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Originally Posted by ShanghaiKid
Amazing Brentwood
I've been following Brentwood for a long time, ever since I purchased in 2014. After 3 amendments it's finally nearing completion, and buyers are slated to take ownership some time in Q2 2019. One aspect that Shape properties, the developer, has remained silent on is major tenants for the mall expansion. For a while a lot of people were fearful that they couldn't find enough attention-drawing storefronts to own up to their "luxury/upscale shopping experience" marketing.
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Good summary and project update. I'm excited for owners and know of clients still looking to buy assignment sales on the CHEAP (for sellers that can't mortgage for whatever reason) as they are unlisted and hard to find outside of MLS.
Did some assignments early in Amazing Brentwood around January. I remember reading contracts from 2014 and 1BR being $290K and 2BR being $420K range. Lifts were huge - sellers were profiting $300K lift. The baller buyers with cash can pay $370K-450K cash, most buyers staggered deposit + lift with some due at completion.
Outside Envelope date had to be extended as no buyer in right mind will want their original money back after 3 years.
As a residential developer - SHAPE has honestly lost faith from many of their buyers with delays on Amazing and COL. City of Lougheed has yet to even take payment #2 on Tower 1 (out of 20+). Tower 2 seems to be off to a rocky start with the worst timing of it all - grand opening late Oct into a slower R/E market.
The actual location itself though - since SHAPE does own Brentwood Mall - it's exciting to see massive district scale vision being put in place - something only a large commercial developer can pull off. It's great to see the Catterton (LVMH) partnership - but you have to be realistic if Brentwood can support a Holt Renfrew like prescence - most luxury malls are there to be SEEN and provide anchor for branding globally, not for profits I feel. Regardless - it's a boost for anyone living around Brentwood - and there's certainly no shortage of new towers in the area.
Quality remains to be seen - but I imagine if they put the same trades and quality of care as they do on commercial/residential side it should be pretty decent. Can't say that about certain EI developer that just completed on Gilley/Kingsway and has 4 towers around Brentwood....
