A Langley company known as Lorval Developments has announced the acquisition of the Haney Place Mall in downtown Maple Ridge.
The mall is currently owned by SmartREIT, and the change of ownership is scheduled to take place in about a week, said Gurki Rai, manager of acquisitions and leasing for Lorval.
Rai said there is potential to re-develop the site in the future, but for now the company will focus on relationships with existing tenants, and filling any vacant storefronts.
“Ultimately, it’s a running mall, and it needs some touch-ups,” said Rai. “We have to make sure they (the tenants) are taken care of, and have an operating mall.”
The mall has recently seen the loss of a key tenant in grocery store Thrifty Foods, along with other smaller losses such as Blue Line Sports, Kin’s Market, Ardene and Black Bond Books – the latter having moved to ValleyFair Mall.
Redevelopment of the site is anticipated. Rai noted the mall is close to transit and new high density residential developments downtown, and offers an opportunity to contribute to the new vision of the Town Centre Area.
A company press release said Lorval will work closely with the city of Maple Ridge and area residents to create a revitalized core for the community.
Rai noted the existing zoning on the 12-acre site would allow for ground-floor commercial with mixed use residential development above, but said it is too early to speculate what the site will look like in the future.
Lorval is a family-owned business specializing in commercial, industrial, and residential real estate development. They have residential towers in Langley and the Okanagan.
“On behalf of council and the community, I want to welcome Lorval Developments to our community, and thank them for their investment in our city,” said Mayor Mike Morden. “We’ve been working on the revitalization of the mall property since the beginning of our term. This truly exciting cornerstone project will be the heart of our downtown.”
“Council’s strategic plan is focused to deliver a safe and vibrant downtown. Key to this vision is dense mixed-use form that will provide employment, homes, entertainment, and shopping for our rapidly growing community,” said Morden. “This redevelopment of Haney Place Mall, combined with many other large projects underway, will firmly anchor Maple Ridge as a regional city centre for the North Fraser.”
READ ALSO: Haney Place Mall has a new owner
Coun. Gordy Robson said it was good news, and that redevelopment of the mall site has been an ongoing issue for the city’s downtown.
“This is the kind of company we need in our downtown, and the redevelopment, when it comes, will be a benefit to the community,” said Robson.
Chuck Goddard, city director of planning, sees the sale and redevelopment as part of a new face for downtown Maple Ridge. There is also a 20-storey tower with commercial and residential space proposed for the ValleyFair Mall site, and Swissreal is working toward approvals for the next phases of the Era Maple Ridge development on Dewdney Trunk Road downtown.
“It is very key, and it would be great to see that development, along with the ValleyFair Mall and Swissreal,” said Goddard. “It would be really game-changing.”
Walmart moved into the Haney Place Mall in 2015, and parent company Smart Real Estate Investment bought the shopping centre from Narland Properties of Vancouver.
READ ALSO: SmartCentres looking to replace Maple Ridge Thrifty Foods
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