Hole in the ground

The Brentwood Mall Redevelopment is rolling ahead at Halifax and Willingdon as the scene is dramatically changing daily.

Brentwood One excavation begins

The corner of Halifax and Willingdon is witnessing the excavation for Brentwood One. 

Meanwhile, the site for Brentwood Two at the corner of Alpha and Lougheed is ready for digging.  Brentwood Two will be completed 6 months after Brentwood One.

Brentwood Sky September 2, 2014

The sky looked particularly nice this evening as the rain fell.

 

Densification or not near transit?

With the Evergreen Line taking shape along its route from Lougheed Mall to Coquitlam, the debate over the merits of densification is taking place in Port Moody which will see 2 stations built within its boundaries.

With the Millennium Line seeing massive developments take shape along its route on Lougheed Hwy in Burnaby, with many more to come in the future, a similar trend seems inevitable along St Johns Street.

The densification process in Port Moody began long before the Evergreen Line broke ground as funding uncertainty delayed the long-promised line for over a decade.  With the line within 2 years of completion, the debate is becoming more prominent as developers are now looking at potential mega projects along the St. Johns Street corridor.

Vancouver Sun article below:

Densification divergence in Port Moody, Coquitlam

BY KENDRA WONG, SPECIAL TO THE SUN AUGUST 8, 2014

This story is part of a joint Vancouver Sun-Langara College project looking at the urban future of the rapidly growing Metro Vancouver region.

The cities of Port Moody and Coquitlam are set to fundamentally change their identities from suburban neighbourhoods to urban communities over the next two decades.

But that transformation operation is being met with very different responses. While many in Coquitlam seem to embrace the shift, some Port Moody residents are pushing back against the city’s development plans.

“Residents are being told that we must have major densification to support (the Evergreen Line),” said Hazel Mason, a longtime Port Moody resident and president of the Moody Centre Community Association, which is fighting the city’s official community plan. “We’ve got seniors that are moving out and we’ve got people who want to live in Port Moody that are forming their Plan B — it’s sad.”

The city is pursuing more transit-oriented development to account for the 10.9-kilometre Evergreen Line, expected to be in service by summer 2016. In the next 30 years, Port Moody’s population is projected to rise from 34,500 to 50,000.

Port Moody plans to densify around designated SkyTrain stations such as Moody Centre, the heritage commercial district (where Mason lives) and Coronation Park. Concerns include lack of park space, traffic congestion, overcrowding and stress on the city’s infrastructure.

But not all Port Moody residents oppose densification.

A group of homeowners in Coronation Park, which sits between Suter Brook and Newport Village, submitted a petition in favour of densification in the neighbourhood.

“I could live here forever,” said Rose McFarlane, who initiated the petition last November. “It’s not that I have a big desire to see development happen. But I think it would make sense if they’re going to develop ... this is the area to do it.”

That minority group of cautious approvers in Port Moody is a majority in nearby Coquitlam, where many embrace the incoming rapid transit line in a city whose population is expected to grow from 131,500 to 224,000.

Paul Heath and his fiancée, who live on Glen Drive near the incoming Lincoln Evergreen station, believe densification brings a unique feel to the suburbs.

“We love the densification of the area and how it’s got a downtown feel to it, but you still know you’re in the suburbs,” said Heath, adding that densification means a greater variety of businesses, restaurants and stores.

Coquitlam Mayor Richard Stewart said residents understand that densification is necessary to support the rapid transit line that has been years in the making.

“We’ve always fought for it,” he said. “I think, in reality, a majority of people in Port Moody embrace it. They embrace the same kind of livable community that we want in Coquitlam. I recognize that some want it to be a small town and do not accept any of the new population, but I don’t think that’s a sustainable position.”

© Copyright (c) The Vancouver Sun

Ramp to Brentwood Station removed

A few days ago, I noticed that the ramp to the Brentwood Station was removed to make way for the massive excavation for Phase 1 of the Brentwood Mall Redevelopment.  The massive site is nearly cleared for digging.

The only access to the station is now only from either side of Lougheed Hwy.

 

Solo District ready by 2015

The first tower accompanied by Whole Foods will be ready for occupancy by 2015.  The project has progressed significantly since Morrey Nissan, Milestones and Good Year Tire cleared out.

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Will struggling Sears stick around for revamped Brentwood?

With Sears seeing serious sales struggles over the past few years, the question begs; will it still be around for the revitalization of Brentwood Town Centre?  The anchor tenant, situated at the eastern end of the mall occupying the 3 floors of the old Eatons, has had a major geographic presence but low sales volumes for a long time.

The store seems to be out of touch with the retail needs of shoppers in 2014.  A quick search in Google News will result in numerous articles about Sears' struggles and about how it is currently exploring selling a majority stake of its shares after having already sold a large portion of its assets last year.

The Metrotown location will see a redevelopment initiated by Sears on the massive site that it owns and occupies there.

If it does move out of Brentwood Mall, what might we see taking up shop in the 3 level space the Sears currently occupies?  That part of the mall site is expected to have a relatively "quieter" commercial square which will likely include a supermarket.

Related articles below

Struggling Sears Canada swings to loss as revenue slides

Globe and Mail

Reuters

Published Wednesday, Aug. 20 2014, 7:23 AM EDT

Last updated Wednesday, Aug. 20 2014, 10:49 AM EDT

Struggling department store chain Sears Canada Inc reported its ninth loss in 14 quarters as sales continued to decline.

Same-store sales fell 6.8 per cent in the second quarter ended Aug. 2. 

Same-store sales at Sears’s home and hardlines business dropped 9.3 per cent.

The company blamed the slump partly on a relatively cold spring.

Total revenue fell 12 per cent to $845.8-million, said Sears Canada, whose sales have declined for six straight years.

The company, which traces its Canadian roots back to the early 1950s, has lost market share to aggressive U.S. rivals such as Wal-Mart Stores Inc and Target Corp.

It has eliminated about 3,000 positions since November, closed many stores and sold several of its most valuable leases over the past year, including one for its flagship store at Toronto Eaton Center.

Hedge fund billionaire Eddie Lampert and his Sears Holdings Corp said in May they were looking to sell their 51 per cent stake in Sears Canada.

Buyout firm Sycamore Partners was considering a bid for Sears Canada, New York Post reported this month.

Second-quarter operating loss widened to $64.2-million from $5.3-million a year ago, Sears Canada said.

The company reported a net loss of $21.3-million, or 21 cents per share, compared with a profit of $152.8-million, or $1.50 per share, a year earlier.

The year-ago quarter’s profit included a one-time pretax gain of $185.7-million.

Leader-Telegram

Sears may close more stores

Posted: Friday, August 22, 2014 12:00 am

By McClatchy-Tribune

HOFFMAN ESTATES, Ill. - Sears Holdings said Thursday its loss widened significantly in the second quarter and announced it may close additional stores on top of the 130 closures already under way this year.

Sears lost $573 million, or $5.39 per share, during the quarter that ended Aug. 2, nearly three times the loss of $194 million, or $1.83 per diluted share, during the same period last year. Adjusting for one-time items, its loss was $313 million, or $2.87 per diluted share.

It is the ninth consecutive quarter that the once-mighty retailer has reported losses as it attempts to transform itself from a traditional department store into a member-centric shopping service driven by its Shop Your Way rewards program.

Revenues also continued their eight-year tumble, down 10 percent to $8 billion for the quarter from $8.9 billion last year, largely because of the loss of Lands' End business after that company spun off from Sears earlier this year, as well as having fewer Sears and Kmart stores in operation, weak performance in Sears Canada, and a decline in sales in existing stores.

The results missed expectations on Wall Street, where analysts on average had estimated a loss of $2.63 per diluted share and revenue of $8.13 billion.

Efraim Levy, an equity analyst at S&P Capital IQ, said he was disappointed by Sears' estimates that its store closures will lead to $1 billion in sales losses and only $25 million in improved profitability.

"With all the money they are losing, you'd think they have more losses that they could get rid of by closing certain stores," said Levy, who has a strong sell opinion on Sears Holdings shares. In better news, Sears was able to reduce its pension obligations, which frees up cash.

"You won't (see) a profitable Sears on the scale that the company is currently operating. They have to slim down a lot to get back to profitability."