When I bought my apartment last year I knew the developers wanted to build a huge retail space underneath the three towers that comprise the residential portion of the project. At the time though, there were no confirmed tenants. I was afraid of two things. First, with the economy the way it was and still is, I became concerned they might not actually finish the retail part of the project. Second, even if they did go ahead, I was afraid they’d get crappy tenants like a crafts store or something.
Even as the third and final residential tower was completed, I’d heard very little about what was happening with the retail part. This week, the developers finally released more info about what is to be built in the next few months. So far, the big name tenants will consist of Safeway, Shoppers Drug Mart, Royal Bank, CIBC, and Landmark Cinemas. The movie theatre development is what I’m excited about the most. Apparently it’ll be a ten screen complex. The surrounding area has no movie theatres so it’s almost guaranteed to be profitable.
The only other apartment complex that I can think of that has a movie theatre below it is the one downtown, above the Scotiabank Theatres. Now keep in mind that I’m not under any illusion that my apartment, located in New West will be anything similar to those apartments located along Burrard. Downtown Vancouver will always be more upscale and desirable but I’m really looking forward to having this retail space finished. It’ll bring convenience to the area. Also, though I’m not counting on it, I’m hoping this will increase the property value of my apartment too.
The one drawback I see is that the whole retail spaced won’t be finished until 2011.