In a not very surprising article in the Vancouver Sun, Chuck Chiang notes that Industry observers agree: The 1.2-million-sq.-ft. Tsawwassen Mills could be the last major shopping mall development in the Lower Mainland for the next decade, if not longer. Sky-high land prices throughout the region mean that low-density commercial developments such as malls are a difficult business case to make.
This reminds me of a conversation with a friend who was the vice-president of a major development company in Vancouver. That person was bringing 300 units to the market when the City of Vancouver was releasing all those units in Olympic Village. The verdict? The market was flooded with new units, and it would take time for demand to outpace supply. Will this mall have a similar impact on small businesses in Ladner and Tsawwassen, attracting those customers and lowering the independent stores’ profitability?
Developer Ivanhoe Cambridge has plucked a unique piece…
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