Port Place Mall Phase 2 Rises

Cement Is Pumped To Second Floor

Looking like a refugee from Transformers the long snorkel arm of a cement pumper unit delivers concrete to the second floor of phase two of the Port Place Mall makeover.

If memory serves, the second floor of this section will all be residential units with retail/service spaces occupying the ground level units.

This is a project of First Capital Realty which according to the company website is Canada’s leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres located predominantly in growing urban markets. "Our properties are where consumers shop for everyday life – groceries, prescription drugs, personal care items, household supplies, banking and other personal services."
 
First Capital Realty Inc. is a publicly traded stock [TSX-FCR]. The stock is currently trading for $18.95 having shown a steady rise from a post '08 meltdown price of just under $10.00 early in 2009. Looks like PM Harper's flip comment about being a good time to buy stocks would have been true in this case showing nearly a 90% appreciation in capital since 2009.

This is the same company that owns the Commercial Street retail space in the Port of Nanaimo Centre (conference building) occupied by a coffee shop, insurance company and an eye-ware store. This property holding would seem inconsistent with the company statement of property ownership. They at one time owned the portion of Terminal Park Mall housing the government liguor store which they renovated on the outside and then have since sold to another company after increasing lease rates.

In addition to Port Place Mall the company also owns Longwood Station on Turner Road. The company website offers some interesting market demographics concerning these two shopping centres.

Port Place Mall has a population of 3,739 within 1km with an average household income of $37,223 and a population of 22,712 within 3km with an average household income of $41,515.

Longwood Station has a population of 4,414 within 1km with an average household income of $55,860 and a population of 24,688 within 3km with an average household income of $66,589.

These market demographics are quite revealing and would show why retail activity in the 'north end' should exceed retail activity in the downtown area. I am sure that lease rates would also be higher in the north end.