Latest news with #Castanheira
Montreal Gazette
4 days ago
- Business
- Montreal Gazette
‘A trophy asset': Developers are lining up to buy iconic downtown Bay building
Developers have already started bidding to purchase Montreal's iconic Hudson's Bay building on Ste-Catherine St. The new vocation for the 134-year-old building that helped launch Montreal's modern downtown core has yet to be determined, however. A little more than a month after it was announced the flagship store would be liquidated, one of 80 Hudson's Bay stores nationwide to be shut and sold because of faltering sales, interested buyers have put in bids, said Glenn Castanheira, director of the Montréal centre ville business development corporation. Who the bidders are and what their plans are for the building won't be known for another month or two, Castanheira said. Montréal centre-ville has been in regular contact with Hudson's Bay officials to discuss how to keep the site from becoming an urban eyesore until a new development project begins. 'We're happy, but we're not surprised there are multiple offers on the table, given how much of a trophy asset this building is,' Castanheira said. Located downtown across from the recently renovated Phillips Square, and with the reconstruction of Ste-Catherine St. in that sector completed, the area sees 90,000 people walking by on a good day. With its direct access to the métro system and proximity to a future REM light-rail station that will take passengers to Trudeau airport in 20 minutes, the building could be redeveloped in numerous ways, Castanheira said. Possibilities include a multi-storey residential development, a hotel or a mixed-use project with commercial spaces on the bottom floors and a condo tower or office buildings on top. 'On the ground floor you could imagine a mixed retail experience, with something like (gourmet Italian grocery store) Eataly,' he suggested. Or a hotel, with a lobby on the street level along with restaurants and specialized services like a spa and beauty salon. Brent Robinson, managing director for the Montreal branch of commercial real estate developer Cushman and Wakefield, also predicted The Bay building would be coveted. 'You're right on top of the métro, you're right on Ste-Catherine St. I'm not surprised to hear there's already some offers because the location alone is A class. I'm sure a lot of the major developers in the city are licking their chops over it.' Possible uses could include putting a large retailer on the lower floors, then residential or office space above. While vacancy rates for Class B and C office space is close to 20 per cent in Montreal's central core, according to Cushman and Wakefield's latest report, there is a lack of higher-quality Class A office space in downtown Montreal, Robinson said. There was a development proposal in 2021 to erect a 25-storey office tower on the north end of The Bay's building, which had the approval of city officials. Soaring vacancy rates caused by the COVID-19 pandemic scuttled that project. Lower interest rates and the levelling off of construction costs means 'the timing is better today for this project to hit the market than it would have been 18 months ago,' Robinson said. A challenge for any developer will be to maintain the heritage value of the distinctive red sandstone structure built in 1891. Two beaver pelts and one elk hide Major cities Canada-wide are grappling with how to repurpose their Bay stores. Winnipeg's six-storey Hudson's Bay closed in November 2020 after years of falling sales. Valued at $0 because of the predicted cost of renovations, The Bay handed over ownership in 2022 of the then 96-year-old building to an Indigenous organization in exchange for the symbolic payment of two beaver pelts and one elk hide. The Southern Chiefs Organization planned to spend $130 million to turn it into a mixed-use building that would include affordable housing for First Nations people, restaurants and a museum. The Ste-Catherine St. store is evaluated at $64,130,000, according to Montreal's property assessment roll. Hudson's Bay paid $2.2 million in taxes on the 564,000-square-foot property in 2024. British Columbia billionaire real estate developer Weihong (Ruby) Liu signed an agreement to purchase the leases for 28 Bay stores across Canada to create her own retail chain. She chose suburban sites that she said would be easier to redevelop than flagship stores. Converting the Montreal property could take as long as 10 years, Castanheira said. Local merchants are worried the building could fall into disrepair, becoming a magnet for graffiti, drug use, squatters or worse. Many of Montreal's vacant sites have been the victims of arson. They include the three-storey building next to the Super Sexe strip bar across the street from the Eaton Centre, which burnt down in 2021. The lot where it once stood is still a vacant hole on Ste-Catherine St. in the heart of the downtown core. 'Montreal has some very lax bylaws when it comes to managing vacant properties,' Castanheira said. His main worry is the property will be bought by a building speculator who lets it sit vacant for decades. Another concern is that Montreal, which has ultimate say over zoning laws, could take a long time to issue the necessary permits to allow redevelopment, said Concordia University economist Moshe Lander. 'Whether you're putting in residential space or commercial or industrial space, it's often the municipalities that become the impediment, saying we need to review,' Lander said. 'That's partly why Canada as a whole finds itself in a major housing crisis. And Montreal happens to be particularly bad.' Montréal centre-ville is in talks with the Hudson's Bay Company to maintain the facade and dress up the windows of the hulking edifice with images showing the history of the building. With other large downtown retail sites possibly facing the same fate as The Bay, Montreal needs to develop an urban plan to prepare for their departures, Lander said. 'The Bay is one of many changes that are going to happen over the next 10 to 20 years,' he said. 'Is there a plan in place? Is there a vision, or are we going to keep doing this in a piecemeal sort of way?' History of The Bay building Scottish-born retail magnate Henry Morgan made the risky decision to move his flourishing business from Victoria Square in lower Montreal to the mainly residential area on Ste-Catherine St. W. in 1891. Morgan was betting urban development would move further north and was proven right, with his store selling dry goods, dresses and fashion items paving the way for the development of Montreal's modern downtown core. Morgan spared little expense, importing high-quality red sandstone for the facade of the four-storey building. He hired Scottish architect John Pierce, who designed the department store in the grand Richardsonian Romanesque style, characterized by heavy stonework, rounded arches and deeply recessed openings. The building was considered to be 'the finest structure devoted to the retail business in North America,' historian Robert N. Wilkins wrote in The Gazette in 2014. The store, run by Morgan's family after his death in 1893, was prosperous. In 1923, it expanded northward with the construction of an eight-storey structure. There was a Steinberg's grocery store in the basement starting in 1952. In 1960, the Hudson's Bay Company bought Morgan's and enlarged the store again, moving it all the way to de Maisonneuve Blvd. by 1967. It was still known as Morgan's till 1972. The Hudson's Bay Company announced in April it would be liquidating all of its 80 stores across Canada.
Global News
03-06-2025
- Business
- Global News
What will become of the The Bay's former flagship downtown Montreal store?
The former flagship Hudson's Bay store in Montreal helped to launch the city's new downtown around Ste. Catherine Street. 'This prompted Ste. Catherine to become the department store avenue of Montreal,' explained Dinu Bumbaru, spokesperson for Heritage Montreal. Now that The Bay has closed, business owners worry what will become of the large space in such a central location, just after the city spent millions of dollars revamping Phillips Square and the iconic street. 'This can't be a black hole,' Bumbaru stressed. 'It has to be an active part of the city.' Merchants and business groups doubt most commerce in the area will be negatively affected by the closure but caution that if the building is left empty for too long, it could become a blight in the area. Some fear it could become a focal point for the unhoused and attract criminal activity. Story continues below advertisement Glenn Castanheira, executive director of Montréal Centre-Ville, points out that the building is prime real estate, so it's only a matter of time before a new project is proposed for redevelopment. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Which is why the key is making it all the way until that project goes forward,' he observed. But what project is ideal? According to merchants around Philips Square, business there is set to take off, thanks in part to two hotels in there and a planned condo tower. 'Foot traffic is up and everything around Phillips Square is actually booming right now,' Castanheira told Global News. If things are done right at the old Hudson's Bay location, he and merchants argue, the area could be transformed immensely. One popular idea is to build residences. 'If people live here, they're going want to play here as well,' Concordia University senior economics lecturer Moshe Lander reasoned. 'So they're going to want bars, restaurants and other things to entertain them, and so you can have growth in this part of downtown.' He and others some point to what Birks jewelry store did just across the street — keeping the jewelry store on the ground floor and converting the upper ones into a high-end hotel — and say a similar model should be employed at the old Bay location. Story continues below advertisement 'On the upper floors, what can really work in that area is either hotel, or residential, or both,' Castanheira reasoned. With the right project, he argues, that building could once again help influence downtown Montreal, just as it did more than two centuries ago.
New Straits Times
24-04-2025
- Sport
- New Straits Times
Is Sabah FC in turmoil?
KUALA LUMPUR: Sabah FC have dismissed talk of financial turmoil amid the Malaysian Football League (MFL) confirming the Rhinos as one of four Super League sides to secure an AFC Club Licence for the 2025-2026 Asian Champions League 2 (ACL2). "Sabah always fulfil their obligations and are aware of them, unlike some other clubs. "We're one of four to receive the AFC licence, so I don't think there's any problem. Not saying we're perfect, but the management knows what needs to be done, and the players are always taken care of," said Sabah technical director Scott Ollerenshaw. However, the East Malaysian club's off-field issue amid the exits of key players and speculation about further departures, including Stuart Wilkin, Dominic Tan, Saddil Ramdani, Joao Pedro and Telmo Castanheira, hang over them like a cloud. "Pedro had an opportunity in Vietnam. It was a football decision. "Saddil? It's not official. He's been here five years, and it's normal for players to want a new challenge. I love him, but if he's ready to move on, maybe it's time. "On Stuart and Dominic, those are only rumours. We'll have to wait and see," said Ollerenshaw. Midfielder Castanheira's Facebook post sparked speculation after he alluded to problems at the club. "Amazing season with this group of players who, despite so many problems, never stopped. Thanks to the fans for always supporting me. Regarding the club's difficult situation, I hope they resolve it quickly and fulfil their obligations," wrote Castanheira. Ollerenshaw confirmed that the management is aware of their obligations, and are committed to smart planning and financial discipline for the new season. Meanwhile Sabah team manager Rafie Robert announced his departure on Facebook, confirming April 20 as his last day with the club. "Thank you Sabah. April 20 was my last day as team manager. Congratulations to the players and coaches for another top-three finish. Also, thank you to the fans for always supporting us. I appreciate the trust given to me this season. It was a valuable experience," posted Rafie. Sabah wrapped up the Super League season in third place for the third year running, behind champions JDT and Selangor.
