Nov 10 2011
TFN development leasing
Wal-Mart, Lowe's and Canadian Tire are three big-name retailers that have been proposed for the Tsawwassen First Nation land.
TFN's planned mixed-use development, called Tsawwassen Mills Power Centre, is now leasing retail space and marketing material published by Form Retail Advisors says there are "active negotiations underway with three major anchor tenants." An illustrated map shows the possible locations of the three retail giants. But nothing is confirmed yet.
"To our knowledge, no retailer tenants of that development have been finalized at this time," saidTFN Chief Kim Baird in a statement. "Securing and attracting tenants to the project is the job of our potential development partners."
Baird said theTFN has been working with Property Development Group and Ivanhoe Cambridge "for some time" on the major commercial development.
A listing from Form Retail advertises 100,000-square-feet of retail space available for rent at Tsawwassen Mills at $35 per square foot per year. A marketing brochure seeking potential tenants says Phase 1 of the project consists of a 600,000-square-foot retail development on 53 acres of commercially designated land in Metro Vancouver, estimated to open in the first quarter of 2014.
The brochure says the development also offers "unparalleled" exposure to ferry terminal traffic, which totaled 7.7 million passengers in 2009.
Phase 2 of the project consists of a proposed 1.2-million-square-foot enclosedmall.
The entireTFN development could include 120 acres, or 1.6 million-square-feet, of retail commercial development; 355 acres of industrial land located adjacent to Deltaport; and 325 acres of residential lands.
The lands, situated along the north side of Highway 17 near the ferry terminal, were received byTFN as fee simple land in 2009 as part of its treaty with the governments of Canada and B.C.
Chief Baird said theTFN is currently focused on the due diligence and review process. The due diligence will determine the feasibility of developing the project to meet TFN needs. Following that, there will be a members vote on whether or not to approve the project.
"TFN will also be consulting with its leaseholders and the broader community at the appropriate time," Baird said. "If TFN members approve of the project going ahead, TFN will enter into lease agreements with our potential partners."
The actual design and tenant mix of the project will not be determined until project approval is granted.
"We are working with our potential partners to ensure that the design highlights and promotes Tsawwassen First Nation and Coast Salish culture and traditions," Baird said. "We are hoping that the project will include a combination of large and small retailers, as well as entertainment and other uses, which will offer the community options which don’t exist today."
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