Strathearn Heights Redevelopment | 81m | ?s | Nearctic Group | GEC

What do you think of this project?

  • Total voters
    23
I’d assume that the 6 storey building will go in place in lieu of this strip mall…..that’s fine. But when do the existing apartment buildings get noticed, vacated and bulldozed in lieu of the towers?
 
If the developers were smart -- and I'm not saying that they are not -- they would help the tenants relocate to a temporary location and then help them with redesign in the new location when it is ready for TIs. They could nurture a solid relationship here.
 
I absolutely love this proposal and can't wait, it's been years/decades in the making. And it's about time, please please happen.
But man I can't help but feel bad for all those tenants (they'll get over it I'm sure!) I just worry about some of those businesses eventually being priced out and/or the bad timing after all the shutdowns for their bottom line.

That strip mall has a most diverse mix of tenants/mom n' pops and is always busy, thus a very low vacancy rate. It is rare to see such a solid commercial offering and is so unique nowadays, I think so anyway. If not familiar with the location google maps stroll by.
Plus no vape/cannabis/liquor store/crap, etc (that I know of), though it did have a fairly shady bar in there a few years ago.

I'd guess they will build the podium/midrise first, maybe even the highrise contiguous before knocking down the adjacent apartments as it's a fairly big site.
Hope we find out soon 🙂
 
Multiple posters on here may recall being invited to a meeting with the developer at this strip mall circa 2007/8. This was working to drive support for their project and seems like another lifetime ago.
 
stensby said:
The 100,000 square feet of retail space and 2000+ new customers will result in a much more useful set of stores for the community. Short term pain for long term gain.
Click to expand...
I hate to sound like a pessimist, but given the massive glut of empty new built CRUs across the city at virtually every recent development, the majority are going to sit with CBRE/Avison Young/Colliers/Omada signs in the windows for years, and whatever is rented will likely be for a pharmacy, pot shop and/or liquor store. These mom and pop shops can’t afford those rents, and developers would rather have them sit empty than effect their cap rate.
 
archited said:
If the developers were smart -- and I'm not saying that they are not -- they would help the tenants relocate to a temporary location and then help them with redesign in the new location when it is ready for TIs. They could nurture a solid relationship here.
Click to expand...

Love the idea. I don't think that is happening. The letter from the developer to the tenant was very formal as shown in the newscast and at the end stated "we wish you the best in your future endeavours".

Yeesh
 
nv96 said:
I hate to sound like a pessimist, but given the massive glut of empty new built CRUs across the city at virtually every recent development, the majority are going to sit with CBRE/Avison Young/Colliers/Omada signs in the windows for years, and whatever is rented will likely be for a pharmacy, pot shop and/or liquor store. These mom and pop shops can’t afford those rents, and developers would rather have them sit empty than effect their cap rate.
Click to expand...
Cap rate? They do know that the rate of return on empty space is less than zero, don't they?
 
David A said:
Cap rate? They do know that the rate of return on empty space is less than zero, don't they?
Click to expand...
Opportunity cost vs waiting for higher paying higher quality tenant
 
You must log in or register to post here.

Back
Top