CF Pacific Centre Developments

[connect2source]

As mentioned, CF's 170M buyout stems from alternate retail ( and more lucrative ) interest either firmly established or under late stages of negotiation, so the building will stay retail however, the configuration may change significantly, ie: dept. store on upper levels and flagship retail on the first two levels. Our retail scene is short of prime location +5000 sq. foot spaces, this just may satisfy the demand for exciting, large format spaces which Robson and Granville seriously lack.

[red-paladin]

The things I miss when I go on vacation!

[SpongeG]

the 170 million figure also includes the lease buyouts for calgary and ottawa - and i just read on facebook that nordstrom is taking over all three stores in the deal as they want to and have publicly said that they are entering canada

it remains to see how they will chop up the sears here to fit their size - i know when they took over fredrick and nelson in seattle that they only used 4 of the 7 floors i think it was

[jsbertram]

rumours from a friend (of a friend &tc..) are that Nordstroms is taking all three spaces.

Meanwhile ... another rumour is that Cadillac Fairview has a redesignation of their land use under way for Chinook Centre in Calgary.

And still another rumour ... Sears will use the $$ to open new locations in Calgary, Vancouver & Ottawa.

<Grain of Salt included>

[SpongeG]

its says this in the article

He said the deal offers Sears an “attractive financial benefit” allowing it to focus on new prototypes at other locations to build on its strengths. He outlined four new formats that Sears will soon start to test, including four conventional department stores, expanded franchised “dealer” stores in smaller communities and a larger-than-usual home-goods store in Ottawa.

http://www.theglobeandmail.com/globe...rticle2356330/

[LeftCoaster]

As many of you have probably guessed this is in fact the "big big news" I was referring to last week in the rumours thread. It was more or less compelted at that point but it had not been finalized at that point so hence the delay in the announcement.

Sears will indeed be leaving on the 31st, and will also as some of you were wondering be liquidating their merchandise in the months leading up to that date.

There are several plans related to the redevelopment, and it will become clear in the next few months what they will be. I have a feeling how it will shake out in the end but there are still some pieces up in the air and much of it remains confidential.

It is important to note to those speculating about height restrictions and redevelopment plans that this site has already used its maximum density, so there is not a lot of impetus to completely redevelop the site as opposed to renovating it for alternate uses.

More info will be forthcoming, but this is a day many of you have been hoping for so just enjoy it and know that whatever replaces the Sears will be miles better than the current toiletbowl.

[NewfBC]

Originally Posted by WarrenC12

Sears/Eatons must have had an incredible deal on a long term lease to make a $170M buyout worthwhile... and of course CF had a much bigger deal ready to go.

A very incredible deal. I don't remember the exact terms.. but they were paying next to nothing for the Pacific Centre lease.

Ron.

[LeftCoaster]

They were involved with the initial development which is why their terms were so favourable.

[officedweller]

The rumour was appreciated!

Originally Posted by jsbertram

I was told years ago that when Erickson designed Robson Square, the future subway was going to be run under Robson St, so that's why the stairs/ramps are north & south of today's skating rink. They were designed to manage the crowds entering and leaving a busy subway stop.

The next level down (what we know today as UBC downtown campus) was to be the transit mezzanine a la Montreal, and then the deepest level was to be the subway platforms and tunnels.

A Robson Subway could still be built, but since it would have to go under the Granville St Canada Line, it would just stay at that deep elevation to get under the Robson Square truck tunnels too.
Easy Peasy.

That makes sense - the Howe St. tunnel would only be a minor obstacle at 90 degrees, versus an allignment under it along its length.

I think Target has a downtown store in Minneapolis (its head office city)

http://www.phototour.minneapolis.mn.us/7472

[officedweller]

Another article:

http://blogs.vancouversun.com/2012/0...ars-departure/

Of interest - Target planning for a downtown Portland store and it's not all on one floor, either.

Target will lease approximately 100,000 square feet of the Galleria Building, which presently houses Brooks Brothers and other tenants. The retail space will be split between 40,000 square feet on each of the second and third floors; a ground-floor lobby and the loading dock facility will account for the remaining 20,000 square feet.

http://djcoregon.com/news/2011/10/21...ortland-store/
http://djcoregon.com/news/2011/04/27...alleria-space/

Blog on urban Target stores (meaning not surrounded by surface parking):

http://urbanmilwaukee.com/2011/02/21...own-milwaukee/

[trofirhen]

Originally Posted by jsbertram

I was told years ago that when Erickson designed Robson Square, the future subway was going to be run under Robson St, so that's why the stairs/ramps are north & south of today's skating rink. They were designed to manage the crowds entering and leaving a busy subway stop.

The next level down (what we know today as UBC downtown campus) was to be the transit mezzanine a la Montreal, and then the deepest level was to be the subway platforms and tunnels.

A Robson Subway could still be built, but since it would have to go under the Granville St Canada Line, it would just stay at that deep elevation to get under the Robson Square truck tunnels too.
Easy Peasy.

Could not such a Robson line, if deep enough not to collide with any existing infrastructure, form part of that hypothetical RRT Line going from North Burnaby, down Hastings, connecting downtown, going under Robson before turning down Denman, crossing the Bay and going to Arbutus & 41st ??

Wrong thread, I know, but this previous post figured into that. (I guess the discussion could be placed in Transit Fantasies)

Anyway, back on topic; yeah, I can't think of how anything, however modest, that couldn't be an improvement over the Sears store as it is now. The storefronts are bleak on three sides. As someone mentioned, punch out some windows, makeover the street level with something attractive, and we're on our way. However this turns out, I'm sure it will eventually develop into something that will add real pulse to central downtown.

[jsbertram]

Nordstrom is more than just rumours, according to the G&M:

"Sears Canada Inc.’s SCC-T decision to jettison three of its top store locations opens the way for upscale U.S. department-store rival Nordstrom Inc. JWN-N to make its long-awaited entry into Canada."

http://www.theglobeandmail.com/repor...article2357390


also:
"Sears currently pays as little as $1 a square foot at key locations such as Vancouver’s Pacific Centre, industry sources said"

If true, no wonder Sears snapped up the bankrupt Eatons -just for the leases, and yet they still managed to lose money.

[quobobo]

Originally Posted by jsbertram

- has Target done an urban store before? I've only seen them in the 'burbs.

Yep - Target has a pretty good 2-story store in downtown Minneapolis.

[whatnext]

Nordstrom is seriously overestimating the appeal of a high-end department store IMHO. From Simpsons to Woodwards to Eatons the Canadian retail scene is littered with department stores that went high-end. At heart we Canadians are a cheap people.

[GeeCee]

Originally Posted by whatnext

Nordstrom is seriously overestimating the appeal of a high-end department store IMHO. From Simpsons to Woodwards to Eatons the Canadian retail scene is littered with department stores that went high-end. At heart we Canadians are a cheap people.

It seems to be working out pretty good for the Bay.

[trofirhen]

Originally Posted by GeeCee

It seems to be working out pretty good for the Bay.

Would you call the Bay truly high end? What about stores in the USA like Nieman Marcus. It seems it is still operating, based out of Dallas. It was suggested for Vancouver at one time, years back. Just an idea.

[cornholio]

Originally Posted by Hed Kandi

Btw, Does anyone know what the height limit is for this site?

Vancouver conveniently doesn't have a head planer around anymore. Maybe Cadillac will throw some money at the city and build something big with a generous density bonus and lax parking requirements. Would be funny if they already had plans drawn up long before deciding to buy the lease out.

Just using my imagination, doubt something like this would actually happen...

You know through some money at the city for some bonus density, then lease 200,000 square feet of space to the art gallery for next to nothing, have them connect it with the current gallery site on the north west side of the property, have the city give them quadruple the density back in the form of bonus density so 800,000sqft, then give Nordstroms 200,000 or so sqft on the north east side of the site, build a 600+' office tower on the Robson/Granville south west side of the site, then after stick another small tower/building expansion on the Plaza site and fill the remaining 100,200,000sqft of retail space after all construction is finished with other retail tenants and open up the Granville street side by reconfiguring it to have street front retail. Then with whats left of the roof build a Dr.Sun Yat Shen style Chinese garden green roof type style of thing, if its steel frame it could hold the extra weight a some pots/ containers of soil and walkways. To top it off the art gallery can then look for a sponsor to build the underground theater under the front lawn of the gallery while they reconfigure the gallery with all the new space.

[GeeCee]

Originally Posted by trofirhen

Would you call the Bay truly high end? What about stores in the USA like Nieman Marcus. It seems it is still operating, based out of Dallas. It was suggested for Vancouver at one time, years back. Just an idea.

I dunno, I'm not really a retail kind of guy. They've certainly been adding quite a bit of what I would generally consider to be higher end items. Nordstrom's selection is pretty similar to what the Bay is offering these days, I believe.

[EdinVan]

Originally Posted by GeeCee

I dunno, I'm not really a retail kind of guy. They've certainly been adding quite a bit of what I would generally consider to be higher end items. Nordstrom's selection is pretty similar to what the Bay is offering these days, I believe.

Well lord knows their prices have certainly gone higher-end -- though without a commensurate increase in customer service. Perhaps Nordstrom will be different in this regard, like Eaton's during its better days.

[Van23H]

Nordstrom is much more high end the Bay. Some Nordstroms house in-store boutiques for Chanel, Louis Vuitton, Gucci and Prada and etc... I believe there is room in the market for another high end department store. The Holt Renfrew in Vancouver is always in dead heat with the Bloor store for top sales. Plus we have a large asian population who are steady buyers and consumers of luxury goods and create a stable market coupled with wealthy tourists. I think the addition of Nordstrom would help to create some healthy competition in Vancouver while offering us more options in a currently brand skimpy shopping environment. The closure of Sears offers new and exciting opportunities in the Vancouver retail landscape and I look forward to seeing what happens to the building in the near future.