Oakridge Park | 13 Towers | 154m | 52fl | 5M sqft | U/C

[officedweller]

A few Oakridge TimeOut Market pics in here:

https://www.instagram.com/reel/DYpOyY9ImEj/

Looks like it has some design elements and isn't just a big empty modernist space.

[jollyburger]

Some more details on how the HBC space is being demised

#4104 (Altea)
First Tenant Improvement for this Assembly Occupancy (Group A2) of the Oakridge Mall. - retail to fitness centre class 2 with ancillary Retail use & Beauty & wellness (limited to thermal therapy) (#3101-650 W 41st Ave (retail store) demising into three units as follows:

- lower floor #3101 to be retained as retail use, escalator to upper floor to be removed

- upper floor to be demised into two units #4104 (Altea - change to fitness centre under this BP) and #4101 (to remain as retail store)

https://plposweb.vancouver.ca/Public/Default.aspx?PossePresentation=Guest&PosseObjectId=296713368

[Sheba]

Vancouver's Oakridge Park shopping mall opens this week. Will its bet on luxury work?
Akshay Kulkarni · CBC News

After nearly a decade in the works, the Oakridge Park shopping mall in Vancouver will open its doors to the public on Thursday as part of a phased opening of a huge retail and residential redevelopment.

The $6.5-billion project was first pitched a decade ago, as part of a five-million-square-foot redevelopment of the Oakridge Centre mall. Once complete, it will include luxury condos, office space and a public park across eight city blocks.

On Thursday, 650,000 square feet of retail space — with premium brands such as Louis Vuitton, Versace and Dior — will open alongside almost 1,400 residential units and 720,000 square feet of offices.

Retail analysts say it remains to be seen if the massive redevelopment's targeting of luxury consumers will work in a market strained by inflation and the cost-of-living crisis.

...

Though the redesigned Oakridge Park was supposed to have opened by 2025, it is now slated to open fully in 2029.

...

The first phase of the project that is opening Thursday amounts to 2.8 million square feet.

A 3.6-hectare municipal park on its roof will be partially complete by then.

[jollyburger]

Seems like there's zero chance the entire project opens in 2029. Seems more like a mid/late 2030 at this rate.

[memememe76]

There is a Time Out Market in Montreal. Not too far from their other food hall. I prefer their food hall over the Time Out. Of course, I am not all that familiar with the Montreal food scene, but the market vendors in Vancouver's are pretty distinguished and if similar to their restaurants, it's gonna be exciting. I am looking forward to trying them all.

Interestingly, there is not a Time Out in Toronto, but Toronto has so many food hall concepts.

I think Vancouver will love the concept and support it, at least initially. Too bad there isn't something like a cinema in the new mall, Time Out would be the perfect dinner spot before a movie. A popular spot for Langara and UBC students.

[whatnext]

Originally Posted by jollyburger

Seems like there's zero chance the entire project opens in 2029. Seems more like a mid/late 2030 at this rate.

That might be a good thing for residential buyers if you by one prominent real estate pundit:

• Video Link

[AlessioSBT]

Originally Posted by whatnext

That might be a good thing for residential buyers if you by one prominent real estate pundit:

• Video Link

Right now basically the entire residential part of the project is a gigantic black hole.
The second it opens there will be hundreds of millions of losses.

But if they think waiting a few years will bring the average price to 2000/sqft they are mistaken.

[DavidK93]

Originally Posted by AlessioSBT

But if they think waiting a few years will bring the average price to 2000/sqft they are mistaken.

You don't think prices will bounce back?

[blippo]

Originally Posted by DavidK93

You don't think prices will bounce back?

Barring the lifting of restrictions on foreign home buyers they likely won't unless we get hyperinflation. Those presale prices are completely disconnected from local incomes.

[AlessioSBT]

Originally Posted by DavidK93

You don't think prices will bounce back?

Back?
They never reached 2000+/sqft. Right now they are at 1000, literally half.

This means that prices need to go up 100% in 3 years to just brake even with the pre-sale prices.

[giallo]

Originally Posted by DavidK93

You don't think prices will bounce back?

Not for a long time. I'm more curious about how low prices are going to go. Confidence in the global economy, much less Vancouver's speculative housing market, is in rough shape. We're in for a rocky ride.

[jollyburger]

More likely it's the bottom..

[kikin]

Originally Posted by jollyburger

More likely it's the bottom..

I'm noticing sales have been picking up in the areas I've been watching, people are buying homes to live in, the open houses are getting action again

probably the investment market hasn't started to come back yet but small changes by government and some certainty on the indigenous issues could see that come back too in a big way

[whatnext]

Originally Posted by jollyburger

More likely it's the bottom..

It's always hard to call it! But the buyer Westbank built this for is gone and it would be political suicide for any politician to encourage them to come back.

Besides they've decamped for other "world class" cities

Wealthy Chinese are transforming Zimbabwe’s housing market

[kikin]

Originally Posted by whatnext

It's always hard to call it! But the buyer Westbank built this for is gone and it would be political suicide for any politician to encourage them to come back.

...

I don't think it would necessarily be "political suicide", we need more economic activity and the foreign buyer provisions and short term rental policies are a bit overboard right now.

[whatnext]

Originally Posted by kikin

I don't think it would necessarily be "political suicide", we need more economic activity and the foreign buyer provisions and short term rental policies are a bit overboard right now.

Then the provincial and federal government should help break open the stranglehold that family-owned developers seem to have in Vancouver and encourage that offshore money to go into purpose-built rental.

[officedweller]

Lots of TimeOut Market social media previews around:

https://www.instagram.com/reel/DY2D2AohGop/?igsh=MTJueW4zZWh2ZTh3eA==

[Weland]

Daily Hive preview photos

https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos


.

[officedweller]

Originally Posted by Weland

Daily Hive preview photos

https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos

.

Surprised that the ceiling of the mall corridors, while tall with the occasional skylight, are so plain.
The Time Out Market seems like it has the most effort put into the design of the corridors and public spaces.

The most direct route to reach Time Out Market Vancouver is from the north atrium, using the escalators, elevator, or the amphitheatre staircases.
The entrance into this food hall is designed to feel warm, inviting, and distinct from the rest of the mall.

https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos


https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos


https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos

Despite being on P2, the Safeway (opening in a week?) has good visibility from the ground level.
No movators to bring those pesky shopping carts up to the luxury levels though!


https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos


https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos

I don't see pics of ceiling details like shown in this rendering of the South Atrium:


https://retail-insider.com/retail-inside...rs-ahead-of-spring-2025-opening-feature/


... and they removed some wood trim from around the North Atrium (and maybe need to add draping vines above).
I wonder why they need that many spotlights? It would have been nice if the backs of them were screened.


https://retail-insider.com/retail-inside...rs-ahead-of-spring-2025-opening-feature/


https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos

This area looks accurate, maybe with fewer planters and trees.


https://dailyhive.com/vancouver/oakridge-park-mall-vancouver-completion-opening-photos


https://retail-insider.com/retail-inside...rs-ahead-of-spring-2025-opening-feature/

[jollyburger]

Video walk around (can't be embedded)

https://www.youtube.com/watch?v=W-5PvmNHSUY