itom987
Active Member
There are malls in Florida and new york built by triple 5 that are the same size or larger than wem. Triple 5 is using wem to finance those malls. I think.
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- Thread starter Daveography
- Start date
archited
Senior Member
Exactamundo!
Offworld
New Member
It's my recollection that there was a goodly amount of press a couple of years ago how the debt on Mall of America was in trouble and the collateralization of WEM was a real spectre for 555 to lose it all. I don't know what the outcome of the MoA debt was.
itom987
Active Member
We should all hope that those other properties owned by triple 5 eventually do well. Otherwise the WEM will be sold to a company that will value engineer WEM into being a ghost of its former self.
archited
Senior Member
WEM is a legacy project for 555 and a proven cash cow for same -- the chance of it ever being sold is nil to not in my lifetime.
Westendyeg
New Member
555 already do the bare minimum, so if it ever got sold it would just be the status quo with the new owner. Is there any other mall that has 40 year old floor tiles outside high end stores like Gucci and LV?
scyeg
Active Member
Plus the exterior has needed a complete overhaul for like 30 years. Small sections where tenants have completed their own exterior work look okay (Simons, Starlight, Sportchek, Cactus/Famoso) but overall the mall looks awful and nothing like a major attraction from the outside.
Offworld
New Member
Merging my prior comment about 555's debts and how WEM might appear to be managed "tightly":
https://www.cnbc.com/2021/03/30/ame...ders-getting-stake-in-other-malls-report.html
https://www.retaildive.com/news/american-dream-mall-misses-eight-million-loan-payment/642048/
https://therealdeal.com/new-york/tristate/2023/04/12/american-dream-mall-must-repay-390m-loan-judge/
From my prior experience with commercial lenders I can tell you that lender restrictions can be difficult, even for a loan that's current. Default, and then the lenders run the show.
https://www.cnbc.com/2021/03/30/ame...ders-getting-stake-in-other-malls-report.html
https://www.retaildive.com/news/american-dream-mall-misses-eight-million-loan-payment/642048/
https://therealdeal.com/new-york/tristate/2023/04/12/american-dream-mall-must-repay-390m-loan-judge/
From my prior experience with commercial lenders I can tell you that lender restrictions can be difficult, even for a loan that's current. Default, and then the lenders run the show.
BASE
Active Member
Hopefully these other malls can become self sufficient and 555 can invest some in WEM. Some residential and maybe another hotel near the new valley line station would be nice. In terms of attractions some adds/updates would be another nice to have. When will we hear about what will replace the mindbender?
Gronk!
Senior Member
New addition to the Phase 3 food court, replacing Fatburger.
Hockeyology is finally open in Phase I.
Nespresso is now open on level 2 just east of the lake.
Hockeyology is finally open in Phase I.
Nespresso is now open on level 2 just east of the lake.
Platinum107
Senior Member
Oh God, let's not even talk about the American Dream Mall
There's a reason why the city marked this area as one of the 5 major nodes. I do believe that between WEM's aging parkades and the Elmwood townhomes site, we are going to see at least a few towers pop up around here in the next decade, if not more.
David A
Senior Member
Hey that is so Edmonton, the interior is nice and the exterior is not. The 80''s are calling and wants its pebbled concrete cladding back! I feel this mall is due for a major face lift.
Hopefully, some of their other big projects become self sufficient soon so more of the cash generated from this mall can be reinvested in it.
Probably the completion of the West LRT line would be a good time to start fixing/changing things up a bit more with the parking areas and exterior.
Edmcowboy11
Senior Member
Unfortunately, I have a feeling the mall will still be quite disconnected from the LRT station. Even if they don't bring the mall any closer to the busses and the trains, could they at least create a independent walkway, hallway, whatevertype way that is safe, bright and comfortable for pedestrians rather than walking in the driveways of the parking lot.
David A
Senior Member
I can't speak to the mindset of the owners, as to whether they are also stuck in the 80's or not. After all they have owned it throughout, so there may be some resistance to change. However, I do feel one advantage WEM has is the ownership is here, so they are more likely to notice both opportunities and needed improvements upgrades.
But how some other malls here have handled getting the LRT sure has been very disappointing, although the one most recently, Bonnie Doon has been better than the earlier Southgate or Kingsway.
But how some other malls here have handled getting the LRT sure has been very disappointing, although the one most recently, Bonnie Doon has been better than the earlier Southgate or Kingsway.
Edmcowboy11
Senior Member
I think Bonnie Doon has so far done the best job at connecting the LRT stop to the mall