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.
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.
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.
- Even more futuristic renderings of the Oakridge Centre redevelopment
- The future of Oakridge Centre: New renderings show surreal architecture
- Oakridge Centre will be the largest development in Vancouver's history (RENDERINGS)
- Major upgrades including landmark roof proposed for Canada Line's Oakridge-41st Avenue Station
- Park Board approves iconic design for 9-acre rooftop park at Oakridge Centre
- 32,000 new homes approved for Cambie Corridor in historic densification plan
- Hudson's Bay Vancouver flagship store to be sold to unknown buyer for $675 million
- Hudson's Bay to sell its iconic flagship downtown Vancouver store: report