

The new owners are based in Richmond, and have a small but diverse portfolio of properties - the Sands Best Western on Davie, a couple of Richmond golf courses, and a pub and bowling alley, also in Richmond.

Wasn't Sun or Suncom under some heat a few years ago for shady practices? Not trying to muckrake, but am wondering if it's the same group.

[logan5]

Did this deal happen before or after the City's plan to curb speculation, because there is some major speculation going on here. From past rezonings, you can get a pretty good idea of the properties potential - around 750 000 sq feet of residential, and maybe a decent amount of commercial space. The City might want to maintain some office space there for the hospital nearby and for the CoV. Of course some retail space as well. Considering all the potential density, 250 million might turn out to be a bargain.

Because of the inward facing mall, this intersection is a dead zone, so I wouldn't mind a redevelopment.

[whatnext]

Originally Posted by s211

Wasn't Sun or Suncom under some heat a few years ago for shady practices? Not trying to muckrake, but am wondering if it's the same group.

You mean this? Like so many of our newcomers and real estate it is quite the convolued and , uh , "interesting" tale:

Meet the mysterious tycoon at the centre of half-a-billion in B.C. property deals

Chinese real estate magnate Kevin Sun is under investigation both in China and in Canada, a Postmedia and IPSA International investigation reveals

A Chinese property tycoon linked to a massive banking scandal in China’s industrial north is at the centre of more than $500 million in B.C. property deals, a joint investigation by Postmedia and global due diligence firm IPSAInternational shows.

Chinese real estate magnate Kevin Sun — also known as Hong Sun, Kevin Lin, Hong Wei Sun and Sun Hongwei — founded Sun Commercial Real Estate in 2013. In addition to buying and selling hundreds of millions in B.C. property, the B.C. company, which focuses on immigrant investors, has raised over $200 million from investors....

..SunCom’s former vice-president Julia Lau — a former top B.C. realtor who claimed in SunCom ads to have sold $560 million worth of luxury residences from 2009 to 2014 — was one of the investors in a 2014 SunCom land assembly in Burnaby along with her business associate Mailin Chen. Mailin Chen, formerly a duck farmer in Nanjing, and his investment company Chungwa have owned or flipped 13 properties in B.C. since 2009, and Chen owns a $51.8-million Point Grey mansion. SunCom associates and investors bought 6695 Dunblane Ave., a three-storey Metrotown apartment building, for $9.36 million. The Dunblane property was flipped for $12.3 million in February 2016 — $4 million over assessed value — to Transca Development Ltd., a company incorporated in November 2015. Transca, which is authorized to issue preferred shares worth $100-million according to documents, has now made a rezoning application for a 35- to 40-storey tower on the property...


https://nationalpost.com/news/canada/mee...-of-half-a-billion-in-b-c-property-deals

[logan5]

Originally Posted by Vin

They can always create a new mall and make it go tall (4 to 5 storeys), while at the same time preserving the heritage portion of it by having it partially incorporated into the mall. That really depends on how deep their pocket is, and if the City were to approve of a taller redevelopment

It was reported not too long ago that the City might want to build a mall at City Hall Station. Which re-enforces speculation of a City Square mall redevelopment.

[Changing City]

Originally Posted by logan5

It was reported not too long ago that the City might want to build a mall at City Hall Station. Which re-enforces speculation of a City Square mall redevelopment.

My memory was that was mis-reported, and there are no plans for a mall - at least, not what Vin would accept as a mall. There will undoubtedly be some retail along West Broadway - and it won't be difficult for that to be quite a bit more than is there today.

[Vin]

Originally Posted by logan5

It was reported not too long ago that the City might want to build a mall at City Hall Station. Which re-enforces speculation of a City Square mall redevelopment.

Yes, but I think they would be separate entities. The developer probably got sold in the idea of buying the mall at such a hefty price with the knowledge that it would complement the City`s new mall, which I assume would be right by W. Broadway right next to the skytrain stations.

[Vin]

Originally Posted by Changing City

My memory was that was mis-reported, and there are no plans for a mall - at least, not what Vin would accept as a mall. There will undoubtedly be some retail along West Broadway - and it won't be difficult for that to be quite a bit more than is there today.

You don`t know what I "accept" or "don't accept" as a mall. A neighbourhood shopping centre with even 10 to 15 retailers in it would be a boost.

Anyway, here's what had been proposed:

https://dailyhive.com/vancouver/broadway-city-hall-station-vancouver-shopping-mall

[Changing City]

Originally Posted by Vin

You don`t know what I "accept" or "don't accept" as a mall. A neighbourhood shopping centre with even 10 to 15 retailers in it would be a boost.

Anyway, here's what had been proposed:

https://dailyhive.com/vancouver/broadway-city-hall-station-vancouver-shopping-mall

That was what I recall - it basically says nothing's been decided. It's a possibility that there might be some underground retail, which I guess might be like Bentall Centre or the Royal Centre.

it's too soon to know if that idea will actually make it into a proposal, and whether City Council will eventually support developing what will undoubtedly be an expensive project - even if they go the route of bringing in a development partner. Presumably it's been green lit to explore ideas through an 'in camera' session of Council.

Edit - have you noticed how the off-pitch locations round there struggle to retain businesses? Over half the small units along 8th Avenue in The Rise have closed down and are available.

[officedweller]

Originally Posted by Changing City

Edit - have you noticed how the off-pitch locations round there struggle to retain businesses? Over half the small units along 8th Avenue in The Rise have closed down and are available.

Even the corner of 7th & Yukon (across from Solley's bagels) that Home Depot vacated and made available for sublease is still available years later.

Originally Posted by Vin

https://www.glassdoor.co.uk/Photos/Brookfield-Asset-Management-Office-Photos-IMG2054604.htm

At Brrokfield Place, that's just the facade that was relocated into the atrium, not the entire building.
At City Square, the old schools ahave been presrved in their entirety.

************

Here's the aerial of the site.
There's still a sizeable area south of the old school buildings (south of the east-west atrium) taht could be redeveloped.
Everything to the north of the walkway are private condos as far as I know.
City Hall has staff parking under the big lawn, but that must be a subdivision of the larger site with the condo.


https://www.google.com/maps/place/City+S...fa9377137!8m2!3d49.260949!4d-123.1163318

[retro_orange]

Originally Posted by Changing City

Edit - have you noticed how the off-pitch locations round there struggle to retain businesses? Over half the small units along 8th Avenue in The Rise have closed down and are available.

Seems likely the landlord doesn't price those units according to the reduced foot traffic on those streets.

[Galaxy]

City Square Mall would probably get more foot traffic from the Broadway–City Hall Station, if there was some sort of direct connection, maybe through an underground passage and escalator system. I find myself when I am in the area to prefer to walk north, east, and west of Broadway–City Hall Station. If there was a direct connection through a passage I could see myself being more inclined to explore south.

[Migrant_Coconut]

Originally Posted by Galaxy

City Square Mall would probably get more foot traffic from the Broadway–City Hall Station, if there was some sort of direct connection, maybe through an underground passage and escalator system. I find myself when I am in the area to prefer to walk north, east, and west of Broadway–City Hall Station. If there was a direct connection through a passage I could see myself being more inclined to explore south.

Agreed. Perhaps the new owners could fund a connection from the south or west side of the station?

[retro_orange]

Originally Posted by Migrant_Coconut

Agreed. Perhaps the new owners could fund a connection from the south or west side of the station?

I wonder how expensive that would be. That mall definitely needs a big refresh and reprogramming. Maybe they would be better off converting more of the retail spaces to office spaces. For awhile I have been thinking they should either incorporate or demolish the South East office block and build a new tower closer to the corner of 12th and Cambie. That whole stretch of the mall property along Cambie can be built up. I know that condo complex has persistent leaky condo issues (always tarps covering some section of the buildings), I wonder if it would make sense to buy out the low rise sections to the West of that grassy area and section of street in between to redevelop as well.