Construction Today - February 2011 - (Page 122)

Commercial | ECONO-MALLS MANAGEMENT CORP. A Talented Turn S ociety today fosters a disposable mentality. Consumers are eager to live by the philosophy of “out with the old and in with the new.” But, for companies such as Econo-Malls Management Corp., the concept of “redo and reuse” has made for a successful business. As a developer and manager of retail spaces such as strip malls and indoor shopping complexes, Econo-Malls also has become a successful turnaround business. The company gives new life to old structures that are mismanaged structurally and financially. “We like to buy the kinds of projects that are not being managed or leased well, or that have some deferred maintenance issues,” explains Howard Wiseman, principal of Econo-Malls Management Corp. “We come in and fix what’s broken so as to make these properties viable again.” Econo-Malls has worked on turnaround projects throughout Canada but the company’s particular focus has been in the provinces of Newfoundland, Nova Scotia, Quebec and Ontario. The Montreal-based operation has been successful in this venture because of some conservative business practices and an eye for what’s needed to ensure the company’s growth. Howard Wiseman explains. “We saw a need for managing assets and advising financial institutions, and other developers.” To satisfy this need, the Wisemans developed RDH Property Group Inc. Today, RDH operates with Econo-Malls as a full-service real estate agency and offers third-party property management services to pension funds, insurance companies, publicly traded companies, developers, vulture funds and private investors. RDH’s services include management, development, sale, purchase, leasing and subleasing, financing, asset management and disposition, consulting and due diligence for all forms of real estate throughout Canada. ECONO-MALLS MANAGEMENT CORPORATION GIVES NEW LIFE TO OLD STRUCTURES. BY LORI SICHTERMANN probably fared better than others because we’ve always been quite conservative,” Wiseman says. “We’re very much in the small and medium-sized markets for businesses that offer basics to their customers. Even if markets tighten up, and people avoid discretionary spending, they still will shop at grocery stores, drug stores, junior department stores and other shops selling low- to middleend-priced goods and services that are Econo-Malls Management Corp. • Asset value: $250 million • Headquarters: Montreal • Employees: 75-100 • Specialty: Development and management of retail centers A Second Chance One reason Econo-Malls has been successful over the last 35 years – even in spite of past and current economic downturns – is the company’s business practices. “We’ve conservative »Econo-Malls usesrevitalize retailbusiness practices to operations that are performing poorly. “Retail is our specialty, but our interests have expanded to include all property classes.” –Howard Wiseman, principal The Need to Grow Econo-Malls founder Murray Wiseman built the company’s first shopping mall in 1976 in Bay Roberts, Newfoundland. Murray’s three sons – Robert, David and Howard – joined soon after and helped their father to successfully develop, acquire and redevelop more than 40 properties. In total, Econo-Malls has been responsible for more than 5 million square feet of property throughout Ontario, Quebec, Nova Scotia, Newfoundland and Labrador, and its current owned portfolio comprises approximately 2.5 million square feet. Although quite successful as a developer, Econo-Malls recognized an underserved area of the business nearly 20 years ago. “In the early 1990s, we realized we wanted to do more third-party work, primarily in brokerage and third-party advisory services,” 122 CONSTRUCTION-TODAY.COM FEBRUARY 2011 http://www.CONSTRUCTION-TODAY.COM

Table of Contents for the Digital Edition of Construction Today - February 2011

Construction Today - February 2011
Out of the Blues
Best Practices
Exploring BIM
Construction Law
Wall Works USA Inc.
Epoch Properties
Pacific Pile & Marine
Dufferin Construction – Highways 403 and 401 Projects
Natt McDougall Co.
Abhe & Svoboda Inc.
Malcolm Drilling
McKinney Drilling Co.
ODOT/Miller Cable Co. – Northeast Ohio ITS Project
Barnard Construction – Snoqualmie Falls Hydroelectric Redevelopment Project
C.A. Barrs Contractor Inc.
Charles Blalock and Sons Inc.
Parsons Brinkerhoff, Hatch Mott MacDonald, Skanska USA, Dragados USA and Tutor Perini – Alaskan Way Viaduct Replacement
William Charles Construction – I-39 Repaving
Wadman Corp.
CB Richard Ellis Canada
The Cadillac Fairview Corp. Ltd./PCL Constructors Canada Inc.
Fargo Pacific Inc.
Critchfield Pacific Inc.
Harold O’Shea Builders
Culpepper Construction Co. Inc.
Golden State Framers
HRH Construction
Hudspeth & Associates Inc.
Hyder Construction
IMC Construction Inc.
Jones Lang LaSalle – Empire State Building Renovation and Retrofit
Econo-Malls Management Corp.
Ruscio Studio
Turner Construction San Diego – New Central Library
Trotter & Morton – University of Calgary
Collavino Construction Co. Inc. – One World Trade Center
Danis Building Construction Company – The Indu and Raj Soin Medical Center
F.J. Sciame Construction Co. – Abraham Joshua Heschel School
Eckman Construction – Pinkerton Academy Freshman Building
The Hagerman Group – Parkview Whitley Hospital
Scheck Industries
Whaler Industrial Contracting Inc.
Last Look

Construction Today - February 2011