For two years, every major
developer had looked at this rapidly deteriorating shopping
center. Built 16 yeas earlier for CDN$35M, it was aiming
at two different markets - blue collar and upscale - and
succeeding at none. The income dropped in that time from
CDN$M1.5 to just under CDN$M1. The owner had an application
for re-zoning, to bring in a major big-box retailer. The
town opposed the application and the appeal had dragged
gone on for another year.
BRESI studied the options, canvassed the
planners, council members, and other decision-makers, and
suggested a different approach – to convert part of
the center to residential, and re-position the rest. It
found a capable developer, but he had not handled a project
that big. BRESI then found a financial partner who had.
Next hurdle: financial partner experiences a problem in
another project that forces him to withdraw from this one.
BRESI’s response – find another investor! Now
a major re-development is well underway.