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  #1  
Old Posted Mar 2, 2012, 3:14 PM
phesto phesto is offline
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CF Pacific Centre Developments

Didn't think it would happen, but money talks, and Cadillac paid a very big number not to play a longer waiting game with Sears. Store closes Oct 31.

http://www.vancouversun.com/business...477/story.html
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  #2  
Old Posted Mar 2, 2012, 3:17 PM
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This is the biggest rumour to ever come true! hahah

http://www.theglobeandmail.com/globe...rticle2356330/
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  #3  
Old Posted Mar 2, 2012, 3:20 PM
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This will be transformational for downtown Vancouver to say the least, we've had to deal with this filthy eyesore of a building for years now while Sears profits eroded and their loyalty and respect, locally, decayed. Here's to a wonderful new life for this building and a revitalization for the Robson and Granville area!
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  #4  
Old Posted Mar 2, 2012, 3:36 PM
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Does that site have height restrictions since it's along Robson?

Wonder if CF will go for the short-term gain -- new tenant. Or long-term profit -- build to suit WITH residential or office component?!

I don't know of any possible tenant that could make a go of the entire space and I don't know how you'd really chop it up without hurting the potential tenants... unless you cut it up vertically and gave at least two tenants access to most floors.
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Last edited by sacrifice333; Mar 2, 2012 at 4:09 PM.
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  #5  
Old Posted Mar 2, 2012, 3:55 PM
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Before you all get carried away, my guess is that they'll lease out the store to a US department store, rather than tear down the buildling.
If it's going to be another department store, I'd love to see something styled like this Daimaru in Kobe:

source

Of course, the Japanese department store concept, with a food floor on the bottom, would be really nice. Just not sure if it would fly here.
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  #6  
Old Posted Mar 2, 2012, 4:00 PM
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This is excellent news. I'm sure we'd all love to see it torn down, but I doubt that will happen right away. My money is on a Nordstorms. I'd love to be proven wrong though, and see a wrecking ball show up Nov 1st.
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  #7  
Old Posted Mar 2, 2012, 4:12 PM
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I guess I'm in the minority here, but for me and many others this is not a very positive thing for the Downtown retail consumer.
Sears has always proved to be very affordable with a great selection of product.
When the "new" department store comes up from the States I foresee that it will be more in-line with The Bay's pricing.
Another "overpriced" alternative for most.
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  #8  
Old Posted Mar 2, 2012, 4:35 PM
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^ one thing about sears is that I could always find a vaccum cleaner part/filter there. They also had a watch/clock repair service that was handy for a watch i had that took unusual batteries not found at london drugs.

however, Overall this is a good thing, especially if they build a new structure at the sears site.

I'm not a retail analyst, but I am pessimistic about nordstrom's moving in. I don't think they can lease out all the space - i'm sure who really could of any retailer, at the rates CF are going to ask for. i'm thinking a redevelopment - they can even re-do/build over the vancouver city centre station entrance.
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  #9  
Old Posted Mar 2, 2012, 4:37 PM
Valley_Refugee Valley_Refugee is offline
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The Bay is not overpriced, it's gone more upmarket. If a consumer wants value brands (and the quality level that comes with them), then there are Wal-Mart and Zellers/Target. I think it's a great thing for downtown. The Bay is slightly upmarket, Nordstrom moreso, and Holt Renfrew at the top.
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  #10  
Old Posted Mar 2, 2012, 4:42 PM
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The preliminary concept plans from Cadillac Fairview posted on here 6 or 7 years ago showed a new or renovated retail podium with office and residential above. Maybe someone can shed some light on if this is still in the works?
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  #11  
Old Posted Mar 2, 2012, 4:51 PM
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You can get some great deals at The Bay.

And I like Sears. Although, yes, the building itself is bad. But I like the store.
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  #12  
Old Posted Mar 2, 2012, 5:10 PM
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I have always maintained that if the Vancouver Art Gallery had to move, then this site would be the ideal, most culturally-relevant location for a stunning, iconic, starchitect-built new Gallery. I have also maintained, however, that the genius of the building would lie in its ability to be a coherent work of art that seamlessly houses a high-brow cultural institution on the Howe half of the block while functioning as an exciting, funky commercial building on the Granville half of the block.

Assuming the Rattenbury building continued to function as a cultural institution (possibly even as a second building for the Vancouver Art Gallery, connected to the new Gallery by a glass sky-bridge over Howe), then the virtue of the above solution is its success in solidifying the Robson Square area as the cultural/political epicentre of the city while maintaining and enhancing Granville Street as the premiere funky retail/entertainment district.

Last edited by Prometheus; Mar 2, 2012 at 5:41 PM.
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  #13  
Old Posted Mar 2, 2012, 5:18 PM
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I don't have any inside info on this, but I'm sure someone else on here does. I will guess that we will see the site reworked though. For the amount paid out, it would take a very long time to recoup the money with only higher lease rates. They had several scenarios planned and one of them would allow them to build a tower or two while removing the top couple of floors and building the tower thru the exisiting space. The building would be stripped and reclad. They would be able to keep retail open while building thru but ideally they would have it closed until the towers poke out the top, (probably a year or so).
As an urbanist I'm excited about the potential here, as a consumer I'm saddened a little as Sears caters to a market that will be underserved once it's gone. Downtown could really use a Target
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  #14  
Old Posted Mar 2, 2012, 5:54 PM
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Quote:
Originally Posted by phesto View Post
Didn't think it would happen, but money talks, and Cadillac paid a very big number not to play a longer waiting game with Sears. Store closes Oct 31.

http://www.vancouversun.com/business...477/story.html
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  #15  
Old Posted Mar 2, 2012, 6:07 PM
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Btw, Does anyone know what the height limit is for this site?
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  #16  
Old Posted Mar 2, 2012, 6:18 PM
Mininari Mininari is offline
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Quote:
Originally Posted by wrenegade View Post
... and see a wrecking ball show up Nov 1st.
Personally, I'd prefer dynamite. A lot of dynamite.
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  #17  
Old Posted Mar 2, 2012, 6:21 PM
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This is great news, but we should also be worried.

This is a terrible location for residential to be placed, hopefully this plot of land can only be developed commercial / retail.

Also, it would be nice to have a multi level department store retained here, with connection to Pacific Centre and skytrain.

Chances are the building is just going to be re clad with a new tenant (which is great), but if it is completely re-built, this could also be a good opportunity to expand Pacific Centre slightly (of possible) and build a south entrance / exit to the Vancouver City Central station, which it needs.

And yes, i would love to have it look like Daimaru in Kobe, in fact I have a picture of that exact same building and have used it as an example in the past as what to do with Sears
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  #18  
Old Posted Mar 2, 2012, 6:40 PM
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If the structure was to remain as is, then I would like to see it undergo a complete external overhaul and resemble a building such as this:



http://www.massstudies.com/#
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  #19  
Old Posted Mar 2, 2012, 7:11 PM
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That is some serious beauty, Kandi.

As for the end of Sears, hallelujah! There will be a retail gap left in its wake. A Target downtown, like Jlousa proposed, would be a great addition, if feasible. In some other location of course. If we can have Costco downtown, surely we can have a Target. Now we just need an Ikea, however unlikely.
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  #20  
Old Posted Mar 2, 2012, 7:15 PM
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While Target might not exactly fit the area, I think that they would put a good look on the building. Nice new exterior with giant Target logos on it.. oh yeah.
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