Lake Country mall’s multi-year facelift nearly complete

A Lake Country mall complex that was built nearly half a century ago has new life after a lengthy renovation under its new ownership.

Stream Property Partners (SPP) acquired the retail plaza from its original local developer and owner on July 26. The cost was a hair under $8.5 million, which was $3 million under asking.

The North Vancouver-based private equity firm put those savings and more back into the investment through a $4.5-million refurbishment.

“The main mall building was constructed in 1980 and has ‘good bones’; however, the exterior was dated and the curb appeal of the property had diminished over the years,” notes a release from SPP.

“The objective was to modernize the property within a focused capex budget and upgrade the tenant roster with new community amenities.”

The multi-year facelift included a new roof and design upgrades like a raised exterior façade, lighting and signage. The Tim Hortons drive-thru was reconfigured to ease parking lot congestion and enhance pedestrian safety.

Inside the mall, brand new ceilings, LED lighting and flooring were installed in the breezeways, a full bank of brand new washrooms were built and the three entrances got new doors and glazing.

There was a major overhaul of the tenant roster that retained and relocated community favourites like Grillers Meats, Chantana’s Thai Restaurant and Winfield Chinese Restaurant.

Several new tenants like Mary Brown’s Chicken, Two Donkeys Bakery, Panago Pizza and both veterinary and dental clinics were brought in.

One of the biggest changes, however, was in the 18,000 sq. ft. high-ceiling basement space, which had been underutilized for decades.

The space was formerly a community social hub in Lake country when it was a bowling alley and pub for several years before the turn of the century.

SPP initially wanted to restore that vision in the basement, and searched for a bowling alley operator, but was unsuccessful with that idea and instead remediated the space for a new tenant.

The space was eventually leased by Pockit Self Storage, which SPP deemed a perfect fit given the mall’s close proximity to Turtle Bay Marina and the Rockridge residential community, as well as the community’s general shortage of self storage options.

Lakewood Mall has new life and the refurbishment work is expected to be complete in early November. A grand re-opening celebration will be held on Thursday, Nov. 19.