Loblaw In No Rush To Convert Maple Leaf Gardens

toronto gardens

It's hard to believe that 10 years could pass so quickly. But looming on February 19 is the 10-year anniversary of the opening of the Air Canada Centre, and that means the old Maple Leaf Gardens has been sitting empty for almost a decade.

When Loblaw bought the building in 2004, it pledged to convert MLG into a Real Canadian Superstore despite heated public criticism that turning the Gardens into a retail space would harm its heritage legacy.

However, at this point, with absolutely no timetable for development one has to wonder if we'd all be happier if something, anything viable would be a blessing.

So why is Loblaw dragging their heals? As one might expect, the problem is purely economic.

loblaw stock

Loblaw's stock has lost half its value since their purchase of the Gardens in 2004, and as a result of the difficult and uncertain economic times, Loblaw is not surprisingly scaling back their plans to build new stores and instead placing their focus on maximizing their existing ones.

So where does that leave the Gardens? The short answer is, nowhere. And the longer the building sits vacant, the more father-time creeps into the old bricks, nooks and crannys of the structure thereby increasing the amount of financial investment it will take to restore the luster to this legendary Toronto landmark.

I guess we're all going to have to wait a bit longer before we see Dave Nichol on television showing off some new President's Choice 'Memories of Maple Leaf Gardens' Salad Dressing, eh?

image: greyloch

TAGS: Downtown, Gardens, Landmark, Loblaw, Maple Leaf Gardens, Real Estate, Urban, Vacant