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Showing posts for category Commercial Real Estate in B.C. (Back to Index)
Showing posts for category Commercial Real Estate in B.C. (Back to Index)
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$450 Million Gas Export Plant to be Built Near Prince Rupert, B.C.
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(Posted on Feb 16, 2017 at 02:00PM by Michelle Bogle)
Last month, AltaGas, an energy infrastructure company with a focus on natural gas, power and regulated utilities, announced that it will be building a $450 million propane export terminal on Ridley Island in British Columbia. The Ridley Export Terminal is expected to be the first propane export facility of its kind on Canada’s west coast.Â
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The site, which is near Prince Rupert on a section of land leased by Ridley Terminals Inc. from the Prince Rupert Port Authority, offers unique advantages in terms of its location – specifically shorter shipping distances to markets in Asia. With its Ridley Island location, AtlaGas expects that shipping times will be reduced to 10 days compared to the 25 days from the U.S. Gulf Coast. The brownfield site also benefits from railway access and deep water access to the Pacific Ocean.Â
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“We are consulting and working with the First Nations whose traditional territory is located within the Ridley Export Terminal,†said David Harris, President and CEO of AltaGas in a press release. “Collaborating closely with First Nations and communities to create sustainable social value is of paramount importance to us and we look forward to a long and mutually beneficial relationship with the First Nations in the region.â€Â
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The Ridley Export Terminal will be designed to ship 1.2 million tonnes of propane per year and is estimated to cost approximately $450 - $500 million.Â
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"The project is a reflection of how we do business in B.C. – balancing environmental protection with economic development, creating opportunities and real partnerships with First Nations, and putting British Columbians first," said Premier Christy Clark in the same release. "This export facility is another promising development for our province, connecting producers in northeast B.C. to markets in Asia."Â
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Based on production from its existing facilities and forecasts from new plants under construction and in active development, AltaGas anticipates having physical volumes equal to approximately 50 percent of the 1.2 million tonnes. The remaining 50 percent is slated to be supplied by producers and aggregators in western Canada. AltaGas expects to underpin at least 40 percent of the Ridley Export Terminal throughput under tolling arrangements with producers and other suppliers.Â
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Construction is expected to begin in early 2017 and to be in service by the first quarter of 2019. The Ridley Export Terminal will support long-term economic stability in the region through the diversification of products at Ridley Terminals, and employment opportunities for area residents and First Nations. It is estimated that 200 to 250 construction workers will be hired during the construction phase and that 40 to 50 permanent jobs will be created once the facility is operational.Â
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The project will also impact the local commercial real estate industry in Prince Rupert and surrounding communities. To learn more, please contact Marcus & Millichap’s Vancouver office to speak with an advisor.
Closure of Royal Golf Club Signals Tough Times for Vancouver Island’s Golf Industry
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(Posted on Feb 13, 2017 at 02:00PM by Michelle Bogle)
Another Vancouver Island golf club has closed its doors for good. The Royal Oak Golf Club, located near Saanich Commonwealth Place, recently informed its members of its closure by email, citing tough times within the local golf industry.
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This is not the first time that the Royal Golf Club has struggled to remain open. Last February, the golf course distributed a memorandum to operations staff regarding a possible closure. Â
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With the closure of the 27-acre nine-hole course, which has been in operation since the mid-20th century, the Royal Golf Club is the second Victoria-area golf club to succumb to declining membership rates and rising operational costs. In 2015, Prospect Lake Golf Course, also in Saanich, closed after 41 years in business.
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At this point in time, plans for the Royal Oak property remain unknown; however, the owners are expected to discuss potential land uses with the District of Saanich.
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For more insight into the state of Vancouver Island’s waning golf industry, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
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You can also view our current hotel, land and retail listings by clicking here.
Revelstoke Adventure Park Gets Approval from B.C. Government
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(Posted on Feb 9, 2017 at 03:27PM by Michelle Bogle)
A proposed adventure park for Revelstoke has officially received the green light from the B.C. government.The Ministry of Forests, Lands and Natural Resource Operations approved a 30-year adventure tourism/commercial recreation tenure for Illecillewaet Development Limited Partnership (IDLP), the spearhead of the project.
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The tenure consists of a Licence of Occupation for approximately 257 hectares of Crown land in the Greely Creek area, which will adjoin 64 hectares of the proponent’s private land.Â
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“Outdoor recreation has always been a big part of Revelstoke. The proposed adventure park will add more outstanding outdoor recreation opportunities for residents and visitors in the region, as well as create local jobs,†said Steve Thomson, Minister of Forests, Lands and Natural Resource Operations, in a press release.Â
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The adventure park, which will be nine times the size of Disneyland, will feature a host of summer recreational activities, such as hiking, mountain biking, rock climbing, horseback riding, zip-lining, bungee jumping, treetop adventures, mountain coasters and sky swings.Â
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Planned improvements are also in the works for the Crown land, including an access road, day lodge, helipad, gazebos and portable sanitation units. There’s also plans to eventually add a gondola or chairlift.
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“This adventure park is another example of rural entrepreneurship that has the ability to create economic sustainability in rural communities,†said Donna Barnett, Minister of State for Rural Economic Development.
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Numerous studies were conducted to assess the proposed uses of Crown land to ensure the project would protect existing values, such as wildlife habitat, terrain stability and drinking water. Consultations with the public, First Nations and partners/stakeholders were held in compliance with provincial legislation.
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Construction on the Revelstoke Adventure Park is set to begin this spring with phase one of the park opening in spring 2018. The following three phases will unfold over the next four to five years. Once the project is complete, the park will employ approximately 250 workers.
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It’s also expected to significantly boost tourism to the region, which will undoubtedly impact Revelstoke’s commercial real estate sector as well.
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For more information about the proposed adventure park or for insight regarding investment opportunities within Revelstoke, B.C., please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
You can also view our current listings by clicking here, including an exclusive hospitality offering in Revelstoke, B.C.
You can also view our current listings by clicking here, including an exclusive hospitality offering in Revelstoke, B.C.
On February 1, 2017, Woodfibre LNG announced that the liquefied natural gas plant, located in Squamish, B.C., applied for an amendment to the Environmental Assessment Certificate (EAC), which was originally granted on October 26, 2015.
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The proposed design changes to Woodfibre are the result of the Squamish Nation’s selection of air cooling as the cooling technology for the project, as well as ongoing front-end engineering design (FEED) work.
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Woodfibre LNG is proposing the following design changes:
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1. Changing from seawater cooling to air cooling of the plant
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2. Upgrading an existing intake on Mill Creek rather than constructing a new intake
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3. Short-term use of water from Woodfibre Creek during construction
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The proposed changes would require an amendment to the EAC under British Columbia’s Environmental Assessment Act. The purpose of the amendment is to enable Woodfibre to proceed with these proposed changes.
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The three proposed changes will also be subject to a technical review, as well as a 30-day public consultation period. From February 9 -Â March 11, 2017, the public is invited to provide comment on the potential effects that may result from the proposed amendment.Â
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Nonetheless, work continues to forge ahead with the project, which is destined to transform Squamish’s economy and fuel demand for real estate, especially within various commercial asset classes.Â
For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
Now Available: Preview of Greater Vancouver 2017 Property Assessments
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(Posted on Dec 8, 2016 at 07:38PM by Michelle Bogle)
On January 3, 2017, BC Assessment will be releasing official property values across the province. However, earlier this week, the organization previewed preliminary data, which shows an anticipated increase for the coming year.
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"The preliminary market analysis for 2017 property assessments indicates significant increases over last year's assessment values," says Assessor Jason Grant in a press release. "Increases of 30 to 50% will be typical for single-family homes in Vancouver, North Shore, Squamish, Burnaby, Tri-Cities, Richmond and Surrey. Typical strata residential increases will be in the 15 to 30% range."
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But, what does this mean for commercial real estate? Much of the same.Â
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In the release, BC Assessment notes that commercial and industrial properties throughout the Greater Vancouver area will also see significant increases in the 10 to 30% range, with properties being purchased for eventual redevelopment often exceeding these ranges.
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In other areas of B.C., commercial property owners can also expect an increase. In the Greater Victoria region, for example, commercial property values have gone up 5 to 15% over the last year, while multi-family residences in Victoria, Saanich, Sidney and Oak Bay have gone up in value 5 to 25% since last year. Central Okanagan will see the smallest commercial increase of between 0 and 15%, while multi-family strata increases will be in the 5 to 30% range.Â
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All property owners in B.C. can expect to receive their official annual notices early in the new year. BC Assessment's website will also be updated on January 3, 2017. Â Â
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For more information and insight, or to learn how these increases may affect your commercial assets, please feel free to contact our Vancouver office to speak with an associate.
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