Quote:
Originally Posted by Kisai
I hope saner individuals realize that destroying the primary job, shopping and attraction in Burnaby is a stupid idea, and both Concord Pacific and Ivanhoe Cambridge realize that trying to quickly cash out turning the mall into yet-more-shoebox condos is not a good thing. The plan to destroy the mall is stupid, and is akin to destroying a major landmark.
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Everybody seems to have missed from that announcement that the Ivanhoe Cambridge VP stated that nothing is going to happen to the mall for quite a while.
And this is, after all, a 100 year plan.
Which means they could sit on their thumbs and do nothing for the next 40 years and continue to let the goose lay its golden eggs and cash in on the record revenues that the mall generates, and then put out another grand ambitious plan or update then, depending on the prevailing political and economic mood.
I've said it before, but Ivanhoe Cambridge are not developers.
They're primarily mall owners and mall operators and if there were serious concrete plans afoot to actually develop the mall, they likely would do it in partnership with actual developers who know what they're doing in that kind of business.
That hasn't happened, so that just clues you into the level of seriousness involved here.
(if anything, they're currently tied up in a court battle with the sort of developers that one could envision them partnering up with, over the proposal to redevelop the old Sears lot and parking lot)
It's a populist thing at the moment to voice support for the idea of breaking up the mall (as you can see from the comments in this forum) - which is what they're doing - but it's also one that's primarily not grounded in any economic or pragmatic reality.
So they'll pay it lip service, but continue to let things run as they're running - which is working out great for them, when you look at those mall revenue figures from the past couple of years.