Construction on The Amazing Brentwood, the massive retail and residential redevelopment of Brentwood Town Centre, in North Burnaby is quickly shaping up ahead of its scheduled spring 2019 opening.
The shopping mall is being expanded on the southwest corner of the 28-acre site, next to SkyTrain’s Brentwood Town Centre Station, and will increase the mall’s retail area from 500,000 sq. ft. to over 1.1 million sq. ft.
There will be over 250 stores and restaurants as well as a number of tenant anchors like Cineplex’s VIP Theatres and Rec Room – the new Playdium.
The precise brands that will fill the new and expanded mall’s spaces have not been made public, but today local developer and mall owner SHAPE Properties announced it had partnered with L Catterton Real Estate (LCRE), a Connecticut-based international firm that invests in world-class, luxury retail centre developments with high-calibre architecture and public art.
It is the real estate development division of LVMH Moet Hennessy Louis Vuitton and its holding company Groupe Arnault.
The firm will work with SHAPE on strategically developing the mall into a global retail destination with “the highest calibre of shopping, dining, and entertainment” and a “best-in-class” retail experience.
“We are thrilled to join SHAPE and HOOPP in The Amazing Brentwood and participate in bringing the best of Vancouver to one amazing place,”said Mathieu Le Bozec, Managing Partner of LCRE. “In particular, this unique partnership encompasses the vision, passion, unparalleled knowledge and reach to create the next generation of retail experiences for our customers and retailers.”
“Since our initial discussions, we have been extremely impressed by the vision and the quality of the SHAPE team and we welcome the opportunity to work closely with HOOPP, a long-term and strategic partner of L Catterton.”
To date, LCRE has raised USD$960 million, holds an asset value of USD$4 billion, and funded five internationally renowned retail projects including Miami Design District, Tokyo’s GINZA SIX, Oriental Hotel Kobe, L’Avenue Shanghai, and L’Avenue Shenyang.
On its website, LCRE states it has a stringent criteria for consideration for investment. To be considered, retail projects must be purpose-built greenfield developments or extensive renovations in which the property’s value is upgraded, located on “top quality sites” that offer reduced risk in the event of a market downturn, significant developments larger than 110,000 sq. ft., and of interest to luxury brands.
The Amazing Brentwood fits this criteria as the growing population from the immense residential developments in and around the site will help support the retail. This single redevelopment alone, to be built in several phases, will add nearly 11,000 residents within 11 towers reaching over 600 ft – rivalling the skyscraper heights of downtown Vancouver.
As well, the mall is adjacent to SkyTrain, which will funnel shoppers into the new centre.
SHAPE says the partnership not only recognizes Vancouver on the world stage as a viable investment and one of the best international cities but also globally endorses the City of Burnaby’s forward thinking to densify and create urban town centres on rail rapid transit.
“We are excited and privileged to welcome LCRE in their first Canadian endeavour and second in the Americas,” said John Horton, President of SHAPE.
“This partnership is the perfect fit for SHAPE’s mandate to create a completely new, culturally relevant experience designed for the future of retail. LCRE’s partnership is a huge vote of confidence in the project and validation that The Amazing Brentwood will serve as a point of pride for Vancouver and a sought-after destination for visitors world-wide.”
A number of major shopping mall redevelopments are planned for the region, such as the site surrounding Gilmore Station just west of Brentwood, Oakridge Centre in Vancouver, Lougheed Town Centre further down on the Millennium Line, and Lansdowne Centre and Richmond Centre in Richmond.
A $4-billion office and commercial redevelopment, with hotels and luxury retail, is planned for a large waterfront site next to River Rock Casino and the Canada Line’s Bridgeport Station.
Even Metropolis at Metrotown, the largest shopping mall in Metro Vancouver, could eventually be demolished and redeveloped.
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