Retail consultant firm J.C. Williams Group states that 73 per cent of the 360,000 square feet designated for retail has been (or is on its way to being) filled, naming Whole Foods and Empire Theatres as examples. An LCBO was also previously listed alongside the other two tenants back in 2010, but was not named in the report, which is scheduled to be formally tabled at a city committee meeting next week.
The update comes as city council prepares to make the final vote on Oct. 10 about whether to commit to the Lansdowne redevelopment plan.
Without disclosing specifics, the document says no leases have been signed in many of the various retail categories including restaurants, sporting goods, health and wellness, home furnishings and electronics, fashion, lifestyle, leisure wear and other services.
Some of those categories do have leases in the works, with 264,530 square feet currently under negotiation, according to the report.
The cinema will take up 50,000 square feet, and “food and beverage” tenants have signed on for 40,000 square feet total – presumably from Whole Foods and LCBO. This makes up the 90,000 square feet that has been signed under leases.
Many smaller retail spaces remain available, the report states, which “will be easy to lease once the partnership is entered into and the construction commences.”
The developers want to secure the best small, independent stores possible, it continues, but smaller retailers likely won’t make a location decision until 12 months prior to the completion date, which likely won’t be until 2015 due to construction delays.
The redevelopment plan is a $400-million joint venture between the city and the Ottawa Sports and Entertainment Group. The city recently won a legal battle against local activist group Friends of Lansdowne, which claimed OSEG had illegally received its $300-million contract.
The OSEG is led by local developers Roger Greenberg, John Ruddy and Bill Shenkman, as well as Ottawa 67's owner Jeff Hunt.
Other highlights of the report include:
- The city’s capital cost of completing the stadium and parking garage has increased $12 million to $167.4 million;
-Pomerleau, a construction firm with Ottawa operations, has agreed to a conditional guaranteed maximum price contract worth $61 million to construct the parking garage;
-The naming rights for the stadium are now expected to yield $50.2 million in revenue, up from the $15.7 million projected earlier this year.
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