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Retail

Guildford Town Centre’s $280-million Reno

Guildford Town Centre’s $280-million renovation driven by bid for young shoppers.

METRO VANCOUVER — The kids have wallets, and they don’t want to wait. As Surrey’s Guildford Town Centre unveils a $280-million expansion this week — with 70 new stores and a 1,034-seat food court — general manager Peggy White says that online shopping does not pose a real threat to modern shopping centres like hers.

When fashion-conscious 15- to 25-year olds go shopping, “they want to take (their purchase) home and wear it that night. Sometimes they wear it right out of the store,” White said.

Guildford owner/developer Ivanhoe Cambridge has assembled a sparkling new mix of stores — including Forever 21 (at 23,000 square feet), H&M (25,000 square feet), Victoria’s Secret, Sephora, Aritzia, The Lego Store and Disney Store — to woo young shoppers back from the glitter of downtown Vancouver’s Robson Street and Burnaby’s Metrotown.

The expansion increases retail space to 1.2 million square feet from 980,000, and includes a facelift for the existing mall, with waterfalls, soft seating, a much larger food court, and a giant 10,000-plant living wall that covers a connector straddling 104th Ave.

Read more: http://www.vancouversun.com/Guildford+Town+Centre+million+renovation+driven+young+shoppers/8836516/story.html#ixzz2dBCHZdju
August 27, 2013by david.taylor@colliers.com
Development

Proposed Richmond High-rise Would House International Students

Proposed Richmond high-rise would house international students – Richmond Review.54844richmondglobaleducationcityrendering

A $150-million development proposed for north Richmond could become an international hub for education, boasting a potential to accommodate 600 foreign students, along with language schools, colleges and universities.

Dubbed Global Education City, the development would occupy a site on the west side of No. 3 Road, between Bridgeport Road and Sea Island Way, near River Rock Casino Resort.

Wensley Architecture Ltd. has submitted plans to city hall for a nine-storey office and campus building fronting Sea Island Way, a 15-storey dormitory building at No. 3 Road, and a six-level parkade and amenity building fronting Bridgeport Road, according to the city.

Planning staff are reviewing the proposal, which has yet to be considered by city council.

Read more: http://www.richmondreview.com/news/220748251.html

August 26, 2013by david.taylor@colliers.com
Market Research

Downtown Condos Averaging Above $800 per SF

An analysis of year to date resales for concrete condos less than 3 years old shows that average pricing is approx. $800 per SF. Concrete Resales August 2013

At 3.1% growth since 2006, average pricing has outpaced inflation, but pricing has been relatively flat in 2013, up less than 1% year over year.

 

August 26, 2013by david.taylor@colliers.com
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