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Edmonton City Centre Mall (Renovations) | ?m | 2s | LaSalle Investment Management
- Thread starter Daveography
- Start date
Gus Haynes
Active Member
I popped into Revolver the other day and spoke to the manager. He seemed extremely pleased with business in the new location. (Indeed, there were already more customers in the store than I ever saw in the Westmount location over several dozen visits over the years.) I'm happy the move is working out for them, and for the mall.
Kosy123
Senior Member
Oh hell yeah, that's great news. Hopefully the word spreads and other prospective retailers make the move if it's possible for them.
David A
Senior Member
Yes, it looked busier than expected when I went by on Friday after mid afternoon. There are still many people who live and work downtown.
Part of it is finding the right mix of retail and services to fill the spaces, so many of which were vacated during COVID.
This is no longer an upscale clothing mall like the suburban ones, but there is a nice mix of interesting new places that are slowly coming in to replace that.
archited
Senior Member
Has anyone experienced UNCEDED: Voices of the Land in ECC west? I hope that it is drawing crowds.
JNO1
Active Member
^ Unfortunately, it is not drawing crowds. Lots of interest that has not translated into attendees. Hopefully June picks up.
Greenspace
Senior Member
^Barrier to entry is the cost, which is about $30. Hopefully there are school groups/offices that are attending.
archited
Senior Member
^^ That's sad... goes back to my preaching that it has to have a lot of go-with support elements (eateries, art galleries, etc.) -- unfortunately my comments landed on deaf ears. For Doug and Idoia's sake I hope that they at least reach a break-even state. I know that a lot of effort has gone into this project involving a lot of people over a fair span of time.
cmd uw
Active Member
The Delta Hotel is a strata under separate ownership from ECC West.
kcantor
Senior Member
I attended following a Chamber function and could have sent more time than I did. The sound isolation between presentation areas could have been better but having said that it is a temporary exhibit that is still well worth seeing.
I also thought $25 for adults and $15 for youth (plus service fees) to be a little steep, particularly for many of those who you would want to attract. In hindsight it might even have made more sense to have offered “free admission” with a “suggested minimum donation” on exit rather than entry.
Offworld
Active Member
So here's my suggestion: As part of a more comprehensive agreement, the mall owner builds and sells a new hotel building to the strata owner elsewhere on the ECC West site, and in return also takes ownership of that strata unit to facilitate redevelopment of the rest of the ECC West lands. I realize that's a gross understatement in terms of the actual legal and financial framework, but unless the current owner takes ECC West by the horns and does something truly creative, they'll continue to own what's effectively become a millstone.
That strata lot otherwise just gets in the way of a fulsome, comprehensive redevelopment, and this would help modernize Edmonton's hotel stock.
Offworld
Active Member
^ A big caveat I did not mention has to do with the health of the hotel market. My understanding is that Edmonton's hotel occupancy levels are and have been pretty low for many years. You'd have to pick a pretty tight niche you'd think you'd have success with if you were to build a hotel today.
David A
Senior Member
While there are some advantages to building or expanding the hotel in City Centre Mall, there would also be a lot of cost involved and possible considerable disruption with tearing down or renovating the existing structure.
So I feel a new hotel would make more sense say on the already vacant land just south of City Centre East or elsewhere nearby. In any event yes, this may all be a moot point if occupancy has not recovered enough yet.
So I feel a new hotel would make more sense say on the already vacant land just south of City Centre East or elsewhere nearby. In any event yes, this may all be a moot point if occupancy has not recovered enough yet.
Greenspace
Senior Member
Since it's the end of an era. when the Bay left ECC they owed Oxford $18m in lease payments. It was the beginning of the pandemic and Oxford said they had to pay up or it was finally over. The Bay did not leave because they wanted to. They had not paid any lease payments since 2012.
Retail insider has an article about how RioCan had exposure to hundreds of millions of dollars in debt since 2015. My guess is The Bay rarely paid lease on any of it's properties in the last decade.
Retail insider has an article about how RioCan had exposure to hundreds of millions of dollars in debt since 2015. My guess is The Bay rarely paid lease on any of it's properties in the last decade.
husky
Active Member
That is incredible and awful at the same time. What kind of business practice is that? I am surprised The Bay lasted so long knowing that.
Private equity absolutely destroyed the business.