Dorval Gardens shopping centre sold to North American Development Group
|globalnews.ca 21 Jan 2019 at 15:20|
Mon., Jan. 21: The Dorval Gardens shopping mall could soon get a makeover after it was recently purchased. As Global s Tim Sargeant reports, nothing is finalized â€” but a new mixed commercial and residential project could be proposed.
Some major changes could be in the works for the Dorval Gardens.
North American Development Group, an asset management company that specializes in shopping malls, recently bought Dorvalâ€™s iconic shopping centre.
Plans for a hotel and office space could also be in the works.
Cuzzi says the area on Dorval Avenue has a commercial vacancy rate of 35 per cent â€” a number considered far too high.
Vacant lots also line part of the mall. Some existing merchants say this hurts their bottom line.
â€śThe clientele has gone down because there is a lack of shopping stores,â€ť said Manoj Sakhrani, owner of Ă‰lĂ©gance Renu.
Sakhrani has a lot of confidence in the new owners and welcomes what he says is a much-needed change.
The land on which the mall and its parking lot sit is zoned for commercial and residential use and has a municipal valuation of more than $47 million, according to Montrealâ€™s valuation roll.
The purchase price, however, has not been disclosed.
The mall originally opened in April 1954 and was considered the first of its kind in Canada. Some of the original merchants included Steinbergâ€™s, Reitmans and Morganâ€™s.
â€śThis was a great shopping centre in the â€™50s. But it sort of stayed stuck in that time, we feel,â€ť Cuzzi said.