Oakridge Centre Redevelopment

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Oakridge Centre (Western Canada’s second most successful mall on a sales-per-square-foot basis) will soon go under a redevelopment adding more residential (20%  will be allocated to affordable housing), retail and office space. The goal is to make the mall more pedestrian-friendly and be a part of the neighbourhood with street front retail shops and residential towers.

Mall owners Ivanhoe Cambridge plan to spend hundreds of millions of dollars to redevelop Oakridge over the next decade and expect to submit a rezoning application this fall.

The Residential plan is the following:

  • Maximum 12 storeys between 39th to 45th Avenue
  • 41st avenue between Willingdon & Columbia Street maximum 6 storeys
  • 41st avenue between Columbia and Ontario maximum 4 storeys
  • 6-8 storey on Cambie Street between 45th and 48th avenue

Overall plan:

  • Retail: Current 619,000 sq ft. Proposed 950,000 sq ft.
  • Residential: Current 50, 400 sq ft. Proposed 1, 050,400 sq ft. to 1,250,400 sq. ft.
  • Office Space: Current 126,600 sq ft. Proposed 326,600 sq. ft.
  • Community: Current 25,300 sq ft. Proposed 60,000 sq. ft.
  • Parks: Current 0 sq ft. Proposed 2 acres (87,000 sq. ft.)

The mall itself is becoming high end as more stores move out and higher end-ish retailers move in (Apple, Michael Kors, Coach, Hugo Boss etc…). Rumour has it Holt Renfrew is looking for space there as well. Nordstrom is also being talked about. All this is possible as total retail space at Oakridge will jump (once approved) from 619,500 square feet to 950,000 square feet.

Furthermore, the movie theatre that is currently there will most likely be shut down as a new theatre complex is proposed for the Marine Gateway project on Marine and Cambie.

This redevelopment makes sense for many reasons. With rapid transit at it’s doors step it’s about time the city look into densification. However, they will have to contend with the rampant NIMBYism that consumes and stalls the inevitable, which is change.

The renovated shopping centre will have three new levels of underground parking and a new pedestrian retail street running through the centre. New streetfront retail shops will run along Cambie from 41st Avenue to 45th Avenue.

 

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