The Vancouver Airport Authority hosted a public information session Tuesday, outlining its plan to develop a designer outlet centre, adjacent to the Canada Line's Templeton SkyTrain Station.
The first phase of the project is expected to be completed in late 2014, in a partnership between the VAA and McArthurGlen, Europe's leader with 21 designer, luxury-item shopping centres across the continent.
"We see this as an opportunity for the airport to realize some commercial revenues," said Tony Gugliotta, the VAA's senior vice-president of marketing and business development.
The VAA is jointly developing, managing and operating the centre with McArthur-Glen, which will foray into the North American market for the first time.
"Because we're a not-for-profit company, these profits from the designer outlet centre will be reinvested back into the airport to help keep costs down," he said.
The VAA wouldn't disclose how much money is invested in the massive project, expected to pump 1,000 jobs into Richmond's economy. A profitable mall could translate into lower airfares for Metro Vancouverites flying out of YVR, said Gugliotta.
In May of last year, the VAA increased its Airport Improvement Fee to $20 from $15 to help cover a $1.8-billion upgrade.
The fee was brought in as temporary in 1993, but the VAA defended the decision due to unforeseen expansion in the airline industry.
Richmond Mayor Malcolm Brodie and council didn't approve of the original plan to develop the mall on Russ Baker Way.
"It would have been completely car-oriented," Brodie said Tuesday. "(This) is a far more sustainable concept. We think that being in a location near the Canada Line makes a lot of sense."
Brodie says YVR spent about $250,000 on their share of the Canada Line and can hopefully reap some financial benefits.
David Gray of DIG360 Consulting says a designer outlet mall has been longtime coming for the Lower Mainland - and beyond.
"This is really unique in that it's dedicated focus is on luxury, with an outlet model," said Gray. "It will pull dollars that otherwise could be going south of the border."
Gray doesn't expect the mall to attract too many layover travellers - who would venture downtown if they have the time.
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