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20-504: Built and initially owned by Multi Malls, Timmins Square opened in 1976. Campeau Corporation bought the mall in 1982. The mall was expanded in 1989 to accommodate Sears as an anchor tenant. Other anchor tenants over the years have included Walmart , Kmart , Dominion Stores , Zellers , Winners , and Sport Chek . In 2000, an outpost of the Timmins Museum: National Exhibition Centre opened in

40-437: A deal that attracted much controversy because it earned the company multimillion-dollar tax breaks. Following a highly publicized legal battle with Britain's Allied Lyons PLC for control of Canadian-based distillers Hiram Walker - Gooderham and Worts Distillery , the makers of the popular Canadian Club brand of rye whiskey , in 1987 Olympia & York became Allied Lyons' largest shareholder. In March 1992, Paul Reichmann

60-589: A deep recession, and Olympia & York, which was now the largest property holder in Manhattan , began to feel cash flow problems which deeply affected the pyramid-like financing strategy that the Reichmann brothers had adopted. As well, they held a significant shareholding in the Royal Trustco . Both Reichmann brothers were strongly religious Haredi Jews , and shut down their construction sites for

80-425: A major gamble, winning the fierce bidding war for the final undeveloped property at the corner of King and Bay street (the geographic heart of Canada's financial district). The Reichmans won the contract to build Canada's tallest building, First Canadian Place in 1971. The project almost collapsed, however, when reformist mayor David Crombie put a halt to major development projects. After three years of lobbying,

100-554: A personal promise by Margaret Thatcher , the London Underground line known as the Jubilee Line Extension was delayed in construction awaiting the contributions from Olympia & York (with the line eventually opening in the year 2000). The office space at Canary Wharf remained largely empty, and Olympia & York began to run out of cash. At the same time, New York City and its real estate market began

120-521: The Canary Wharf site in the east of London. The 83-acre (336,000 m ) site would become the largest development project in the world, which would incorporate One Canada Square , Britain's tallest skyscraper at the time. The project ran into problems, however. Britain entered a recession, British firms were unwilling to relocate from the traditional financial centre within the City of London , and despite

140-585: The Harbour Castle Hotel (now part of the Westin Hotels chain) - which helped revitalize the city's waterfront area. In the 1980s, Campeau embarked on a series of leveraged buyouts , first bidding unsuccessfully on the Royal Trustco (now owned by Royal Bank of Canada ). Its founder's brash, confrontational manner made him an outsider to much of the conservative Canadian business establishment. As his empire expanded, Campeau ventured into

160-542: The Jewish Sabbath and for all Jewish holidays. Even while the success of O&Y made them one of the world's richest families, they continued to live relatively austere lives. The company diversified through the 1980s. The firm acquired a 50.1% control of Brinco Ltd. in 1980. In 1981, the company acquired an 82% controlling interest in Abitibi-Price Inc. In 1985 the company bought Gulf Canada ,

180-502: The United States , looking for acquisitions that would add shopping mall real estate to his portfolio of assets. In 1986, Campeau acquired Allied Stores . In 1988, the company followed with the purchase of Federated Department Stores , owner of Bloomingdale's . Campeau retained banker Bruce Wasserstein to assist with the transactions. The purchases were criticized by The New York Times , which noted "recent LBO's benefited

200-466: The downtown core not be taller than the Peace Tower of the parliament buildings . Campeau found this rule to be unnecessary and was drawn into conflict with city council over large high-rise developments such as Place de Ville . Campeau's real estate development success soon spread outside Ottawa. In Toronto, its notable developments included Scotia Tower (the city's second-tallest skyscraper) and

220-584: The early 1990s and was recreated to eventually become Olympia & York Properties. The company was founded by Paul Reichmann and his brothers, Albert and Ralph, in Toronto in the early 1950s as an outgrowth of their Olympia Flooring and Tile Company . It first built and operated warehouses and other commercial buildings in Toronto. Its first major project was the development of the vast Flemingdon Park project on Don Mills Road . The company then took

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240-665: The mall; items believed to be particular tourist draws included an outfit Shania Twain wore for the 1999 Country Music Association Awards . As of 1999, the mall was owned by Laing Property Corporation, which is based in Vancouver . The mall was purchased by RioCan in May 2001. In 2006 a renovation was completed, the first major updates since the mall opened 30 years prior. [REDACTED] 48°28′26″N 81°22′48″W  /  48.474°N 81.38°W  / 48.474; -81.38 Campeau Corporation Campeau Corporation

260-577: The now prosperous Canary Wharf project. However, they no longer have large holdings in New York City. Many of the NYC properties are now under Brookfield Properties . A list of notable O&Y current and previous ownership properties: Following the collapse of Olympia and York, the Reichmanns began to rebuild their empire. Olympia & York Properties Corporation and O&Y REIT returned to

280-472: The project finally went ahead, to great success. In the 1980s, Olympia & York grew to be the largest property development firm in the world. In the early 1980s the New York City real estate market was severely depressed, and the Reichmanns bought a group of nine skyscrapers for the low price of $ 300 million. In only a few years the group rose in value to $ 3.5 billion. The company became centred on New York, opening an office on Park Avenue . The company won

300-624: The rights to the largest development project in the city when they were awarded the contract to develop the Battery Park City neighborhood next to the World Trade Center . This project became the World Financial Center and was another great success for the firm. In 1980, they had also acquired English Property Corp, one of the largest British developers. That led the company to undertake development of

320-478: The target companies' shareholders who received high takeover prices. But most of the gains seemed to have come at the expense of bondholders, creditors and employees." In the late 1980s, the debt obligations that needed to be covered following the merger were too large, and exacerbated by a market downturn that hurt retail sales. Campeau Corporation was unable to meet its debt obligations. Federated and Allied eventually filed for bankruptcy reorganization. The company

340-447: Was a Canadian real estate development and investment company founded by entrepreneur Robert Campeau . It was infamous from its ultimately unsuccessful acquisitions of American department store holding companies Allied Stores in 1986 and Federated Department Stores in 1988. The whole organization soon was mired in bankruptcy and spurred the decline of the regional department store. Synonymous with its founder, Ottawa -based Campeau

360-455: Was able to construct both office complexes and residential subdivisions to accommodate Canada's rapidly expanding civil service . Campeau Corporation had two main rivals in the residential housing market: Assaly Construction Limited and Minto Developments Inc., the latter owned by the family of future Ottawa mayor Lorry Greenberg . For many years, it was city policy in Ottawa that buildings in

380-554: Was eventually acquired by Olympia and York who went bankrupt, and Campeau Corporation ceased to exist. Olympia and York Olympia & York (also spelled as Olympia and York , abbreviated as O&Y ) was a major international property development firm based in Toronto , Ontario, Canada. The firm built major financial office complexes including Canary Wharf in London, the World Financial Center in New York City, and First Canadian Place in Toronto. It went bankrupt in

400-462: Was forced to resign as president. In May, the company filed for bankruptcy and it owed over 20 billion dollars to various banks and investors. The company was finally dismembered in February 1993, and the Reichmanns were left with only a small rump known as Olympia & York Properties Corporation. The new company has again grown into a multibillion-dollar firm, including retaining a large stake of

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