Lee Blvd & Waverley St Winnipeg, Manitoba

Transcription

1 Lee Blvd & Waverley St Winnipeg, Manitoba

2 Executive Summary A city that mixes business with pleasure, creativity with capability, and opportunity with productivity, Winnipeg has been known as Canada s best kept secret for many years. Called the Gateway to the West, Manitoba s largest city blends the energy of the East with the prairie work ethic of the West into the ideal place to work, live, and play. Winnipeg s highly skilled labour force, central location, distribution infrastructure, low operating cost environment, and quality of life make it an ideal location for any company competing in national and world markets. With a strong and diversified economy, and with Manitoba s successful Provincial Nominee Program (PNP) attracting thousands of immigrants annually, the secret was bound to be discovered. With Winnipeg s increasing population and a consistent rental vacancy rate of less than two per cent, the demand for residential housing cannot be met. Ascent Condos at Fairfield Park Inc. acquired a rare 9.8 acres of currently zoned RMF-S land, multifamily residential, located in the highly desired southwest quadrant of Winnipeg. The objective is to rezone, develop and transform the vacant property into a highly optimized master residential community, providing a mix of spacious bungalows, modern townhomes, and condominium towers. As of September 15th 2016, Phase 1, consisting of 56 townhomes, is complete and Phase 2, construction of 50 townhomes, is scheduled to start shortly. We rezoned 2.1 acres out of the 9.8 acres RMU (Residential Mixed Use) which allows for a residential condo/apartment building no more than 10 storey's high and up to 184 units with the possibility of some commercial units on the main level. Given the location of this site, close to the largest university in Manitoba, there is high demand for residential condo and apartment rentals. The site plan shown (next page) encompasses 337 units and is designed to maximize the number of units while maintaining a perfectly balanced and harmonious community lifestyle. For cash flow purposes, the RMF-S zoned parcel (7.7 acres) will be developed in 3 phases and the RMU parcel with the mid-rise residential building will be built at the end: Phase 1: 56 townhomes/strata units - COMPLETED Phase 2: 50 townhomes/strata units - CONSTRUCTION STARTING SOON Phase 3: 47 townhome/strata units - CONSTRUCTION SCHEDULED TO START LATE 2017 OR EARLY 2018 Phase 4: Residential Mid-Rise Building with 184 units - CONSTRUCTION SCHEDULED FOR 2018/2019

3

4 Property Location Encompassing 426,190 square feet of prime land, the property lies in the distinguished southwest portion of Winnipeg. Specifically, the property is located in the northeast corner of Waverley Street and Lee Boulevard in the community known as Fairfield Park. Waverley Street has recently been expanded into a four lane, two way commercial artery and provides access to several residential communities both north and south of the parcel (e.g. Lindenwoods, Waverley Heights, Fairfield Park & Richmond West). In addition, Waverley Street will border the new residential subdivision of Waverley West, which is currently under phase II development and will contain approximately 11,000 homes, by Lee Boulevard is a two lane/two way residential thoroughfare that primarily services the developments it runs through. Emerging new developments in the immediate area serve to further solidify the location as one of the city s most progressive lifestyle hotspots. A 10 minute drive to IKEA, one block from SuperStore, and one block from Winnipeg s new Rapid Transit System, this location provides major convenience factors for students and city commuters alike. The University of Manitoba, the province s largest, most comprehensive, research intensive post-secondary education institution, with a student population of 28,000, is less than a five-minute drive, making the area an ideal place for students to live. The Victoria Hospital, located on Pembina Hwy, is less than a five-minute drive. Also of note is the Winnipeg Blue Bomber s new $ 5 million, seat football stadium on the University of Manitoba campus. Current Status All City approvals and design related drawings are in place. Phase 1, consisting of 56 units, is built and all units are occupied. Phase 2 construction will start shortly with the underground services followed by construction of individual buildings, with an expected possession date of late Phase 3 and 4 are to follow.

5 Market Analysis Target Market From young students to retirees, this residential project offers a safe and friendly living environment designed to serve a range of different buyers. The Townhomes, with a footprint of 1400 or 1600 square feet, are designed to attract young emerging families and commuters alike, with two and three bedroom options. The Condominium tower units will attract a mix of students, young couples, emerging families, retirees, and investors wanting to take advantage of Winnipeg s low vacancy rate. The most active segment of the Winnipeg real estate market falls within the $200K-$399K range. The majority of the units will be competitively priced to fall into this range, depending on the model and different options taken. Winnipeg, Manitoba is a cosmopolitan city with a rich past and a promising future and has one of the most balanced, highly diverse, and stable urban economies in Canada. In recent studies by Moody s Investor Service and the Conference Board of Canada, Winnipeg has been viewed to have one of the most diverse economies of any major city in Canada. Winnipeg s aerospace, finance and insurance, transportation, agribusiness, information technology, furniture, and apparel industries provide a solid economic base, which serves the community well. Overall, Winnipeg's diverse economy provides a stable workforce, low unemployment rates, and a cushion against major fluctuations based on downturns in the economy. Winnipeg has the most diversified manufacturing sector in Western Canada. Manufacturing outputs include food and beverage, tractors and other farm equipment, municipal and interurban buses, specialty steel products, electrical components, aerospace components, chemicals, plastics, furniture, and much more. Manufacturers can source many of their inputs from other firms and draw on a large pool of skilled labour; much of the manufacturing activity is export oriented. The bus and tractor manufacturers export most of their output, making motor vehicles one of Manitoba s largest categories of export. Winnipeg also has a long history as a major financial centre. Winnipeg s financial services sector is one of the largest in the country. It employs an estimated 21,000 people and contributes five billion dollars annually to the provincial GDP. Winnipeg is the headquarters for some of Canada s prominent investment firms and insurance companies.

6 Winnipeg have among the lowest costs of living in all major Canadian cities, excellent healthcare and education, and low traffic congestion. Factors which support new development in Winnipeg are low cost serviced industrial land, an abundance of energy in all forms with the lowest electricity rates in North America, a skilled and productive labour force, progressive universities and technical schools, and a government supportive of economic growth. Winnipeg has one of the most diversified secondary manufacturing bases of any city in Canada, the service industries to support this manufacturing, and is an economical location for regional and functional offices. From this advantageous location, Winnipeg products are shipped by rail, highway, and air transport across Canada, southward into the United States, and to two ocean ports. Winnipeg continues to develop into a centre of excellence with exciting new achievements in healthcare, pharmaceuticals, information technologies, media, bus manufacturing, and aerospace.

7 Trust Owner: Address: Total Area: Portfolio: ASCENT CONDOS Lee Blvd & Waverley Street 10 acres Winnipeg Development Jaswinder S. Bhatti Broker Triple Net Realty Inc., Brokerage Mobile: (416) Gagandeep S. Sekhon Sale Representative Triple Net Realty Inc., Brokerage Mobile: (416) Sumanjit S. Panfer Broker of Record Triple Net Realty Inc., Brokerage Mobile: (416)