Elgin Mall has wonderful potential according to the small, family-owned real estate investment company that acquired the 263,000-square-foot property in October of 2016.
At the time the mall was operating at a roughly 50 per cent vacancy rate.
Jay Burstein, spokesman for the new owners stated, “Our goal is to try and lease the vacant space as quickly as possible and try to make this mall the vibrant place it once was.”
A rather major concern was the large vacant space at the west end of the mall, formerly occupied by Zellers.
“We recognize the fact the former Zellers space is something we really have to look at,” admitted Burstein. “If we could find one tenant for that space, that would be awesome.”
Just shy of five years later and what is now known as Elgin Centre is again making headlines.
Preparatory work has begun at the very same spot in the shopping centre to make way for a $16 million, 95-room Holiday Inn Express and Suites scheduled to officially open next October.
At a luncheon held at the beginning of the year at St. Anne’s Centre, St. Thomas Mayor Joe Preston was nothing short of blunt when it came to the city’s bus system. “It leaves way too much to be desired. Our transit system doesn’t run on Sundays and it doesn’t run past 6:30 at night.” As those in attendance lingered over coffee and dessert, Joe reminded them the city has approval from the provincial government to help institute a full seven-day service operating over longer hours. That approval was delivered on August 8 of last year in front of city hall when Elgin-Middlesex-London MPP Jeff Yurek confirmed the provincial government is committing $1.8 million for transit projects in St. Thomas. The money will be used for fleet upgrades – including the purchase of 10 new buses with an additional four vehicles for future expansion – and transit technology, including priority signalling for buses at designated intersections.
Earlier this month, council unanimously approved recommendations from the planning department concerning amendments to the city’s official plan to support hotel and apartment use at Elgin Centre (formerly Elgin Mall). The report from Jim McCoomb, manager of planning services for the city, followed a public meeting held July 15 where some residents expressed concerns about noise emanating from the hotel, snow removal and storage, fire safety for the upper levels of the hotel and parking and traffic. A traffic assessment study submitted to the city concluded, “the proposed redevelopment of a portion of the existing Elgin Centre shopping mall will not significantly change the existing roadway traffic volumes and on-site parking accommodation.” It was noted a petition had been received signed by 40 individuals opposed to the proposal.
It’s one of those unperceived neighbourhoods in St. Thomas . . . life beyond the hump of the Barwick Street bridge. The residents, who enjoy a tranquil setting west of the railway track, may soon be joined by a couple hundred new neighbours if the city approves a proposed subdivision in the Hill and Barwick streets enclave. The Ostojic Group of St. Thomas is proposing a 75-lot subdivision west of Hill Street with Nick and Joe Ostojic making their pitch to council this Monday (June 17). It’s not the first time the Ostojics have sought to develop the open field nestled between the St. Thomas bypass and Kettle Creek. The stumbling block in the past has been the restricted access across the wooden bridge that spans the CN line to London.
You have to look very, very carefully to find this gem in last Monday’s council agenda.
We’ll help you out. It’s on Page 65. A warning from the city’s director of finance, David Aristone.
“The various reserve balance are adequate in the short term,” advised Aristone in his 2016 year-end update to council. “However, for the longer term, the city is financially exposed in the following areas.
Aristone lists four areas with the final being “future retirement payouts for the fire department.”
No amount is listed, but we confirmed with human resources director Graham Dart the amount at the end of 2016 was approximately $1.3 million.
A tidy sum, that. And what is the $1.3 million earmarked for?
In the period 2000 to 2015, St. Thomas experienced an almost three-fold increase in vacant commercial retail space. That’s one of the key findings in a 2015 retail market study to be presented to council Monday.
The study, undertaken by Dillon Consulting and W. Scott Morgan & Associates, sought to “analyse the ability of the city’s commercial policy framework to support the health of its retail market, while identifying the evolving retail market trends that may affect St. Thomas.”
The city has 2.46 million square feet of retail commercial space – an increase of 15 per cent since 2007 – but in that total, 313,000 square feet is vacant, up from 114,000 in the year 2000.
Considered the poor cousin of enclosed shopping malls by its previous owner OneREIT, Elgin Mall has wonderful potential according to the small, family owned real estate investment company that acquired the 263,000-square-foot property last month.
Brothers Jay and Mory Burstein are adamant their intention is not to demolish the retail centre that first opened in 1975.
“Our goal is to try and lease the vacant space as quickly as possible and try to make this mall the vibrant place it once was,” Jay assured in an interview this week.
An optimistic game plan for a mall that is operating at a roughly 50 per cent vacancy rate. Continue reading →