_urbanite
Senior Member
Why do you thank the heavens for this? That looks better than what we ended up with
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Edmonton City Centre Mall (Renovations) | ?m | 2s | LaSalle Investment Management
- Thread starter Daveography
- Start date
Why do you thank the heavens for this? That looks better than what we ended up with
archited
Senior Member
because what is going to replace what we ended up with will be superior to both.
Gronk!
Senior Member
Unlike the Triple 5 proposal from the 80's, there will be no height restrictions imposed by the City Centre Airport.
David A
Senior Member
I sure hope so but it has been around for over 35 years now and I am not sure if the current owners have the wherewithal to do it either.
EdmTrekker
Senior Member
Has there been another update on plans for the West part of City Centre? Towers?
Munanyo
Active Member
But we don't even know what will be replacing ECC at this point...
archited
Senior Member
The pressure is definitely on for a rebuild, especially in light of the nearby ICE district.
Greenspace
Senior Member
I disagree there is a lot of pressure. In lobbying La Salle directly about this asset and letting them know what other owners are doing in the area, they do not seem very motivated to do anything too drastic in the short to medium term, unless the Downtown market changes significantly and office workers come back.
They have 1.4m square feet of real estate, most of which is in two office towers that are 90% leased, and parkades that are about 50% used during the week, more on events nights. You could say the 300k in retail space is maybe 40% leased? To me this means there's not a lot of reason to move ahead with redevelopment plans. It's not like the majority of their space is empty. They are sensitive and are genuinely trying to come up with some shorter term ideas for the retail, as well have heavily invested in security, but that's just a part of their overall asset.
They have 1.4m square feet of real estate, most of which is in two office towers that are 90% leased, and parkades that are about 50% used during the week, more on events nights. You could say the 300k in retail space is maybe 40% leased? To me this means there's not a lot of reason to move ahead with redevelopment plans. It's not like the majority of their space is empty. They are sensitive and are genuinely trying to come up with some shorter term ideas for the retail, as well have heavily invested in security, but that's just a part of their overall asset.
MisterSartorial
New Member
In my own experience walking through the mall on a regular basis I've definitely observed this. You can see their attempts to use the space creatively in the arts display in the old McBain space and the "made in Edmonton" pop up, and there are so many security guards on-site I honestly worry about the cost. I was passing a minor incident the other day and three guards attending quickly became five at that one spot on a weekend. I hope all the investment pays off. One bright spot seems to be the hotel is busy all the time with guests. Hopefully this is also represented in their numbers.
David A
Senior Member
I don't think it is so much external pressure, but it is the pressure of having an underutilized asset.
Someone smart enough will eventually come to the realization that having a lot of empty space does not make money and something will be done.
I get there is still a reluctance to put in a lot of money upfront to improve things, but at some point it might become a better option than just continuing to lose it over time.
Someone smart enough will eventually come to the realization that having a lot of empty space does not make money and something will be done.
I get there is still a reluctance to put in a lot of money upfront to improve things, but at some point it might become a better option than just continuing to lose it over time.
Greenspace
Senior Member
Their security costs are 300-400% higher than pre-COVID. It's being used as a defacto day shelter in the winter, and concerns about these costs bared by the private sector have been passed along to the Provincial Task Force.
Greenspace
Senior Member
^^That is why we met with LaSalle, to try to get across some of the other investments happening shortly Downtown and encourage them to look at investments sooner rather than later.
MisterSartorial
New Member
Sad to hear those costs. That's outrageous but not surprising. Glad to hear the feedback has been passed on. Downloading social challenges onto businesses is not very "pro business" as the UCP would like to claim they are.
EdmTrekker
Senior Member
My ears pricked up while reading your post and zeroed in on “some of the other investments happening shortly Downtown”.
What is the magnitude of this investment?
Greenspace
Senior Member
Rice Howard Place, ATB Place, Manulife etc