Is it an example of shifting tastes and market demand? One of the most iconic downtown buildings, the Granville Street Hudson’s Bay store is going to be sold as reported in Business in Vancouver. The present store was built in 1927 and is instantly recognizable with its white terra cotta exterior. The six-storey Granville Street store built in 1927 is known for its iconic cream terra cotta exterior and Corinthian columns. This retailer has been a Vancouver tradition since 1887 when its first store opened on Cordova Street in Gastown. While the 650,000 square foot building is assessed at 59.7 million ” the property is expected to sell for as much as $900 million.”
Earlier the Hudson’s Bay Company stated that their New York City store would be sold for nearly 1.1 billion dollars, leasing floor space to WeWork. WeWork is described as ” an American company which provides shared workspace, community, and services for entrepreneurs, freelancers, startups, small businesses and large enterprises. ” It is expected that the Vancouver store will continue operating in a smaller footprint with space in the building also being leased to WeWork.
Can a major redevelopment proposal for this significant corner at Granville and Georgia Streets be far behind?
Granville and Georgia Street, 1928 Wikicommons photo
November 3, 2017