London Drugs and Urban Fare have signed long-term leases at the Village on False Creek, SEFC Properties Ltd. receiver Ernst and Young Inc. has announced.
The two anchor tenants have renegotiated their lease terms since the project went into receivership in November 2010; both companies are slated to open stores in late spring of 2012.
“The conclusion of these long-term commercial leases represents a major vote of confidence in the success of the residential sales and rental program at The Village on False Creek,” Ernst & Young senior vice-president Kevin Brennan said in a press release. “We are thrilled to have London Drugs and Urban Fare – two of Vancouver’s most well-known and popular brands, with a proven record of retail success – make such a strong commitment to Vancouver’s newest waterfront community.”
Construction on the London Drugs store has already begun; Urban Fare plans to begin construction on its store later this year.
According to Ernst & Young, residential occupancy at The Village is at 65%, ahead of its occupancy target of 63% by the end of July 2011.
On the commercial front, the two new stores join TD Bank Financial Group (TSX: TD), Legacy Liquor Store – both of which are already open – and Terra Breads, which is set to open later this month.
Brennan said that out of a total of 64,000 square feet of commercial space, only 3,500 are not leased. He added that with finalization of the two new leases, the remaining commercial space is expected to lease quickly.
Jenny Wagler
Twitter: JennyWagler_BIV