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Originally Posted by Sheba
Well the two lawsuits got combined into one - but beyond that I haven't heard anything either. I'd assume they came to some kind of agreement 'cause honestly Ivanhoe had a much stronger case than Concord. Also the city didn't let anything get beyond initial master planning for Concord for quite awhile.
I'd doubt the above-ground part was at issue as much as access to the underground parking. Considering the long timelines on this, not having some plan on accessing the majority of parking seems like a pretty big sticking point.
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I was actually under the impression that it was the ABOVE ground issues that were the sticking point and major bone of contention between the two parties.
Considering the fact that Ivanhoe believed they were entitled to some level of involvement in any redevelopment of the site and parking lot per the previous agreement with Sears, and given that this (or any) development on this site effectively cuts the mall off from Kingsway, the inevitable 'Rights-of-way' and thoroughfare concerns as well as any frontage/facade sticking points for what is the mall's formal entrance point would and should have been expected.
The parking I would think is less of a concern (at least not a legal one), because given the size of these towers I don't imagine Concord would feel obligated or incentivized to replace any parking the mall (and mall user will lose) when providing their own required amounts for the residential and retail parts of their own towers - especialy when you consider the extra cost it would incur them with no direct benefit to themselves (I don't believe the parking rates and fees they could collect just don't justify those extra levels of parking and excavation you would have to go down to replace what's currently there - even assuming they charged Downtown Vancouver rates).
As for the lawsuit itself, I'm willing to bet just as I had predicted before that eventually "cooler" heads prevailed (read : Money talked) and they eventually came to a settlement or agreement outside court because the stakes for both parties here are huge with literally hundreds of millions of dollars on the table.
They both have long-term plans for that side of the mall and they're obviously going to be neighbours for the foreseeable future with a somewhat symbiotic (if reluctant) relationship.
(the mall's proximity and convenience is an added selling point for Concord's marketing team, while the new residents for the towers that Concord will build will be added and permanent foot traffic and business for the mall, in return).