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.
Tag Archives: Jay Burstein
Market study recommends more retail in downtown core; revitalization of Elgin Mall
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.
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Can the Burstein boys of Brampton breathe life back into Elgin Mall?
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
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Elgin Mall the place to go again?
A small real estate investment company in Brampton is determined Elgin Mall will again be a happening place.
Operating under the name Elgin Mall Inc., the family owned firm last month completed the purchase of the 263,000-square-foot property from OneREIT.
Elgin Mall was the only similar-sized property listed in OneREIT’s holdings and with just over 50% occupancy, the mall was the least-tenanted of the real estate investment trust’s many properties.
