Introduction:
Exciting news is shaking up the real estate market in Surrey, British Columbia, as one of the largest suburban-style shopping malls in the South of Fraser sub-region has recently sold for a staggering $155 million! With its expansive 35-acre property, the Strawberry Hill Shopping Centre is poised for high-density, mixed-use redevelopment, attracting interest from both municipal governments and transit-oriented development enthusiasts. In this blog post, we will delve into the details of this significant sale and explore the immense potential for the area's transformation.
The Growing Interest in Redevelopment:
The sale of Strawberry Hill Shopping Centre was driven by the growing interest in redevelopment along the Scott Road corridor, a key area for densification. The municipal governments of Delta and Surrey have their eyes set on transforming this prime location by embracing high-density, mixed-use development. In fact, the City of Surrey is already in the planning process for its side of the Scott Road corridor, with an exciting area plan on the horizon.
Transit-Oriented Development (TOD):
Adding to its appeal, Strawberry Hill Shopping Centre is a provincially legislated transit-oriented development (TOD) site. Thanks to its proximity to the TransLink Scottsdale bus exchange, the mall enjoys excellent connectivity and accessibility. The transit options offered by the bus exchange make this location a highly desirable hub for commuters and shoppers alike. The potential for transit-oriented development further strengthens the appeal of the Strawberry Hill Shopping Centre to investors and developers.
Challenges and Future Potential:
While the redevelopment potential of the Strawberry Hill Shopping Centre is promising, there are challenges to overcome. BC Hydro's transmission lines currently cross above the surface parking lot near The Home Depot, which may require creative solutions to maximize the site's potential. However, with the launch of the R6 RapidBus service along Scott Road and 72nd Avenue earlier this year, the development prospects brighten. The new service, with its extensive bus priority measures, lays the groundwork for potential future upgrades, like Bus Rapid Transit (BRT) or rail-based rapid transit. Such enhancements would further catalyze the development potential of the Scott Road corridor, solidifying its status as a thriving area.
The Trend Continues:
The story of major shopping malls converting into mixed-use developments near public transit services is one that unfolds across British Columbia. This trend is fueled by the increasing demand for convenient and integrated living spaces, where residents can live, work, and play in a single area. The Strawberry Hill Shopping Centre represents a prime example of the ongoing transformation of these commercial locations into vibrant, transit-oriented communities.