Monday, November 6, 2017

Shape sees Sears closure as opportunity

Shape Properties sees the closure of Sears as clearing the way and providing more options for the redevelopment of the northeast quadrant of the Brentwood redevelopment.

Speaking of opportunities, whereas Sears is permanently closing down during Brentwood's transformation, it is rumoured that the tiny Coles bookstore in Brentwood will be opening a large format Chapters/Indigo style store in the Amazing Brentwood retail area currently under construction.

Sears closure an ‘opportunity’

Big retail chain’s downfall will make redevelopment ‘smoother’

Burnaby Now
OCTOBER 30, 2017 10:55 AM

There could be a silver lining to the impending closure of Sears Canada – at least for the people behind the redevelopment of Brentwood Town Centre.
Last week, Sears Canada announced it would close its remaining stores effective early in the new year. This includes the Burnaby locations at Metropolis at Metrotown and Brentwood Town Centre, which currently employ 122 and 99 people, respectively.
While the future of the Metrotown site remains unknown, there is a plan on the books for the space at Brentwood after Sears closes its doors for good, according to Shape Properties.
“The closing of Sears, while sad from one perspective – you hate to see businesses go under – I think here it becomes a positive that we can continue with the vision, and continue probably faster and smoother,” said Darren Kwiatkowski, executive vice-president, development and acquisitions.
Shape Properties owns the 28-acre site at 4515 and 4567 Lougheed Hwy., and work is currently underway on the first phase of the site’s redevelopment. Dubbed “The Amazing Brentwood,” the Brentwood Town Centre redevelopment will include the construction of more than 6,000 new homes and 1.1 million square feet of commercial space.
Work is underway right now on the first phase of the project.
The logistics of Phase 2, which includes the northwest corner of the site, are being worked out right now.
The existing Sears location and surrounding parking lot is all part of the third phase of the project.
“The plan sets out the principles. As we move forward over time, how much of the mall is demolished and rebuilt and how much is repurposed or reused, those decisions kind of get made at the time based on cost and practicality,” he said. “It’s safe to say the parts of the mall that will remain will undergo renovation and updating so that it all feels shiny and new.”
Asked if Shape has any prospects for a new tenant for the Sears space once it closes, Kwiatkowski said they don’t. In fact, the company might not even bother renting out the space, he said.
“It would be short term, if there was a tenant, but we’re studying that right now as far as what we do in the interim,” he said.
It could be that Shape will need the space for its sales centre or other existing clients currently housed in spaces in the northwest corner of the site, which would be forced out once construction on Phase 2 starts, he added.
“At the end of the day, there will be more shops, more restaurants and more jobs than were lost at the Sears, so I think it’s a boost,” Kwiatkowski said, adding the goal of the redevelopment is to create a walkable community that includes a mix of residential and commercial opportunities.

Friday, October 20, 2017

Don't fall for Sears "Liquidation" scam

Several years ago when Zellers filed for bankruptcy and began its liquidation sales, the company jacked up prices before slapping 40-70% off tags on its items.  This scam was verified by Brentwood Zellers employees themselves that were made to mark up the price tags before placing "marked down" prices on products.  Consumers are now noticing the same with the Sears "Liquidation" sale.  For example, at the Brentwood location, there are shirts with multiple price tags on them with prices starting at $149 down to $50 on a rack that has  "20%" off sign on it.  A $149 shirt?  Really?  To top it off, the same shirt was tagged at $40 a week earlier.

DON'T BE FOOLED BY THE BIG LIQUIDATION SCAM.  Do your research before following the crowd like sheep and standing in long lines to throw away your hard-earned money into a well-crafted scam.

Tuesday, October 17, 2017

1st details of SE corner of Willingdon and Dawson

A basic rendering of Aouyan's proposed development at the southeast corner of Willingdon and Dawson has been published in Urban YVR.(excerpt below).  The site of this project is located Along Dawson Street to the north and along Alaska Street to the south between Willingdon and Alpha Ave.

Preliminary rendering of Aoyuan International’s proposal for Willingdon and Dawson in Burnaby. Credit: Aoyuan International

(from Urban YVR)
Aoyuan International is also proposing a major development of four towers at Willingdon Avenue and Dawson Street, south of The Amazing Brentwood in Burnaby.
Renderings just show the tower massing, but the project is said to contain 1,400 condominium units, 50 townhomes and a mix of commercial and retail. IBI Group — in cooperation with PWL Landscape Architects — are on the Brentwood project.

Thursday, October 12, 2017

Koby's Produce Town to be replaced by Viet Noodle Guy

Koby's Produce Town has permanently closed likely due to it's inability to compete with nearby Save-On-Foods and Whole Foods.  It also couldn't have helped them that they were very inconsistent stocking non-seasonal foodstuffs that should always be available.

Replacing Koby's is The Viet Noodle Guy opening in Spring 2018.

Sunday, October 8, 2017

UNIQLO makes Sears look amateur

I had an opportunity to check out the recently opened UNIQLO in Metrotown.  Not only was the 2 level space efficiently used with a variety of styles, colours and options, it was organized like any decent retailer should be.  Meanwhile, the over-sized and overpriced waste of space called Sears can't get out of the business soon enough with competition like UNIQLO entering the market. Shape Properties should be working day and night to get UNIQLO into Brentwood.

Thursday, October 5, 2017

Alaska Street industrial building sold

An industrial building at 4455 Alaska St has been sold for more than double its assessed value. The buyer likely purchased the site with the aim of rezoning it for a high density residential development.

The site of the building is situated 
immediately west of the Willingdon Ave overpass.

East of the overpass (below) along Alaska St are more 
industrial buildings and the  rising Milano tower on Alpha Ave.

Burnaby manufacturing site sold for double its assessed value

The industrial site has potential for high-density residential development and sold for $12.8 million

 for Western Investor
October 4, 2017

The property is a two-storey warehouse and office space with two leasable units, with 25,760-square-feet of gross leasable area. The industrial building is situated on a 33,195-square-foot lot currently zoned for manufacturing use. However, the lot has potential for high-density residential development upon rezoning. The property sold for more than double it’s assessed value of just over $6 million. 
The property is located at 4455 Alaska St., Burnaby. 


Price: $12,800,000 
No. of Units: 2
Lot Size: 33,195 SF
Property Type: Industrial 
Zoning: M-1
2016 B.C. Assessment Value: $6,005,800
City: Burnaby  
Province: B.C. 
Name of Brokerage: Lee & Associates