Metropolis, Sears and Mixed Use Court Decision in Burnaby

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30206154511_83934b68c9_bThe dynamics between shopping centre developers can be quite complex and rather secretive. CBC is reporting on the dramatic unfolding of a B.C. Supreme Court decision between Ivanhoe Cambridge, the owners of Burnaby’s Metropolis Metrotown Shopping Centre (and owner of Tsawwassen Mills Mall) and Concord Kingsway, an arm of Concord Pacific real estate development. Concord Kingsway owns a Sears store and the land that it sits on at Metropolis.

In 2013, Sears Canada issued a news release describing its intention to turn the site into a massive mixed-use development that would include residential and office high-rise towers with retail on the ground floor, including a new store for Sears. In 2015 Sears closed a $100 million dollar agreement with Concord Kingsway to jointly develop the site.

However, there was a an agreement signed in 1986 which was not signed by the two  developer parties which stated that both Metropolis and the Sears site…

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