Westbrook Station. Transit Oriented Development Opportunity

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1 DEVELOPM Westbrook Station Transit Oriented Development Opportunity

2 OPPOR Table of Contents Prime Real Estate Development Opportunity page 1 Calgary City of Opportunity page 3 What is Transit Oriented Development? page 4 This is Westbrook Village page 6 Development Opportunity Westbrook Station - page 8 Westbrook Station Real Estate Development

3 TUNITY Prime Real Estate Development Opportunity page 1 For the past ten years, Calgary has been one of the fastest-growing cities in North America. It is the fourth largest city in Canada, and second only to Toronto as a location for corporate head offices. This information package features a spectacular opportunity for a major real estate development in one of Calgary s premier locations Westbrook Station. This parcel, approximately 13.0 gross acres (9.0 net acres) in area, is in the heart of the city and presents a major redevelopment opportunity. Westbrook Station has land use (zoning) approval for the redevelopment of approximately 2.3 million square feet of commercial, retail and residential use. The site is being developed in harmony with Calgary s first underground transit station, and along Calgary s latest Light Rail Transit line (LRT), which will connect the city s core to its western boundaries gross acres available for redevelopment land use (zoning) approval in place potential for more than 2.3 million square feet of development developed in harmony with new underground LRT Station City of Calgary

4 page 2 CAL innovative, entrepreneurial & business friendly. Calgary: Calgary is the centre of Western Canada s economic engine. Economic activity in Calgary is concentrated around the petroleum industry, while agriculture, tourism, and high-tech industries also contribute to the city s economic and financial growth. Calgary has been Canada s top economic performer for the past ten years. The city attracts a significant number of people from across Canada and around the world, seeking opportunities for themselves and their families. The City now boasts over a million residents, and continues a healthy population growth from year to year. Calgarians are employed in industries including oil & gas, finance, high-tech, education, healthcare, scientific innovation, manufacturing, transportation, and the arts, including film production. CALGARY VANCOUVER LOS ANGELES CHICAGO TORONTO NEW YORK Westbrook Station Real Estate Development

5 GARY Calgary: City of Opportunity: page 3 Calgary, in the 21st Century, is Canada s opportunity city, a major economic driver of the nation, and is a fertile ground for business and investment. Calgary benefits from a low tax regime: the province of Alberta has no provincial sales tax or provincial general capital tax, and has one of the lowest provincial corporate tax rates in Canada (10%). Calgary s total GDP output in 2010 was $69 billion, and is forecasted to rise to $84 billion within five years. Calgary s unemployment rate is one of the lowest in Canada at 6.8% (2010). The population in the Calgary Economic Region (CER) is over 1.3 million people, and is Canada s youngest major urban centre, with an average age of 35. The population in the CER is forecasted to reach over 1.4 million by Calgary is Canada s entrepreneurial hotbed with the highest concentration of small businesses per capita in Canada. Calgary is Canada s third most ethnically diverse city and leads Canada in terms of net migration. The city is often the chosen location for immigrants making second moves within Canada. Calgary is one of the most liveable cities, not only in Canada, but internationally as well. The city was ranked the world s cleanest city by Mercer Quality of Living (2010). Calgary: population of Calgary region: 1.3 million average age of population in Calgary region: 35 years old Calgary s 2010 GDP: $69 billion City of Calgary

6 page 4 TOD What is Transit Oriented Development? Transit oriented development (TOD) is an increasingly popular tool for cities across North America to curb urban sprawl and create more livable, diverse and sustainable communities. right: Toronto has developed successful TOD projects (insert new caption) TOD is a walkable, vibrant, mixed-use form of development, which utilizes existing infrastructure, optimizes use of the public transit network, and creates mobility options for transit riders and the local community. Calgary has the highest LRT ridership in North America, and leads the nation in TOD policy initiatives. Transit Oriented Development Policy Guidelines were approved by City Council in December 2004 to provide land use and development policies. The policy guidelines also provide design guidelines for the development or redevelopment of properties within 600 meters of a transit station area. We shape our buildings, and afterwards, our buildings shape us Winston Churchill Rendering of potential TOD at Westbrook Station Westbrook Station Real Estate Development

7 page 5 Transit oriented developments are urban villages where people live and work within a 5 to 10 minute walk of quick, efficient public transit. TOD communities attract people who want to live, work, play, shop and learn in a pedestrian-friendly environment, without the need for automobile transportation. TOD is an emerging trend in major cities, such as Portland, San Francisco, Vancouver and Toronto. Their city planning policies have addressed transit oriented developments, leading to distinct economic, social and environmental benefits. The benefits of TOD are broad reaching, including: healthier lifestyles more housing options smaller environmental footprint cost saving from using existing municipal infrastructure increased transit ridership increased property value reduced traffic congestion and need for driving 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. TOD in Calgary is intended to create communities that are attractive, vibrant and compelling places that draw people and employers. Several City-wide policies support TOD. The Transit Oriented Development Policy Guidelines and the Municipal Development Plan provide a new vision for the development of Calgary in the next half century through an integrated innovative land use and transportation plan. City of Calgary

8 WESTBR This is Westbrook Village Westbrook Station, which is being offered for sale by The page 6 City of Calgary, is part of the larger Westbrook Village development. Westbrook Village is the first fully approved land use plan for transit oriented development, and is situated on the West LRT line, currently under construction. Bow Trail Above: Artist s interpretation of Westbrook Station site Right: Satellite image of Westbrook Station area showing the West LRT route with surrounding neighbourhood of Westbrook Village 37 Street SW 17 Avenue SW 33 Street SW Bow Trail Image 2009 DigitalGlobe 2009 Tele Atlas City Westbrook of Calgary Village s central location along the newest leg of one of North America s most successful Light Rail Transit systems makes it ideal for TOD style redevelopment. Westbrook Village Boundary Westbrook Station Boundary West LRT line Westbrook Station Real Estate Development

9 OOK Westbrook Village Left: Artists rendering of site development option page 7 The redevelopment of the 53-acre Westbrook Village site is intended to shift from its current uses as an auto-oriented, low-density, commercial shopping mall and high school site, into a vibrant pedestrian-oriented community with a high mix of residential, retail and office uses within close proximity to public transit. residential, retail and office space Westbrook Village is centrally located along the newest leg of one of North America s most successful light rail transit systems. It will be a vibrant and attractive urban village, ideal for redevelopment to include residential multi-family units as well as a vast array of retail and office space for a variety of business and corporate entities. The location is a short 10-minute transit ride to Calgary s Downtown, and within a 10-minute drive to the University of Calgary, Mount Royal University, Foothills Medical Centre, Alberta Children s Hospital, and major urban parks. 10 minute transit ride to downtown short commute to educational institutions, hospitals, and parks City of Calgary

10 page 8 DEVELOP Development Opportunity: Westbrook Station (FORMER Ernest Manning HIGH School Site) Westbrook Station is located at the southeast corner of the Westbrook Village Area Redevelopment Plan, and surrounds the Westbrook underground LRT Station. This site is comprised of approximately 13.0 gross acres, of which 9.0 acres is net developable in up to four parcels of land. The approved land use allows for approximately 2.3 million buildable square feet through an average Floor Area Ratio (FAR) of 6.0. The Westbrook Station site is intended to be offered through a City of Calgary initiated public request for proposal (RFP) process. The RFP outlines the technical and specific details of the site. A recent market analysis of Westbrook Station indicates considerable demand for office space, retail outlets and residential units, especially with its strategic location along public transit and two major arterial roadways. The redevelopment of the site at Westbrook Station, within Westbrook Village, is expected to unfold over the next years, depending on the market absorption rate. Anticipated Development Timeline: Construction of West LRT line Feb and Westbrook LRT Station to Dec Parcel 1 and Parcel 2: Early 2013 Developer Site Access Parcels 3 and Parcel 4: Late 2013 Developer Site Access to early 2014 Westbrook Station Real Estate Development

11 MENT The Westbrook Station site is in an ideal location, adjacent to Westbrook Station is offered for sale to interested, qualified the underground LRT station at Westbrook Village and capable developers or builders, who will redevelop this site in accordance with the approved Westbrook Village Area Redevelopment Plan. page 9 Parcel Description: Parcel Description Development Potential Parcel 1 Medium to high density residential, Approximately primarily mid-rise, street-oriented 530,000 square feet buildings. Parcel 2 High density, mixed-use Approximately development in pedestrian friendly 550,000 square feet blocks fronting onto the transit plaza. Parcel 3 High density, mixed-use Approximately development in pedestrian friendly 325,000 square feet blocks fronting onto the transit plaza. Parcel 4 High density, mixed-use Approximately development with retail at grade 935,000 square feet options fronting onto 17th Avenue. Artist s rendering of the underground LRT station, soon to be constructed The redevelopment of this site offers an opportunity for significant TOD residential, commercial and retail redevelopment, making a strong contribution towards shaping Calgary s future growth. It is intended that a substantive redevelopment of the site would commence shortly after the anticipated December 2012 completion of the West LRT line. City of Calgary

12 Office of Land Servicing & Housing TransAlta One, th Avenue SW, 2nd Flr PO Box 2100, Stn. M #195 Calgary, Alberta, Canada T2P 2M5