exclusive development opportunity the flamingo ......holland gardens century group west village...
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EXCLUSIVE DEVELOPMENT OPPORTUNITY
The Flamingo BlockA master planned, multi-phased, three-tower development project in Surrey City Centre
Bal Atwal* Principal +1 [email protected] Atwal Personal Real Estate Corporation
Mehdi Shokri Principal +1 [email protected]
Nestor Fourik Associate +1 [email protected]
Key Highlights• Multi-phased, three-tower project within
450 metres of Gateway SkyTrain Station
• Third Reading approved, with final adoption of rezoning and development permit anticipated in Q3 2018
• Panoramic views of the North Shore Mountains and Fraser River
• Dual exposure along two prominent corridors - King George Boulevard and Whalley Boulevard
• Condo prices in Surrey City Centre are climbing rapidly with strong upward pressure
Salient Project Details
Municipal Address
10740 & 10768 King George Boulevard and 13665 – 107A Avenue(the “Property”)
Net Site Area 173,184 sf (3.98 acres)
Floor Space Ratio (FSR) 5.50
Total Density Residential: 900,520 sf
Commercial: 51,992 sf
Amenity*: 12,394 sf
Total: 964,906 sf
* Amenity area is excluded from the allowable FSR calculation
1,070residential units
3.98 acressite area
965,000 sftotal density
SURREY IN THE NEXT DECADE
Location
City of SurreyStrategically situated in the southeast region of Metro Vancouver, the City of Surrey is the largest city in British Columbia based on land area and is home to over 560,000 people. Nestled against a stunning backdrop of landscape that offers residents a host of recreational options, Surrey is nicknamed the “City of Parks” and has over 6,000 acres of dedicated parkland.
A bustling metropolis bordered by the Fraser River to the north and the U.S. border to the south, Surrey is a young, diverse, and growing community that welcomes approximately 1,000 new residents every month. Within the next decade, the City of Surrey is projected to overtake the City of Vancouver as B.C.’s largest city by population and is poised to become the next business capital of Metro Vancouver. $5 billion
investment into infrastructure and community amenities
$16.8 billionnew building development opportunities
$40 millioninvestment into public amenities
Surrey is the fastest growing city in the province of British Columbia
10 new parks in Surrey City Centre
Demographics
POPULATION TRENDSCensus Summary Surrey City of Vancouver Metro Vancouver
2017 Population Estimate 568,302 638,994 2,582,973
% Population Change (2017-2022) 17.14% 4.8% 9.8%
HOUSEHOLD TRENDSCensus Summary Surrey City of Vancouver Metro Vancouver
2017 Estimated Total Households $103,500 $100,808 $104,240
Surrey City Centre
1,000 new residents every month
The Flamingo Block Gateway Station
Surrey Central Station
King George Station
Tom Binnie Park
Whalley Athletic Park
Surrey City Hall
Simon Fraser University
Central City Shopping Centre
subject property
Surrey Memorial Hospital
Holland Park
The Property is within 450 metres of Gateway SkyTrain Station and has direct access to the Pattullo Bridge and South Fraser Perimeter Road (Highway 17) via King George Boulevard, offering quick and convenient connectivity to all major cities in Metro Vancouver. Over the next six years, major initiatives such as Translink’s replacement of the Pattullo Bridge and construction of the Surrey-Newton-Guildford LRT will further strengthen the infrastructure network in the area and support economic and population growth.
Located in Surrey City Centre, the Property is comprised of approximately 2/3 of a city block and offers dual frontage on King George and Whalley Boulevards, further bounded by 107A Avenue to the south and a future city lane to the north. Surrey City Centre forms the downtown core and is home to landmarks such as City Hall, the City Centre Library, Simon Fraser University, Surrey Memorial Hospital, and Holland Park. Central City Shopping Centre is the major retail centre in the area and offers over 140 retail stores, restaurants, and services. From academic pursuits to business endeavours and retail therapy, Surrey City Centre is fast emerging as a vibrant urban core where people want to live, work, and play.
Transit & Infrastructure
Surrey City Centre
34 minutesSKYTRAIN RIDE
T O D O W N T O W N V A N C O U V E R
Demand for new condo product continues to outpace supply across all residential markets in Metro Vancouver, with the markets below seeing some of the most sustained and significant escalations in condo pricing. Within Surrey City Centre, Park Boulevard by Concord most recently achieved an average price of $780 psf, and future expectations are now in the $800+ psf range. Given the current disparity in condo pricing between Surrey City Centre and other comparable markets in Metro Vancouver, there is strong empirical support for further escalation in condo prices for Surrey City Centre well above previously established benchmarks.
FRASE
K
.
128T
H S
TREE
T
130T
H S
T.
Surrey City Centre
GatewaySkyTrain
Surrey CentralSkyTrain
King GeorgeSkyTrain
KING GEORGE BOULEVARD
140T
H S
T.
OLD YALE ROAD
HANSEN ROAD
112TH AVE.
WH
ALLE
Y BO
ULE
VARD
UN
IVER
SITY
RO
AD
132N
D S
T.
104TH AVE.
96TH AVE.
108TH AVE.
2
1
3
4
57
6
8
9
10 11
1213
14
3
4
5
7
8
9
10
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6
14
2
1
Notable Projects
Source: Urban Analytics
MOST RECENT PROJECT LAUNCHES
Metrotown - Polaris by Transca $1,210 psf
Brentwood - Hillside East by Concord $1,200 psf
Richmond - Cascade City by Landa $1,100 psf
New Westminster - Pier West by Bosa $1,020 psf
Burquitlam - Wynwood Green by Anthem $972 psf
Surrey City Centre - Park Boulevard by Concord $780 psf
Demand for new condo product continues to outpace supply across all residential markets in Metro Vancouver, with all submarkets seeing some of the most sustained and significant escalations in condo pricing. Within Surrey City Centre, Park Boulevard by Concord recently achieved an average price of $780 psf, and expectations are now in the low to mid $800 psf range. Given the current disparity in condo pricing between Surrey City Centre and other submarkets in Metro Vancouver, there is strong support for further pricing escalation in Surrey City Centre, well above previously established benchmarks.
Quattro/VenueTien Sher
Maverick/BalanceTien Sher
Future DevelopmentBosa
Future DevelopmentBosa
LineaRize Alliance
GeorgetownAnthem
133 + Old YaleTownline
Janda TowerJanda Group
Future DevelopmentConcord
Park PlaceConcord
Holland GardensCentury Group
West VillageWestStone Group
King George HubPCI Developments
Avani CentreYanna Holdings
TOWER 335 FLOORSTOWER 2
37 FLOORS
BLDG 46 FLOORS
TOWER 146 FLOORS
PHASE 3
396Residential Units
PHASE 1
349Residential Units
PHASE 2
325Residential Units
KIN
G G
EORG
E BL
VD
KIN
G G
EORG
E BL
VD WH
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Y BL
VD
WH
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Y BL
VD
FUTU
RE 1
36A
STR
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FUTU
RE 1
36A
STR
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107A AVENUE107A AVENUE
The Property comprises of three parcels and falls within the City Centre Plan (CCP). It is classified as Mixed-Use and Residential Mid to High Rise under the CCP. A comprehensive development application has been made to the City of Surrey to permit the development of a three-phased, mixed-use residential and commercial development. The application has currently been approved through the Third Reading, and it is anticipated that the rezoning and development permit will be approved in Q3 2018.
The proposed development contemplates a tri-phased project, comprising of three towers with 1,070 residential units and nearly 52,000 sf of commercial area. A new 136A Street will bisect the Property and function as an internal high street for the master planned development.
PHASE 1 | 323,883 sf
The first phase of the project is on the east side of the Property and consists of a 35-storey high rise tower and 6-storey low rise building fronting Whalley Boulevard. Phase 1 includes 302,788 sf of residential area and 21,095 sf of commercial space.
PHASE 2 | 286,447 sf
The second phase is planned for the southwest quadrant of the Property and consists of a 37-storey high rise tower, situated at the northwest corner of 107A Avenue and 136A Street. Phase 2 includes 258,020 sf of residential area and 28,427 sf of commercial space.
PHASE 3 | 354,576 sf
The third phase is planned for the northwest quadrant of the Property and consists of a 46-storey high rise tower fronting King George Boulevard and a 2-storey low rise building fronting 136A Street. Phase 3 includes 352,106 sf of residential area and 2,470 sf of commercial space.
avisonyoung.comMehdi Shokri Principal +1 [email protected]
Prospective purchasers are invited to contact the undersigned for further details on the opportunity and offering process.
© 2018 Avison Young. All rights reserved.
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc.; DBA, Avison Young
Exclusive Agent Client
Bal Atwal* Principal +1 [email protected] Atwal Personal Real Estate Corporation
Nestor Fourik* Associate +1 [email protected]
The Tien Sher Group of Companies was founded in 2005 and has been a pioneer developer and community builder in Surrey for over a decade. Tien Sher’s completion of numerous mid-rise developments in the vicinity of the Property transformed the Whalley District and shaped a new vision for the City Centre. Notable developments include Quattro, Venue, Maverick, and Balance, which total over 740 residential units in the area. Today, Tien Sher has grown into a mid-sized, vertically-integrated development and construction company, with a strong reputation for delivering quality homes throughout Metro Vancouver. Website: http://www.tiensher.com/
Given Tien Sher’s strong ties to the community, there is a desire to stay involved in this project and see it through to completion. A prospective purchaser would greatly benefit from Tien Sher’s knowledge and experience in the area, as well as its strong relationships with the City of Surrey. Although an outright sale is an option, their preference would be to entertain proposals where they maintain an interest in a joint venture partnership and continue to manage and/or market the project through to completion.
Tien Sher Group of Companies