Building Information Asking Price : $ 10,000,000.00 Building Size : Land Size : 26,073 sq.ft. 27,482 sq.ft. FAR : 5 bonus to 7 Features: Constructed : Addition : Property Type : Approximate NOI : Circa 1960 Circa 1979 Office $ 281,000 Annually Great location directly adjacent to the New Sunalta C-Train platform. Convenient access to Downtown. Quick access to Crowchild trail, 14 th St, and Bow Trail. Immediate access to Pedestrian bridge over 9 th Ave to the Greyhound Bus Station. City of Calgary has committed to Transit Oriented Developments like this one to make more efficient use of high value urban lands. Joint Venture opportunity available. Proposed Use : Proposed Building Size: Transit Oriented Development Advantages : Potential: Multipurpose 135,000 to 190,000 square feet. Catalyst for private investment and development, and increasing assessment values of vacant and underused land.
With the LRT extension Sunalta essentially becomes an extension of the downtown. Existing property is 27,482 square feet and is fully leased generating a Net Operating Income of approximately $281,000.00 annually. It is comprised of two blocks, East and West, with the original single story building constructed in 1956 on the east side comprising of 10,000 sq.ft. and the addition of 16,000 sq.ft. by way of a two story addition on the west side of the block in 1979.
Sunalta Towers Redevelopment Transit Oriented Development (TOD) is an increasingly popular tool for cities across North America to curb urban sprawl and create liveable, diverse and sustainable communities. Calgary has the highest LRT ridership in North America, and leads the nation in TOD policy initiatives. Transit Oriented Development Policy Guidelines were approved in December 2004 to provide land use and development policies. The policy guidelines also provide design guidelines for the development of properties within 600 metres of a transit station area. Recognizing the economic challenges of urban sprawl, the City of Calgary has committed to Transit oriented Developments to make more efficient use of high value urban lands, reduce commuter traffic and take better advantage of the LRT system. The Proposed Sunalta Towers would be centrally located along the newest leg of one of North Americas most successful light rail transit systems.
Zoning or Density ESTIMATED PROJECT BUDGET Proposed Minimum FAR 5 Proposed Maximum FAR 7 Land Size - 27,167 Land Size - 27,167 Building Size - 136,000 sq.ft. Building Size - 190,000 sq.ft. Payment of Sales Commission (7%) $840,000.00 $840,000.00 Marketing and Administration Fees (7%) $840,000.00 $840,000.00 * OM Proposal Costs $240,000.00 $240,000.00 Working Capital (Net) $1,080,000.00 $1,080,000.00 Land Cost $10,000,000.00 $10,000,000.00 Construction costs including 10% contingency $37,400,000.00 $52,250,000.00 TOTAL PROJECT COST $50,400,000.00 $65,250,000.00 *May be required if raising capital Estimated market value at completion ESTIMATED MARKET VALUE Final value estimated to be up to $540.00/sq.ft. although $500.00/sq.ft. used in below example. Assesed value supported by $30/sq.ft Net rate at a 6 CAP FAR 5 FAR 7 $68,000,000.00 $95,000,000.00
Confidentiality Statement This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property "AS IS" CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer's choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a nonbinding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.