Quote:
Originally Posted by Simplicity
This is probably true, but if there were a market for decent rents, somebody would be renovating and updating spaces.
|
The bigger issue is that the spaces available are mostly occupied, and have been, for a long time. The last significant vacancy was when Petcetra closed but it has since become a Good Life. The closure of the movie theater is a special case as it would be a completely new build unless you ran a similar business. The former Zeller's is also a horrid example as it effectively lacks suitable parking for anything that would fill something that space and is likely why Target passed on that location despite having nothing similar lined up.
Quote:
Originally Posted by Simplicity
At one point it really looked like that development might just continue carrying on North down McPhillips. The Wal-Mart, car dealership, and Co-Op looked like a decent start. Then it just ground to a halt.
|
I have heard rumors that the site at McPhillips and Murray Rd that most of these places look at, including Wal-Mart, is that it is currently unserviced with a high cost to bring the site to the level needed. There have been a few plans to build north of the current development yet nothing seems to gain enough traction. One issue that really worked against the northwest was Kenaston opening up as a retail destination. All the sudden if you are opening four stores in Winnipeg it shifted from Polo-St Vital-KP-Garden City to Polo-St Vital-Kenaston-KP. The big question now is if something will move into the Safeway space on Lelia. It is a high profile location with decent parking availability. The big box stores east of there really limit the opportunities to expand that location in the way Canadian Tire had once considered.