Quote:
Originally Posted by phesto
Trust me, Ivanhoe Cambridge has done their homework. And they aren't relying on the approx. 5,000 new residents planned for the adjacent TFN lands over the next 10+ years to materialize.
At 1.2M sq ft, it will be a large super-regional, and as Jlo said, people will go to it. I don't think the distance or access will be much of a factor, particularly given relatively short distance to Surrey, Richmond, and the ferries.
I find it funny when people argue that Metro Van has an overbuilt retail market despite the fact that it is among the lowest in NA, even moreso if you look at enclosed malls that many retailers prefer due to its predictability for traffic (unlike streetfront/strata/lifestyle retail which can vary wildly based on location).
Demand from retailers looking to lease will be the determining factor and given IC's due diligence on these large scale projects, they probably already have large-scale retailers lined up (think Walmart). The smaller retailers take more time and closer to actual completion, but they will follow.
Certainly the fact that they could get a large site easily and without the amount of red-tape from other municipalities was a plus, but they don't gamble on large malls without doing vast amounts of research on the market/trade area/demographics etc, and they already know the region based on their existing assets (Metrotown, Guildford Town centre, Oakridge, Richmond Centre).
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Great post.
It's been rumoured that Metro Vancouver has been a target market for a Mills mall for some time.
I'm a fan of the Mills mall concept, not because it is going to win any urban design awards, but because I like having more choice for the consumer. In order for the Mills concept to be successful real estate must be abundant and cheap, driving down rents allowing outlet retailers to thrive.
Although the location surprised me at first, the more I think about it the more it makes sense.
- Less than 30 minutes from affluent areas like Richmond/South Surrey.
- Serves a city (Delta) without a major mall.
- Potential for a shuttle service to the Ferries to serve foot traffic from Victoria
- Cheap/abundant real estate with the least amount of red tape
- Less than 10 minutes from Hwy 99, and the SFPR - with improved access to Metro Van.
Drive down to Seattle Premium Outlets on a weekend, see the amount of BC license plates and it's obvious there is a need for this, and that people will drive long distances to get to it.
Let's assume it was going to get built in a form similar to Vaughan/Crossiron regardless. I can't think of a better location from an urban design or economic standpoint.