Downtown Vancouver Updates - Page 428

SpongeG · #**8541** Posted **Feb 21, 2012, 9:08 AM**

they are preserving that building front charlies was in, its gonna be part of the new building

LeftCoaster · #**8542** Posted **Feb 21, 2012, 3:12 PM**

Quote:

Originally Posted by phesto

The Sears lease isn't top secret or anything. It's registered on title so anyone with a little time on their hands and a BCOnline account can pull it up.

IIRC, it expires in 2049.

Close, its up in 2068... so more or less never.

Don't know who Peter talked to in his email but they were quite confused.

Quote:

Originally Posted by Hed Kandi

Sears will fall into receivership long before their lease expires.

Yes but the problem is that lease is an asset, a very valuable one at that, so regardless of Sears' woes it will be sold in any liquidation or restructuring proceedings.

s211 · #**8543** Posted **Feb 21, 2012, 4:11 PM**

Quote:

Originally Posted by LeftCoaster

Yes but the problem is that lease is an asset, a very valuable one at that, so regardless of Sears' woes it will be sold in any liquidation or restructuring proceedings.

Unless the lease has a clause to deal with bankruptcy or wind-up of the lessee wherein the lessor gets the space back, which would be a huge windfall for Cadillac Fairview.

jlousa · #**8544** Posted **Feb 21, 2012, 5:12 PM**

If that were the case I'd imagine that the Eatons bankruptcy in 97 would've triggered it. I imagine if we were to see Sears fail to make it's lease payments for a few months without being in bankruptcy protection Cadillac Fairview might jump on the oppurtunity to terminate the lease, depending on the lease conditions.

phesto · #**8545** Posted **Feb 21, 2012, 6:06 PM**

I can't envision a scenario whereby Sears defaults on their lease and gives the space back; especially since they are paying peanuts in rent.

Cadillac Fairview has already offered Sears a sizeable sum of money to terminate the lease and they weren't successful, so obviously both parties are very sensitive to each others position.

officedweller · #**8546** Posted **Feb 21, 2012, 10:53 PM**

Remember that Eaton's was a part developer in the Pacific Centre project
- so I would expect any lease to be "thin" and quite lenient, giving the tenant a lot of leeway..

One interesting thing - in Toronto Eaton Centre, I think Eaton's/Sears used to have 3 levels in the mall,
but I think I've heard that 2 lowest levels were given back to Cadillac Fairview and are now mall space.
However, Pacific Centre is different in that the mall level is the only tie-in to the mall.

officedweller · #**8547** Posted **Feb 22, 2012, 7:56 PM**

Cranes (Rolston, Maddox & 1249 Howe & Kits 360 (?) across the water) - pic by me today:

Uploaded with ImageShack.us

Hed Kandi · #**8548** Posted **Feb 23, 2012, 3:06 PM**

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jlousa · #**8549** Posted **Feb 23, 2012, 3:40 PM**

The art panels are up at 60 W Cordova, they've been playing with the lighting this week. Haven't seen them lit up yet but they look great during the day.

LeftCoaster · #**8550** Posted **Feb 23, 2012, 4:48 PM**

Huge news out of the US which might stoke some discussion in this thread:

Quote:

GGP to Acquire 11 Sears Anchor Pads
Portfolio Totals 1.8 million Square Feet of Gross Leasable Area

Press Release: General Growth Properties, Inc. – 3 hours ago

CHICAGO, Feb. 23, 2012 /PRNewswire/ -- General Growth Properties, Inc. (NYSE: GGP - News) ("GGP") today announced a definitive agreement for the acquisition of 11 Sears anchor pads within its portfolio for $270 million. The acquisition is expected to close in the second quarter of 2012 subject to customary closing conditions.
"This portfolio represents a significant opportunity to recapture valuable real estate within our portfolio," said Shobi Khan, chief operating officer, General Growth Properties. "This acquisition also enhances several expansion and redevelopment opportunities including re-tenanting the anchor space and adding new in-line GLA. Over the next several years we anticipate adding 319,000 square feet of new in-line space, the majority at Ala Moana Center, our most productive mall with sales surpassing $1,200 per square foot. In addition, we look forward to continuing to work with Sears as they represent an important anchor tenant within our portfolio."

PORTFOLIO INFORMATION
Upon closing, GGP will own the following anchor pads. GGP anticipates Sears to continue occupying each space into 2013 until the final closing dates are determined.

Mall, Location
Ala Moana Center, Honolulu, HI
Apache Mall, Rochester, MN
Bellis Fair, Bellingham, WA
Coral Ridge Mall, Coralville, IA
Fashion Place, Murray, UT
Mall of the Bluffs, Council Bluffs, IA
Market Place Shopping Center, Champaign, IL
Provo Towne Centre, Provo, UT
Quail Springs Mall, Oklahoma City, OK
West Oaks Mall, Ocoee, FL
The Woodlands Mall, Woodlands, TX

ABOUT GGP
General Growth Properties, Inc. owns or has an interest in 136 regional shopping malls comprising approximately 140 million square feet of gross leasable area in the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP. For further information please visit the GGP website at www.GGP.com.

http://finance.yahoo.com/news/GGP-Acquire-11-Sears-Anchor-prnews-2368375398.html?x=0

jlousa · #**8551** Posted **Feb 23, 2012, 6:55 PM**

The alley just East of Thurlow and South of Georgia st (where Dunsmuir and Melville merge) is going to be named Hailstone Street.

LeftCoaster · #**8552** Posted **Feb 23, 2012, 7:46 PM**

South of Georgia? Did you mean North? Melville and Dunsmuir are N of Georgia.

Or am I thinking the wrong spot? I'm picturing the small road between the Royal Centre/Hyatt and the skytrain station currently a part of melville st.

officedweller · #**8553** Posted **Feb 23, 2012, 8:38 PM**

He meant south of Melville/Dunsmuir - it's the alley between 1075's garage and Royal Centre off of Melville.

LeftCoaster · #**8554** Posted **Feb 23, 2012, 9:08 PM**

Ahh i see, why in the world does that little alley need a name?

s211 · #**8555** Posted **Feb 23, 2012, 9:53 PM**

Quote:

Originally Posted by LeftCoaster

Ahh i see, why in the world does that little alley need a name?

No kidding. What city department just spent (wasted) time and tax dollars on fleashit like that?

officedweller · #**8556** Posted **Feb 23, 2012, 10:09 PM**

Quote:

Originally Posted by LeftCoaster

Ahh i see, why in the world does that little alley need a name?

The staff report said that the electronic parking ticket machines that enforcement officers carry around need a street name - otherwise they have to fill out manual forms - so.... it's to issue parking tickets!!!

jlousa · #**8557** Posted **Feb 24, 2012, 4:57 AM**

Yes I meant south, today was a whirlwind for me.

SpongeG · #**8558** Posted **Feb 24, 2012, 5:03 AM**

more off this old thing has become revealed

vancouversun.com

full article and more pics
http://www.vancouversun.com/business/Gho...st+spring+haunt+still/6198993/story.html

Built Form · #**8559** Posted **Feb 24, 2012, 11:14 PM**

It's baaaack! 1401 Comox St. went to the UDP on wednesday with some drastic changes. Still rental (186 units) but new design minus the community amenity space that was to be Qmunity (gay/lesbian centre). The entire structure has been reduced 16 ft to 200 and moved west with an angled facade to provide more light to the Broughton Parkette. It passed unanimously 10-0

http://vancouver.ca/commsvcs/planning/rezoning/applications/1401comox/index.htm

One option proposed is to close Broughton St. and expand the mini-park.

All pix by Built Form

Hed Kandi · #**8560** Posted **Feb 24, 2012, 11:35 PM**

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