For a change...
Hamilton's Barton Street will look radically different in 2008 as it was announced that the aging shopping dinosaur the Centre Mall is getting a whopping $100 million transformation its owners say will make it a regional shopping destination.
The largest single retail investment in east-end history will transform the 51-year-old mall on Barton Street East into an 800,000-square-foot complex. Developers would not reveal yesterday if it will be a power centre mall (an unenclosed shopping centre) or a conventional mall -- or a combination of both. I wish would be for a place mostly enclosed wish areas open for a farmers market or bazaar type shopping area. Something along the lines of the Downtown Farmers Market.
They'll break ground this fall and expect to open the doors in 2008. I agree with city Councillor Sam Merulla for a change when he called the project a rebirth. The East end has gotten a bad reputation over the last twenty years as a place for the destitute and punks to hang out and beg. Done right this new mall will give a much needed injection of pride back to the area citizens.
Centre Mall, once the largest in Canada, is co-owned by the CPP Investment Board and Osmington Inc., a private Canadian real estate firm. The CPP Investment Board is a Crown corporation that invests funds from the Canada Pension Plan. It has a $4 billion real estate portfolio, mostly in office and commercial real estate properties. It also owns Eastgate Square.
The developers are counting on the Red Hill Valley Parkway to bring business their way. While the east end has a strong consumer base, officials say they want to attract shoppers from across the region.
Big-box stores? Or a mixture? Is the $100 million dollar question. An all new building from scratch needs a fresh look to go with it. A mixture of enclosed and free-standing buildings. Sears and Canadian Tire already own property on the site. Sears Canada has no plans to change and Canadian Tire is currently exploring its options which could mean it plans to revamp it's dated outlay.
Some of the other tenants will stay like Grand and Toy and hopefully the buzz will lure the likes of Walmart, Home Outfitters and TGIF. Once you have the larger tenants and set them on the site, then the rest of the pieces fall into place. Details are slim but it's clear who ever hitches up and comes east, the change will be profound.
The mall is now at about 600,000 square feet after the demolition of the old Kmart and food court at the back of the property last month. The city says when complete at 800,000 square feet, it will be comparable to Ancaster's Meadowlands project, which is about 980,000 square feet, or Lime Ridge Mall at 850,000 square feet. And cash like $100 million goes a long way, of course.
Yorkdale Shopping Centre in Toronto, for example, spent $65 million upgrading and building 40 stores last year. It plans to spend another $40 million upgrading the rest of its property.
Each day as I ride the bus past the little shops in Westdale to work I dream about how great something like that would look great in contrast to the bleak grayness of the east end, and with this announcement the east will once again shine!
Later,
Kenaz