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.
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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. |
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