North Burnaby’s The Amazing Brentwood development may soon become a luxury retailer hub.
Brentwood management team Shape Properties announced Aug. 1 it has partnered with high-end, retail-driven investment firm L Catterton Real Estate (LCRE). LCRE was formed under partnership between private equity firm L Catterton and LVMH Moet Hennessy-Louis Vuitton. If the LVMH backing is any indication, the partnership could bring a number of luxury retailers to the two-billion-dollar site.
LCRE brings knowledge, global prestige and experience launching world-class fashion destinations,” states the press release. “The Amazing Brentwood will be their sixth project worldwide and second in the Americas.”
Shape’s vision for Brentwood includes more than 250 shops, a massive VIP Cineplex cinema, and over 6,000 residential units over 28 acres. Shape believes L Catterton’s investment in the development is a vote of confidence in the area’s retail scene.
Currently, the majority of the Lower Mainland’s upscale retailers are concentrated in Vancouver’s downtown. Shape says LCRE will play a major role in bringing the Burnaby development’s retail component to life.
“Despite headlines warning about the death of retail, LCRE’s investment in The Amazing Brentwood signals that retail is not dying – it’s changing,” Shape says.
LVMH represents brands such as Christian Dior, Givenchy and Bvlgari. Retailer announcements for The Amazing Brentwood are expected in the coming months, with Phase 1 of the project to open in Spring 2019.
