KING STREET NORTH

Transcription

1 KING STREET NORTH APPROVED MULTI-RESIDENTIAL DEVELOPMENT LAND O F F E R I N G M E M O R A N D U M

2 KING STREET NORTH MULTI-RESIDENTIAL DEVELOPMENT LAND CONTACT CBRE LIMITED EXCLUSIVE AGENT For more information on this site, please contact: Martin Cote* Mackenzie Sharpe** Joe Benninger*CCIM Associate Vice President Senior Sales Associate Vice President CBRE Limited, Real Estate Brokerage 101Frederick Street, Suite 810 Kitchener, ON N2H 6R2 T F *Sales Representative **Broker 2 This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors ( CBRE ). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the Information ) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.

3 T A B L E O F C O N T E N T S 01 EXECUTIVE SUMMARY 02 SITE OVERVIEW 03 ADVANCED DEVELOPMENT CONCEPT 04 PLANNING 05 MARKET FUNDAMENTALS

4 EXECUTIVE SUMMARY THE OFFERING CBRE Limited ( CBRE ), is pleased to offer for sale King Street North, Waterloo (the Property or the Site ), a high density residential development site situated within the vibrant and King Street corridor in the heart of Waterloo. INVESTMENT HIGHLIGHTS LOCATION Highly marketable location suitable for rental or condominium development along King Street North, the primary arterial roadway connecting the University district and Uptown Waterloo. The property location offers walkable proximity to the Uptown Waterloo central business district, numerous retail shops and restaurants, two LRT Stations, and bus transit. RARE DEVELOPMENT OPPORTUNITY Functional high density infill development opportunities are extremely scarce in Uptown Waterloo. The location has a proven track record for achieving high rental rates and there are currently no new condominium projects pre-selling in Uptown Waterloo. NEAR SHOVEL-READY The vendor is delivering the site at near site plan approved status (refer to design concept herein), adding significant value. Site plan approval may be achieved as quickly as three months from application. CLEAN ENVIRONMENTAL A Phase I Environmental Site Assessment has already been completed which did not reveal any environmental concerns. A Record of Site Condition is not required to facilitate site development. CASH FLOW If desired, existing residential rental properties provide the opportunity to generate holding income. SIGNIFICANT PRE-SALES A prior condo development offering secured pre sales for 213 units. This group of purchasers is apt to transfer their purchases to a re-designed building on the site. ADDRESS LAND SIZE (NET) CURRENT ZONING DRAFT ZONING OFFICIAL PLAN 151, 157, 159,161 KING STREET NORTH, WATERLOO ±0.87 Acres (±37,889 sq. ft.) MR-25 (site specific) RMU-81 Mixed Use High Density Residential OFFERING PRICE: $6,200,000 ($32,978/unit; $25,619/bed; $30/GFA) OFFER SUBMISSION Proposals should be forwarded to the following: Martin Cote* Associate Vice President martin.cote@cbre.com Frederick Street Kitchener, ON N2H 6R2 *Sales Representative

5 KING STREET NORTH MULTI-RESIDENTIAL DEVELOPMENT LAND 02 S I T E O V E R V I E W 5

6 SITE OVERVIEW TOTAL LOT SIZE: ± 0.87 Acres (post road widening) 151 KING ST N 10 (3-Bed)Units 1 (2-Bed) Unit 32 Bedrooms 157 KING ST N 3 (5-Bed) Units 15 Bedrooms 159 KING ST N Vacant House 161 KING ST N 8 Bedrooms 6

7 SURVEY KING STREET NORTH 7

8 UNIVERSITY AVENUE WEST AMENITIES OVERVIEW UNIVERSITY DISTRICT (LEFT), AND UPTOWN WATERLOO (RIGHT) UNIVERSITY SHOPS PLAZA FUTURE LRT ROUTE WILFRID LAURIER UNIVERISTY STADIUM CAMPUS COURT KING ST N LAZAIDIS HALL (LAURIER) ALUMNI FIELD 8

9 UNIVERSITY OF WATERLOO WILFRID LAURIER UNIVERSITY WATERLOO PARK KING STREET NORTH PERIMETER INSTITUTE LIBRARY BALSILLIE SCHOOL CIGI THE ATRIUM THE SHOPS STARBUCKS CITY HALL UPTOWN WATERLOO BAUER MARKETPLACE 9

10 KING STREET NORTH MULTI-RESIDENTIAL DEVELOPMENT LAND 03 A D V A N C E D D E V E L O P M E N T C O N C E P T 10

11 PRELIMINARY DEVELOPMENT CONCEPT Based on current and draft zoning, the Official Plan, preliminary site planning and development concept work by SRM Architects, and favorable discussions with the City of Waterloo, it is probable that the Site can yield 188 units (242 bedrooms). Site plan approval may be achieved in as little as 3 months from application. SITE DATA DATA PROVIDED Site Area Prior To Road Widening ±0.92 Acres Site Area After Road Widening ±0.87 Acres UNIT DATA LEVEL AMENITY / COM. 1 BED+DEN 2 BED BEDS Level 1 Commercial Level 2 Parking Level 3 Amenity Level Level Level Level Level Level Level Level Level Level Level Level Level Level Level Level Level Total Unit Type Total Units 188 Total Beds 242 BUILDING DATA DATA REQUIRED PROVIDED Underground P1-P2-51,128 sq. ft. Level 1 - Parking / Com. - 13,567 sq. ft. Level 2 - Parking - 19,522 sq. ft. Level Residential - 125,718 sq. ft. Level Residential - 43,152 sq. ft. Building Area - 13,567 sq. ft. Gross Floor Area - 201,959 sq. ft. Construction Area - 253,087 sq. ft. Max Tower Footprint - 7,192 sq. ft. Number Of Storeys - 2-storey Podium 14-Storey Tower 20 Storey Tower Total 20 Storeys + Penthouse Building Height 81m (max.) 62 m Tower Height - 54 m Podium Height - 8 m PARKING DATA REQUIRED PROVIDED Underground Level P2-46 Stalls Underground Level P1-46 Stalls Surface Parking - 1 Stalls Level 2 Parking - 34 Stalls Bike Parking (Outdoor) - 36 Stalls Bike Parking (Indoor) Stalls Commercial 27 stalls 14 Stalls Total Residential Parking Total Parking 113 Stalls (0.6/unit) 127 Stalls 11

12 12 SITE PLAN

13 FLOOR PLANS PARKING LEVELS 1 & 2 (BELOW GRADE) 13

14 14 LEVEL 1 (GROUND LEVEL)

15 LEVEL 2 - PARKING 15

16 16 LEVEL 3 - TERRACE

17 LEVELS

18 18 LEVELS 15 21

19 KING STREET NORTH MULTI-RESIDENTIAL DEVELOPMENT LAND 04 P L A N N I N G 19

20 PLANNING SITE SPECFIC ZONING BY-LAW CURRENT ZONING MAP The Property is subject to a site specific high density residential (MR-25) zoning By- Law enacted in 2017 that provides for the following: Single Detached Dwelling Semi-Detached Dwelling Duplex Dwelling Triplex Dwelling Apartment Dwelling Nursing Home Permitted Non-Residential Ancillary Uses: Coffee Shop or Tea Room Office (excluding Medical Offices) Personal Service Shop Restaurant Service Shop Variety Store Beauty Salon Barber Shop KING ST N SITE SPECFIC ZONING PROVISIONS SITE SPECIFIC SCHEDULE A MAXIMUM HEIGHT SITE SPECIFIC BYLAW SCHEDULE B - SETBACKS Area B: 22 Storeys Area A: 14 Storeys ZONING PROVISIONS Minimum Parking Spaces: Minimum Bicycle Parking Spaces: 0.7 spaces/unit 1.0 spaces/unit Maximum Podium Height: 2 storeys Maximum Density: 275 bedrooms/acre Amenity Space/Unit: 75 ft Maximum Bedrooms Per Unit 2 Maximum Number of 1 Bedroom Units

21 OFFICIAL PLAN The Property is designated Mixed Use High Density Residential according to the City of Waterloo Official Plan. The aim of this designation is to encourage high density, mixed use, primarily residential development in Major Nodes and Major Corridors. Lands designated Mixed-Use High Density Residential as shown on Schedule A - Land Use Plan will be zoned to permit multiple unit, high density residential buildings. In addition, lands designated Mixed-Use High Density Residential may be zoned to permit the following uses: Assisted Living Facility; Community uses; Long Term Care Facility; Municipal facilities; and Spiritual uses. CITY OF WATERLOO OFFICIAL PLAN LAND USE MAP KING ST N 21

22 KING STREET NORTH MULTI-RESIDENTIAL DEVELOPMENT LAND 05 M A R K E T F U N D A M E N T A L S 22

23 MULTI-RESIDENTIAL MARKET FUNDAMENTALS STUDENT CONDO SALES LUXURY WATERLOO CONVENTIONAL APARTMENT RENTAL SURVEY PHOTO DEVELOPMENT NAME ADDRESS SALE PRICE RANGE PHOTO DEVELOPMENT NAME ADDRESS ONE-BEDROOM AVG RENT TWO-BEDROOM AVG RENT URL Condos Hickory St W, Waterloo $444-$533 /sq.ft The Onyx 29 Barrel Yards Blvd, Waterloo $1,742 ($1.80/sq.ft.) $2,185 ($1.83/sq.ft.) District Condos* 151 King St N, Waterloo $417-$460 /sq.ft Fourteen Princess 14 Princess St, Waterloo $1,782 ($2.66/sq.ft.) $3,085 ($2.54/sq.ft.) K2 Condos 158 King St N, Waterloo $450-$520 /sq.ft Trio on Belmont 460 Belmont Ave W, Kitchener $1,248 ($1.53/sq.ft.) $1,726 ($1.49/sq.ft.) * Project previously marketed on the subject site WATERLOO CMHC APARTMENT VACANCY RATE (%) Walter Street Apartments Walter St, Kitchener $1,495 ($2.44/sq.ft.) $1,750 ($2.19/sq.ft.) 4.0% 3.5% One-Bedroom Two-Bedroom NEWER VINTAGE WATERLOO STUDENT HOUSING RENTAL SURVEY PHOTO ADDRESS AVG RENT PER BED 3.0% 2.5% 228 Albert St, Waterloo $ % 1.5% 1.0% 333 King St N, Waterloo $ % 0.0% Larch St, Waterloo $ Philip St, Waterloo $785 23

24 WATERLOO REGION MARKET OVERVIEW Incorporating the cities of Kitchener, Waterloo and Cambridge, the Waterloo Region comprises approximately 563,000 residents, making it the seventh largest census metropolitan area ( CMA ) in Canada and the fourth largest in Ontario. This metropolitan area is now internationally recognized as Canada s Technology Triangle ( CTT ) given the substantial local presence of advanced technology and manufacturing firms. Seeking to leverage the sizeable and highly educated labour pool, strategic location and prestigious reputation for innovation, the Waterloo Region has matured to incorporate more than 1,000 technology firms, 150 research centres and nearly 100,000 post-secondary students. Canada s Technology Triangle remains one of the best places in the world to live and work boasting a strategic location, a growing population and a skilled and internationally focused workforce. Key Highlights of the Region include: One of Canada s fastest growing communities, with a population of over 563,000 people that is expected to exceed 729,000 by 2031; One of Canada s most manufacturing intensive economies; over 20% of the employed population is involved in the emerging health sciences, environment, nanotechnology and pharmaceutical economic sectors; Over 140 research institutes and more than triple the provincial and national number of patents per million; Ideal for co-operative talent and new employees with 100,000 full-time postsecondary students, including 15,000 co-operative education students; Ranked first overall in FDI magazine s Top 10 American Micro Cities of the Future (2011/2012); Positioned on Highway #401 - Canada s superhighway; A multicultural community (over 24% of the population are immigrants as of 2010) attracting new people from around the world; CIBC World Markets survey pegged the Waterloo regional economy as the 3rd strongest in Canada (3Q2011); Voted Top Ontario Investment Torch ( ) by The Real Estate Investments Network; 100% fibre wired community; Over $800M in private sector R&D expenditures. 24

25 WATERLOO REGION ECONOMY The economic engine that is Canada s Technology Triangle is extremely robust, with real GDP growth for 2015 ranking third highest (at $26.35 billion) among 28 Canadian cities according to the Conference Board of Canada and is forecast to exceed $27 billion by The area s solid economy attracted over 3,700 newcomers in 2012, the most since In recognition of the Region s strategic importance to the local, provincial and federal economies, substantial investment in infrastructure, research and enterprise continues to be allocated from private and public sources. In 2009, the Technology Triangle benefited from over $800M of privately funded research and development expenditures and this trend has continued with regular announcements of additional capital investment. On the heels of this growth, The CTT s labor force continues to steadily increase, with over 299,700 available workers as of 2015 and an unemployment rate that has declined to 6.0% (from 6.3% in 2014). The participation rate and employment rates in the CTT are generally higher than other larger metropolitan areas such as Toronto, Montreal and Vancouver. Since 2010, 1,066 new startup companies have arrived and close to 6,000 new jobs have been created in tech firms alone. The economic base for the region is comprised of information, communications, technology, automotive, advanced manufacturing and financial services. Emerging economic sectors in the region include health sciences, environment, nanotechnology, pharmaceutical, renewable energy and food & beverage. MAJOR EMPLOYERS COMPANY # EMPLOYEES Toyota Motor Manufacturing Canada Inc. 4,500 Sun Life Financial 3,179 Challenger Motor Freight Inc. 1,800 Manulife Financial 1,600 Loblaw Companies Limited 1,520 OpenText Corporation 1,300 Cambridge Memorial Hospital 1,111 Rockwell Automation Canada Control Systems 910 COM DEV 892 Babcock & Wilcox Canada 750 Conestoga College Institute of Technology and Advanced Learning 720 Rogers Communication 720 Christie Digital Systems Canada Inc. 700 St. Mary's General Hospital 645 Desire2Learn/Brightspace 640 PERIMETER INSTITUTE, WATERLOO Kuntz Electroplating Inc. 550 Mitchell Plastics 540 BLM Transportation Group 500 Frito-Lay Canada

26 POST SECONDARY EDUCATION Post-secondary education opportunities in the Waterloo Region are exceptional. There are more than 86,700 full and part-time post-secondary students annually, including 4,700 graduate and 15,000 co-operative education students. An additional 16 post-secondary educational institutions lie within 1 hour of the Waterloo Region, including nearby University of Guelph and several of Canada's largest universities: McMaster University, University of Toronto, York University, and the University of Western Ontario. The University of Waterloo frequently ranked number one for overall reputation among all universities in Canada, has the world s largest mathematics faculty, top computer science and engineering programs, and the World s largest cooperative education program. The University has been a leader in generating successful technologies, accounting for approximately 20% of the technology spin-offs of all universities in Canada. Wilfrid Laurier University is known for excellence in business, economics, music and graduate studies, and has an enrolment of over 17,000 full-time students. The Conestoga College Institute of Technology and Applied Learning has over 40,000 full and part-time students and over the past decade, it has consistently been ranked as Ontario s top college. The Waterloo Region is also home to internationally-focused research institutes including the Perimeter Institute, the Centre for International Governance Innovation and the Academic Council on the United Nations System. TRANSIT Situated on Highway 401, Canada s superhighway, Waterloo Region has access to over 150 million consumers within a one-day drive, including proximity to six US-Canada border crossings. The area is supported by an extensive series of secondary highways and intercity transportation routes, including Highway 7, Highway 8, Highway 85, and Highway 24. In 2011, Light Rail Transit ( LRT ) was approved for the Region of Waterloo and is projected to be complete by The first stage of this project includes 19 km of LRT from Conestoga Mall to Fairview Park Mall and 17 kms of adapted bus rapid transit (abrt) from Fairview Park Mall to the Ainslie Street Terminal. When completed, the LRT will connect Cambridge, Kitchener and Waterloo providing several stops along the way. GO Train services for Waterloo Region commenced in December 2011, allowing commuters to travel to and from the GTA, including downtown Toronto. Locally, the Region of Waterloo International Airport is one of the best equipped and maintained regional airports in Ontario, and Pearson International Airport is located less than an hour to the east. 26

27 KING STREET NORTH MULTI-RESIDENTIAL DEVELOPMENT LAND WATERLOO, ONTARIO CONTACT CBRE LIMITED EXCLUSIVE AGENT For more information on this site, please contact: Martin Cote* Mackenzie Sharpe** Joe Benninger*CCIM Associate Vice President Senior Sales Associate Vice President CBRE Limited, Real Estate Brokerage 101Frederick Street, Suite 810 Kitchener, ON N2H 6R2 T F *Sales Representative **Broker 27 This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors ( CBRE ). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the Information ) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.