[Burnaby] The Amazing Brentwood | 15 Towers | 186m | 56 flrs | U/C & Proposed

[Vin]

Is it possible that the existing Brentwood Mall management is trying to terminate the lease of all tenants, and not renew those that have already ended, so that they can overhaul the indoor portion of the mall to match the new section? Perhaps that's why many of the restaurants/shops are closing?

[Spr0ckets]

Originally Posted by Vin

Is it possible that the existing Brentwood Mall management is trying to terminate the lease of all tenants, and not renew those that have already ended, so that they can overhaul the indoor portion of the mall to match the new section? Perhaps that's why many of the restaurants/shops are closing?

I think it's the tenants themselves that are opting not to renew their leases.

Mall Management like any landlords would be glad to milk every last cent of rent from those stores until they absolutely have to shut down for renovations and refurbishment, but the reality is that if you're a store currently open in a location such as that with ongoing construction, you're hemorrhaging sales revenues every day with dwindling foot traffic.
The Mall management don't care either way, since they're going to get your rent regardless.

I'm sure if things were ideal the mall management would probably prefer just to get the indoor renovations and revamps done so they can get new tenants, but none of that's happening before they can get integrated with the new podium plaza and that process is going to move along at its own pace and schedule separate from the mall's preference.

[LeftCoaster]

Originally Posted by GilmoreStation

It's not Shape's money anyway, it's the Ontario Teacher Pension fund's

No it definitely isn't. OTPP runs their real estate investment through their 100% owned subsidiary Cadillac Fairview, who has nothing to do with this project.

The project is jointly developed and owned by Shape and HOOPP, who both have an equity stake in the development. I'm not sure the exact distribution of ownership, I'd imagine HOOPP has much more capital in the project, but they both have skin in the game.

[Jebby]

What's the plan for the current mall section? will it just be renovated and integrated into the development or will large parts (all?) of it be demolished and rebuilt?

[officedweller]

The middle part will be renovated.
The Zellers end will be demolished in Phase 2.
The Sears end will be demolished in Phase 3.

The part that will be renovated is marked "unexcavated under existing mall" on this plan.
Wherever new underground parking will be built - you can assume the existing mall will be demolished.

Originally Posted by officedweller

The ever-evolving retail floorplans.

January 9, 2017 version:

http://shapeproperties.com/leasing/#/brentwood/plans?_k=u6mwsg

...
Level 140'


http://shapeproperties.com/leasing/#/brentwood/plans?_k=u6mwsg
...

[donslade]

Any ideas what's going on with the view cam. Hasn't seem to work for weeks.

[mcminsen]

Some pics taken yesterday from the Skytrain, platform and concourse.



March 18 '17, my pics

[mcminsen]

Some views from a complete walk around the site (going clockwise) starting at the tower #3 excavation just south of Sears.



March 18 '17, my pics

[mcminsen]

March 18 '17, my pics

[mcminsen]

:-)

[Prometheus]

Like a breath of fresh air, mcminsen.

Thank you.

[GilmoreStation]

It's really hard to see this project failing because the first phase doesn't really add that much retail space. Secondly, the location can't be beat, it's exactly in the corner of Lougheed & Willingdon, there will be lots of exposures to the stores even for people who simply drive pass these intersection.

[VarBreStr18]

Mcminsen is our true live web cam. The one on site is fixated at one angle and not working half of the time , As project grows , it offer less and less comprehensive view. Think Shape should hire you instead
Thanks .... always enjoy your enthusiasm and pics

[towerseeker101]

Originally Posted by GilmoreStation

Secondly, the location can't be beat, it's exactly in the corner of Lougheed & Willingdon, there will be lots of exposures to the stores even for people who simply drive pass these intersection.

I guess that is why all the auto dealerships are reluctant to move. Perhaps Carter GM/Chrysler across the road will sell once the owner retires and wants to cash-out.

[officedweller]

Great shots, thaks!

There's a nice setback on the corner of Lougheed and Willingdon (but stairs still need to be built).

There's a recess on the end of the theatre for the

BRE
NTW
OOD

sign.

Check out the "sparse" rebar on the elevator cores - the structure is in the grid of the whole floor
- compared to crazy assymetrical Vancouver House.

[GilmoreStation]

Originally Posted by officedweller

Great shots, thaks!

There's a nice setback on the corner of Lougheed and Willingdon (but stairs still need to be built).

There's a recess on the end of the theatre for the

BRE
NTW
OOD

sign.

Check out the "sparse" rebar on the elevator cores - the structure is in the grid of the whole floor
- compared to crazy assymetrical Vancouver House.

You're right, this is how it eventually will look like

[Blease]

This reminds me of the "roofless" Santa Monica Place mall in Los Angeles. Though the roofless concept probably works less well in Burnaby, than in a Santa Monica.

[officedweller]

If the stores on the plaza are destination stores and restaurants rather than browsing stores, they should do fine.

Looking at the floorplans that they have issued over the years, a number of small units have been consolidated with adjacent units to form larger tenancies in the revised plans.
That's probably aimed at destination tenants that can draw in customers regardless of weather.

[LeftCoaster]

That's also a reflection of who is in the market currently. The retailers expanding in Canada are what are typically know as LNMs or large non-majors, so your H&M, Inditex group etc... They're the only big drivers of space these days as most players are not in an expansion cycle.

[officedweller]

Here's the evolution of those outdoor plaza-facing spaces.
They've definitely reduced the number of units on low traffic "back alley" type spaces.
Most of the units facing the plaza are restaurants (pink)

(I'm still thinking those 3 floors marked "Anchor" all line up above each other
and at least 2 floors combined could be one department store like Simons)