CF Pacific Centre Developments

[s211]

Originally Posted by jsbertram

I don't think anyone really believes Sears will be renovated into office space.

Trust me, there's a measurable office component above the multi-tenant retail and Nordstrom store.

[SpongeG]

yeah cause what is the current sears store? 600,000 sq ft? and a typical nordstrom is around 200,000 sq ft or so - even their seattle flagship isn't that big - they only used about 3 or 4 floors of the old fredrick & nelson building in seattle which was about 8 or 9 floors when it was F&N

something has to take up the left over 400,000 sq ft

[jsbertram]

Originally Posted by WarrenC12

That's a heck of a long time for such prime real estate to be empty.

Someone has crunched the numbers to make deal this work, because it is rumored that CF is also paying Sears $170 Million to break their leases (inherited from their Eatons acquisition) at these three sites.

Nordstrom is an A+ tenant who can pay top-dollar and will be there for decades, so even having the space empty & no cash coming in for several years during renovations, with the long-term Nordstrom lease at normal market rates, CF knows there will be decent profits to be made on the deal.

[LeftCoaster]

^ It's not a rumour it was officially announced. CF paid $170 million to buy out the three Sears leases.

Originally Posted by SpongeG

nordstrom is taking over a portion of the sears store in vancouver - the basement will become mall space for more stores with offices above the dept store

the only 3 stores closing are vancouver, calgary and ottawa and nordstrom istaking over those three spaces

toronto hasn't announced naything but rumour has it they are trying to get the lease out of eaton centre for nordstrom, as well i think its yorkdale is undergoing a large expansion - one for holt renfrew and its rumoured nordstrom will also take some of the expanded space

the last reno - when eatons closed before it reopened as eatons had to have been about 16 months or so wasn't it? it seemed like it was closed a long time and they didn't do much to the exterior that time - i would think it will take 2+ years to get such a large reno done especially if the renders floated about are true and the stone is replaced with glass etc

SpongeG you are incredibly accurate. Basement at Pacific centre will be an extension of the current mall to Robson (which will do wonders for Robson and the mall), a tenant (to be named tomorrow but you all know who it is) will be taking the first 3 floors in what will be their flagship Canadian location, and the top floors will be AAA office space. The building will be getting a reclad but nothing fancy. The design has been tweaked since the render was posted on this site but that's 90% of what is coming. Sorry to say the design isn't going to be too fancy but the 170 million to buy out sears took up the majority of the budget and lets face it, it's going to be miles better than what is there now.

As far as Toronto goes, "unnamed tenant" will be announcing a store tomorrow, and work is underway to lock down another 1 or 2 locations. As of now both Eaton Centre and Yorkdale do not have the ability to accommodate said tenant and it will take major work to find space for them.

Oh and due to the intense nature of the renovations and size of the area at Pacific Centre it will be the last of the three Sears spaces to re-open, some time in late 2015 (I know the exact date but I'll let the press conference announce that tomorrow).

[red-paladin]

Excellent!

[SpongeG]

when i was in the store on my last trip back there it didn't seem that empty still lots to choose from, the deals weren't that great at the time

how is it looking now? it closes soon, so weird

[SpongeG]

Originally Posted by LeftCoaster

^ It's not a rumour it was officially announced. CF paid $170 million to buy out the three Sears leases.



SpongeG you are incredibly accurate. Basement at Pacific centre will be an extension of the current mall to Robson (which will do wonders for Robson and the mall), a tenant (to be named tomorrow but you all know who it is) will be taking the first 3 floors in what will be their flagship Canadian location, and the top floors will be AAA office space. The building will be getting a reclad but nothing fancy. The design has been tweaked since the render was posted on this site but that's 90% of what is coming. Sorry to say the design isn't going to be too fancy but the 170 million to buy out sears took up the majority of the budget and lets face it, it's going to be miles better than what is there now.

As far as Toronto goes, "unnamed tenant" will be announcing a store tomorrow, and work is underway to lock down another 1 or 2 locations. As of now both Eaton Centre and Yorkdale do not have the ability to accommodate said tenant and it will take major work to find space for them.

Oh and due to the intense nature of the renovations and size of the area at Pacific Centre it will be the last of the three Sears spaces to re-open, some time in late 2015 (I know the exact date but I'll let the press conference announce that tomorrow).

i just summarized all the info i read in the thread lots of info in here no wonder vancity buzz garners so many articles from here hehe

[Retail-Insider]

The top 4 floors of the Sears building will be leased as 290,000 square feet of office space. We've heard the store will open late 2015, and tomorrow morning's press conference may provide more specific opening dates. (edit, I see that the late 2015 was posted above).

You're all right about most other details posted above.

The Sears building is about 637,000 square feet in total, if we remember correctly.

[osirisboy]

Originally Posted by SpongeG

when i was in the store on my last trip back there it didn't seem that empty still lots to choose from, the deals weren't that great at the time

how is it looking now? it closes soon, so weird

Floor 6 closed, floors 4-5 empty except for store fixtures that are for sale. 3rd basically empty just a bit of furniture. 2nd is pretty full of women's clothing. Main has a mix of toys/housewares/kids clothes and cosmetics are closed and the booths have been removed, jewelry is basically done. Mall lvl has men's/appliances, perimeter is pretty sparse

It's really weird going up to 4 and 5. By the way what was on 7 before they closed it a while back?

[SpongeG]

they had sears outlet up there for a bit

[osirisboy]

Originally Posted by SpongeG

they had sears outlet up there for a bit

that was on the 6th floor, wasnt furnitur on the 7th a few years ago?

[sacrifice333]

I posted this in the retail thread, but here's a copy...

I'm surprised it's taken this long to see a post on the Nordstrom's Announcements:

Nordstrom To Open In Canada
Partnership with Cadillac Fairview brings retailer to locations in Calgary, Ottawa, Toronto and Vancouver
TORONTO, Sept. 13, 2012 /PRNewswire/ -- Nordstrom announced today plans to start serving customers with its first full-line stores in Canada beginning Fall of 2014. The company is partnering with Cadillac Fairview, one of North America's largest investors, owners and managers of commercial real estate, to lease four stores at premier shopping centres located in Calgary, Ottawa, Toronto and Vancouver.

Nordstrom will be moving into space that will be vacated by Sears and then renovated at Pacific Centre in Vancouver, Calgary's Chinook Centre, Rideau Centre in Ottawa, with a new-construction store opening in Toronto's Sherway Gardens.

"It's exciting to finally have this opportunity to better serve our Canadian customers closer to home and we can't wait to open our doors," said Erik Nordstrom, president of stores for Nordstrom, Inc. "Cadillac Fairview has been instrumental in helping us get started in Canada, and we're thrilled to be part of these premier shopping destinations. While we're fortunate to have many loyal Canadian customers who've shopped with us over the years, we recognize we're new here and that we have to earn our customers' business. We look forward to what we will learn and are grateful for the chance to better serve our Canadian customers."

"We are delighted that Nordstrom has found a home in Canada in our shopping centres, and we welcome them to the Canadian market," said John Sullivan, president and CEO, Cadillac Fairview. "Nordstrom is an excellent fit for all four locations; not only will they transform our shopping centres, but enhance the Canadian retail landscape as a whole."

Tentative timeframes for the store openings include:

Fall of 2014:
Chinook Centre, Calgary — two levels, approximately 140,000 square feet

Spring 2015:
Rideau Centre, Ottawa — two levels, approximately 157,000 square feet
Pacific Centre, Vancouver — three levels, approximately 230,000 square feet

Fall of 2016:
Sherway Gardens, Toronto — two levels, approximately 138,000 square feet
Nordstrom also announced it will continue exploring opportunities to open additional full-line stores as well as Nordstrom Racks, its off-price retail division, as part of the company's future expansion into Canada.

About Cadillac Fairview

The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. For more than 50 years Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management.

Cadillac Fairview focuses on developing and managing high quality office properties and regional shopping centres in Canada and the United States, as well as international investments in real estate companies and investment funds. With a portfolio valued at more than $20 billion, Cadillac Fairview and its affiliates own and manage nearly 47 million square feet of leasable space at 83 properties across North America, including some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre, Chinook Centre, and Market Mall.

Cadillac Fairview is wholly owned by the Ontario Teachers' Pension Plan, which invests to secure the retirement income of 300,000 active and retired teachers in Ontario.

About Nordstrom

Nordstrom, Inc. is one of the leading fashion specialty retailers in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 234 stores in 31 states, including 117 full-line stores, 113 Nordstrom Racks, two Jeffrey boutiques, one treasure & bond store and one clearance store. Nordstrom also serves customers through Nordstrom.com and through its catalogs. Additionally, the Company operates in the online private sale marketplace through its subsidiary HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.

Media Contacts:

Nordstrom:
Brooke White (206) 303-3030, [email protected]

Cadillac Fairview:
Janine Ojah-Maharaj, (416) 598-8645, [email protected]

(Logo: http://photos.prnewswire.com/prnh/20001011/NORDLOGO)

(Logo: http://photos.prnewswire.com/prnh/20120910/LA71864LOGO)

SOURCE Nordstrom, Inc.

[s211]

I'm still curious to know when the CRU expansion and new office space will be available for warm bodies. Hopefully not at long as the Nordstrom build-out?

[LeftCoaster]

It will all be done at the same time. If anything the upper floors will be done a little later.

[s211]

Originally Posted by LeftCoaster

It will all be done at the same time. If anything the upper floors will be done a little later.

Wow... so the office component will be 2.5 - 3 years out from today?

[officedweller]

Word around our office is that there may be one or two atria for the office levels, depending on what's physically viable.

[Retail-Insider]

Originally Posted by officedweller

Word around our office is that there may be one or two atria for the office levels, depending on what's physically viable.

We just got word that Nordstrom's Canadian headquarters may be in Toronto. We'll find out more tomorrow. We had expected it to go directly above the new Vancouver store.

[Van23H]

I doubt that Nordstrom would locate their head office in Vancouver due to the proximity of its head office in Seattle being only 2.5 hours away. Any additional management of the Vancouver store could be carried out by the American head office. Its more logical for it to be in Toronto because it will have more stores than any other Canadian city (Probs 3).

[Metro-One]

Originally Posted by Retail-Insider

We just got word that Nordstrom's Canadian headquarters may be in Toronto. We'll find out more tomorrow. We had expected it to go directly above the new Vancouver store.

Which would make sense! But oh well...

[huenthar]

Originally Posted by Van23H

I doubt that Nordstrom would locate their head office in Vancouver due to the proximity of its head office in Seattle being only 2.5 hours away. Any additional management of the Vancouver store could be carried out by the American head office. Its more logical for it to be in Toronto because it will have more stores than any other Canadian city (Probs 3).

Executives in the head offices would probably be meeting with their American counterparts in person for high-level meetings somewhat more ofter than with lowly store managers, though. It'd be easier and cheaper if the head offices were closer to each other...