QuadReal Property Group continues laying the groundwork for what the developer says will be the largest single redevelopment in the City of North Vancouver.
The Vancouver-based global real estate company has just completed its public disclosure of a 16.5-acre concept to redevelop the Capilano Centre Mall.
QuadReal began conceptualizing the plan in 2019 and shared a renewed concept with the public late last year. The company is now reviewing initial public and government sentiment on the master plan that would see mall, built over 50 years ago, replaced with 11 towers ranging from 12-40 storeys.
The plan aims for 3,100 homes, 152,000 square feet of retail/commercial space, a public park and a community centre — if fully realized. Roughly 30 per cent of the homes would be rental, according to the latest vision for the development.
“Now that we’ve done that process, we’re looking at all of the feedback that we did get,” said Paul Faibish, senior vice-president, development with QuadReal. “Then we’ll continue to work with the city on responding to that feedback and see what further feedback the city has, based on that.”
Headquartered in Vancouver, QuadReal manages a portfolio of over $85 billion in assets across Canada, the U.S., the U.K., Europe and Asia Pacific.
Capilano mall plan includes 3M sq. ft. of space
Among its other local projects are a mix of commercial and residential redevelopments on various properties clustered in Maplewood, near the Dollarton Highway in North Vancouver.
Faibish told RENX in an interview the Capilano mall project envisions just under three million square feet of total space and will include affordable “workforce” housing in the rental components. The existing Walmart at the site continues to be well used and the developers are working on a plan to replace the current store with a new location in the first phase of the redevelopment.
The commercial components will likely include a variety of services and food and beverage businesses to create a mix better matching what people are looking for today, he said. Another key component of the plan is adding a community centre at the northwest corner of the site.
Planned park space would connect with the adjacent creek and green space, Faibish said. A major transit node located at the north end of the site will provide access for commuters to public spaces and retailers.
Redeveloping enclosed shopping centres a common theme
Faibish said developers are increasingly taking the long view on aging, enclosed shopping centres in the Vancouver region, but also in other major North American cities. Other local examples involve the dramatic reforming of malls such as Oakridge Centre in Vancouver and the Amazing Brentwood and Metropolis in Burnaby.
“That is sort of an outdated model that doesn’t really work anymore, and (enclosed malls) are typically in great locations,” Faibish said. These properties are usually well connected to transit and have acres of surface parking that can be up-zoned and developed into new housing or retail space on massive tracts of land in urban centres.
QuadReal’s plan for the Capilano site also includes vision for “maker spaces” along the southern edge of the property, which it is calling the South Village. Those spaces could include businesses like breweries or bakeries and other food production operations that would also have dining space for customers.
“The buildings along that edge are also meant to have sort of courtyards facing the street to create spaces for patios,” Faibish said.
Mall redevelopments prompt lengthy value pipelines
Faibish said QuadReal has other similar projects in its portfolio, including at Bayview Village in Toronto.
QuadReal calls Bayview a reimagining that will see the transformation of the established shopping destination into a community hub. With construction already underway on the first 444 homes in the north phase of the development, the 23-acre mixed-use community will include what the developer calls “immersive shopping and dining experiences, inviting pedestrian avenues, green spaces and public areas”.
“It’s an old centre surrounded by a sea of parking,” Faibish said. “It’s in a very desirable location, and so we are starting to intensify that project.”
Redevelopments like these allow the firm to “reinvest in our existing properties, add more value to those properties, and also create a longer-term pipeline”, he said.
