A famous (some would say infamous) aging mall in Mount Pleasant could soon be home to a new mixed-use community, including condos, retail and potentially office space.
Kingsgate Mall at the corner of Broadway and Kingsway is an East Vancouver institution that appears to be stuck in time, with a random assortment of quirky, independent stores you might expect to see in small town B.C. There’s no denying, the mall has a certain je ne sais quoi.
Spots are filling up quick for seniors day. Get yer butts down here! pic.twitter.com/5CWgM9pV9T
— KINGSGATE MALL (@kingsgatemall) March 27, 2014
In fact, the mall spawned several online parodies, including a hilarious twitter account which is sadly no longer updated, and even a YouTube musical tribute to the shopping mall, to the tune of Adele’s Skyfall, naturally.
But what many people don’t know is that Kingsgate Mall is actually owned by the Vancouver School Board, as it used to be site of the False Creek School (later renamed the Mount Pleasant School), built in 1892. It was torn down in the 1970s and Kingsgate Mall was built in its place.
Fast forward to 2016, and the Vancouver School Board is facing a massive budget shortfall and the money from a potential sale of Kingsgate Mall would sure come in handy right about now. The property is valued at $80 million, up from last year’s assessment of $56 million.
The large property is also directly across the street from The Independent development by Rize, currently under construction. That project will feature 258 homes over 21 storeys.
Now the Vancouver School Board has launched a public consultation to determine if the property should be sold.
A number of major developers would likely be interested, and would seek to redevelop the site into a high-density mixed use project. A likely buyer is the Beedie Development Group, which already has a 99-year lease on the property.
It’s safe to say we can expect even more changes at the intersection of Kingsway and Broadway in the near future.
STILL NOT A CONDO
— KINGSGATE MALL (@kingsgatemall) February 19, 2016