Hudson's Bay to anchor Oakridge Centre in new retail space

Oct 13 2018, 5:56 pm

The Hudson’s Bay Company (HBC) will remain as one of the main retail anchors of the new Oakridge Centre shopping mall.

Earlier this week, HBC announced it had reached an agreement to amend its long-held lease at the mall, dating back to the Woodward’s era.

In return for certain concessions and approvals related to the redevelopment of Oakridge Centre, mall owner Quadreal Property Group will provide HBC with $172.5 million.

A sum of $151.5 million will be used to repay HBC’s credit borrowings, and the remaining $21 million will be used to outfit the new store’s interior.

Oakridge Centre redevelopment shopping mall retail

Artistic rendering of the new shopping mall at Oakridge Centre. (Brock Party / Wonderwall / Westbank)

The new 140,000-sq-ft HBC store will be built in a new retail space at a new location within the northwest corner of the 29-acre redevelopment. It will be a part of the redevelopment’s first phase, which is scheduled for a 2022 completion.

The existing store at the mall will remain open until the new store is ready to serve customers in 2023.

Oakridge Centre redevelopment shopping mall retail

Artistic rendering of the new shopping mall at Oakridge Centre. (Brock Party / Wonderwall / Westbank)

When all phases of the redevelopment reach completion in 2025, Oakridge Centre will have 4.5 million sq. ft. of floor area, including:

  • 1 million sq. ft. of retail space within indoor and outdoor environments, doubling the amount of retail space currently found at the mall. Three anchor tenants are planned.
  • 2,600 homes for about 6,000 residents, including 290 units of rental housing and 290 units of social housing.
  • 500,000 sq. ft. of tech-oriented office space, creating enough workspace for up to 3,000 people.
  • A 100,000-sq-ft culinary centre, including a 50,000-sq-ft new-concept food court
  • A 100,000-sq-ft- civic centre with a new public library
  • 9-acre rooftop public park

HBC reportedly sold its historic flagship store in downtown Vancouver for $675 million this past spring. The store was sold for its potential for redevelopment, with any vertical addition likely to retain the building’s heritage components. As part of the deal, HBC will lease back a smaller floor area to continue its store operations at the location.

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