Real Estate Advisory

Project Description

Penhorn Shopping Mall is a 42 acre shopping centre that was built in the early 70s. The mall has a prominent neighbourhood presence, and is located on a portion of Portland Street that is heavily-trafficked and offers numerous retail choices. In the face of stiff competition from new lower cost retail plazas and the proposed Dartmouth Crossing shopping megacentre, the landlord, Crombie Properties, asked NBLC for an assessment of options for “de-malling” the shopping centre, and downsizing to a smaller scale format. NBLC was retained by Crombie Properties to determine the feasibility of developing new residential product, on the remaining lands around the downsized retail.

NBLC prepared several site-planning solutions proposing different options on how residential development might proceed on the residual. As part of the project, NBLC conducted a local demographic and market survey, to assess the sales performance of single-detached homes, semi-detached homes, townhouses and condominium apartments. NBLC undertook a comprehensive review of existing planning documents, development agreements for nearby residential projects, and the draft regional plan for the Halifax Regional Municipality to fine-tune the development recommendations. NBLC addressed phasing issues and also provided advice on how to proceed with the residential development.