411 replies to this topic

[Kapten Kapsell]

Ivanhoe Cambridge has cancelled the sale of Mayfair Mall and several other shopping centres it owns due to tepid interest and the inability to get the price they wanted.

https://www.theglobe...malls-after-it/

Edited by Kapten Kapsell, 10 August 2019 - 01:27 PM.

[Victoria Watcher]

The West Edmonton Mall has been put up as collateral on a troubled mega-mall development now open for business on the site of a former swamp in New Jersey. 

 

After endless delays and billions of dollars in investment, the American Dream mega-mall opened Friday in the Meadowlands Sports Complex in East Rutherford, N.J.

 

Triple Five Group, founded by the Ghermezians — Edmonton's mall-building billionaire family — put up 49 per cent of its interest in West Edmonton Mall, and 49 per cent of its interest in the Mall of America, in Bloomington, Minn., to finance the problem-plagued development.

 

Edmonton's mega-mall was wagered in exchange for a construction loan with Goldman Sachs and JPMorgan Chase. 

 

 

https://www.cbc.ca/n...dream-1.5338042

 

 

America's Most Expensive Mall Just Opened, Complete With a Water Park, Ski Hill, and Rollercoaster

 

http://money.com/mon...expensive-mall/

 

 

 

Here's what you'll find when you hit America's newest mega-mall

https://www.cbsnews....-shoppers-come/

 

 

When the "American Dream" shopping mall and entertainment complex was first conceived more than two decades ago, the internet was in its infancy and Amazon.com was still a gleam in Jeff Bezos's eye. Yet while times have clearly changed, the facility's operators — which opened its doors on Friday in East Rutherford, New Jersey  — think consumers haven't completely given up on the idea of hitting the mall. 

 

 

The mall is the second-largest in the U.S. and cost an estimated $5 billion to build. It is launching at a time when thousands of brick-and-mortar retailers are closing shop. It will showcase 3 million square feet of leasable space dedicated to more than a dozen entertainment attractions, including a 16-story indoor ski slope, rollercoaster, water park and eventually 450 retail, food and specialty shops. Here's what consumers can expect to find.

 

Edited by Victoria Watcher, 28 October 2019 - 05:34 PM.

[SpongeG]

Only the amusement park opened, the waterpark will open in December, the ski hill is opening in 2020 I think and there are no retailers or restaurants in the mall as they will open Spring/Summer 2020.

 

I've watched a lot of videos on youtube of people visiting the mall. The amusement park for a ride pass is $49.99 and will go up to $79.99 when all rides are functioning, it seems a lot of the rides were not open when they opened so they have been giving people passes to use at a future date since they showed up to find so much not ready to ride yet.

 

Many people complained that they had to pay for parking and when they get there, there is no where to eat, it seems like its in the middle of nothing else? they said if you plan to come go eat somewhere cause you're out of luck when you get here.

[Victoria Watcher]

From Yorkdale to Fairview Mall to Square One to Sherway Gardens, you don't have to look far in the Greater Toronto Area to find a mall with big redevelopment plans in the works. 

 

Experts say mixed-use developments in and around existing malls are taking off in the GTA and are leading a trend as the region faces a housing crunch with demand outpacing supply. 

 

Rob Spanier's real estate development advisory firm, the Spanier Group, focuses on large-scale mixed-use developments. 

 

"What's happening with the continued demand and the stress for new housing is there's a lot of development going vertically, and it's going up instead of out. And certainly the malls present a really unique opportunity," Spanier said. 

 

When malls are "high performing", the land around them is prime real estate for new housing and mixed-use developments, said Spanier, particularly because of existing transit and highway connections. In those cases, developments typically involve building up around a mall, often on existing parking lots, and moving parking underground.

 

 

https://www.cbc.ca/n...t-gta-1.6846983

 

 

 

 

 

 

This should be happening here too.  It should be happening everywhere.  No sane city council would turn down the idea of a mall becoming a mall plus housing.

 

Shelbourne Plaza

Hillside Mall

Tillicum

That West Shore one

Mayfair

Edited by Victoria Watcher, 08 July 2023 - 04:39 AM.

[Mike K.]

Always with the “experts.”

This has been happening since the 90s. But there’s no point in tearing up a mall, unless it needs major work to begin with. All in time, CBC.

[G-Man]

You don't need to tear up the mall. Just put the parking under ground and build on the parking lots.

[AllseeingEye]

Interesting interview with the very reclusive Chinese billionaire who owns Woodgrove, Mayfair and Tsawwassen Mills malls among many other things; honestly not sure what to make of her after reading this other than she is very connected in the PRC (not sure that is a good thing especially since she apparently admires Chairman Xi, head of the CPC), is uber-wealthy and does not consort with mere mortals apparently, and has a large ego...

 

https://www.timescol...ringing-8640039

[Victoria Watcher]

Hard to know how she actually became so wealthy.

[AllseeingEye]

Yup, among other things. With all the Chinese infiltration in the country and within BC it does make one wonder especially with her admitted ties to the CPC. Perhaps there will be another 'secret' Chinese police station buried under the parking lot after the next Mayfair mall expansion 

[UDeMan]

Last summer she was in the Mayfair Mall giving away prizes for some promotions. I was surprised she had no extra security around.

[AllseeingEye]

Maybe she did....all those CPC agents creeping around this country don't exactly announce their presence. And since she appears to be a Xi fan I'm sure the MSS could detach an undercover agent or three to watch out for her......

[Victoria Watcher]

What a difference time makes. And yet, the story is always the same. We begin with euphoria and end in depression. In 1998, the Seattle Times celebrated (though with some reservations—it feared the 1997 Asian Financial crisis would spread to our region) the opening of Pacific Place. The mall was part of a $400 million revitalization project that included the relocation of Nordstrom, a sky bridge, and a new office building, all promising to transform the supposedly blighted urban core into a consumer magnet. "Pacific Place, [a] retail-cinema-restaurant complex," wrote Seattle Times, "will add glitz and variety to downtown Seattle, [when it] opens Thursday at Sixth Avenue and Pine Street."

 

A little more than 20 years after that blast of optimism, the same paper was unremittingly gloomy about the vertical mall's future. It had just completed a long (two-and-a-half years) and disruptive renovation that left almost everyone cold. Though the mall's new look seems "pristine," wrote the Seattle Times in 2020, it's "for the wrong reason: There are barely any stores."

 

 

The owner of Pacific Place at the time was Madison Marquette. The Washington, D.C.-based real estate company purchased the property in 2014 for a whopping $271 million. A little later, it also bought the parking lot, which has more levels (six) than the building (five), for $87 million from the city. And so, more than $350 million was poured into Pacific Place. At the end of last week, on May 17, Puget Sound Business Journal reported the block-big and capital-losing mall (it only has about 15 tenants) had been sold to LA's BH Properties. The price tag was, unlike the sale of 2014, kept under wraps. 

 

https://www.thestran...fic-places-fall

 

 

 

 

 

 

To understand the great downfall of the American mall, look no further than the recently revealed sale price of downtown Seattle’s Pacific Place. 

The mall and its underground parking garage sold for a total of $88.25 million this month, according to county records filed Wednesday, a quarter of the price the properties garnered when they last traded hands. 

The mall sold for $66.75 million, well below its 2014 sale price of $271 million. Its nearly 1,200-stall garage sold for $21.5 million, down from $87 million in 2016.

The drop in value is just the latest backslide for the struggling downtown shopping center. The mall underwent a multimillion-dollar renovation that wrapped up in 2020 but has struggled to attract marquee retailers. The latest departure was Lululemon, which announced last month it would shutter its Pacific Place store. 

https://www.seattlet...-deep-discount/

Edited by Victoria Watcher, 22 May 2024 - 06:18 PM.