Feb 27, 2017Commercial Corporate Vancouver
Hungerford Announces Sale of Rivercrest Industrial Business Centre
In 2010, Hungerford Properties purchased Rivercrest Industrial Business Centre, an 11.5 acre site at 1700 No. 6 Road, an industrial area in Richmond, B.C. At the time, it was a single-tenant facility, formerly home to Ball Packaging (NYSE: BLL).
Over six years, Hungerford transformed the existing warehouse into a multi- tenant business centre, with extensive refurbishments to the existing building and offices including a new roof, new office finishes, the addition of loading doors, new paint, landscaping, improved exterior glazing and overall maintenance.
In 2012, Hungerford also completed a build-to-suit facility for Albion Fisheries, a subsidiary of Gordon Food Services, on additional land. The 65,300 SF, sustainable, state-of-the art seafood processing plant, the first new commercial building to be constructed using Richmond’s new green roof building alternatives. The building set new standards for sustainability as well as for health and cleanliness from an operations standpoint.
“Hungerford had a vision to take a single tenant manufacturing building and convert it to a multi-tenant business hub,” says partner, Michael Hungerford. “We’re pleased with how we’ve been able to execute upon it.”
With building improvements and multiple tenants, Hungerford has just sold the property earlier this year, highlighting its success in taking older developments, investing in redevelopment and then selling a successful asset. Hungerford sold the property earlier this year, highlighting its success in repositioning commercial real estate.
Nov 24, 2016General News In The Media Vancouver
BIV.com - Developer partners with non-profit
Unique alliance will turn dilapidated seniors complex into mixed-use project with 44 spiffy, low-cost rental units for East Vancouver seniors.
A unique partnership between a private developer and a non-profit seniors housing group will deliver brand-new but low-cost rentals under the City of Vancouver’s Rental 100 program.
Hungerford Properties is moving ahead with plans to build a 161-unit development, including new seniors housing suites, in East Vancouver.
The partnership includes the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford.
The redevelopment at 3595 Kingsway, from an aging, dilapidated seniors residence into a new, six storey, mixed-use development, will provide 44 affordable homes for seniors. It will also deliver 117 rental apartments and commercial units on the ground floor, according to Hungerford.
The Rental 100 program encourages the development of projects where all of the residential units are rental, with capped rental rates. The policy is part of the city’s goal to create 5,000 new units of market rental housing by 2021.
The Odd Fellows Society, which operates without government subsidies, will own its non-market units and Hungerford will retain the market-rental homes through a strata arrangement. Odd Fellows residents will be relocated and current residents will have first right of refusal to move back into the new homes.
The development partnership allows the project to happen at no cost and no risk to Odd Fellows.
“We are happy to replace the building because it’s on its last legs,” said Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. Rents for new tenants in the project will range from $754 to $807 per month, she estimated.
Construction will start in spring 2017, with completion scheduled for mid- 2018.
Above: Hugh Forster of Terra House, Michael Hungerford of Hungerford Properties and Marie Ollson of Oddfellows.
Nov 01, 2016In The Media Residential Vancouver
Partnership for Vancouver mixed-use rental property
A partnership between the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford Properties will result in a mixed-use new development with 44 seniors housing suites, 117 affordable rental apartments and ground floor commercial units.
Hungerford Properties “This is a very complementary set of attributes that each partner brings to the table,” said Hungerford partner Michael Hungerford. “We bring financial and development expertise to the partnership. Odd Fellows is bringing the land and their requirements for social purpose housing. And Terra is bringing their expertise in social purpose real estate. We’ve really come together on a vision.”
A public hearing for the site passed unanimously last week, paving the way for the redevelopment of an aging and dilapidated seniors residence called Odd Fellows Manor at 3595 Kingsway near Boundary Road into a new six-storey, mixed-use property. Construction will start next spring, with completion scheduled for the spring or summer of 2018.
The partnership and the GBL-designed and Hungerford-built complex came together under the City of Vancouver’s new Rental 100 program, which encourages the development of projects where 100 per cent of the residential units are rental, with capped rates. The policy targets moderate-income households and will help the City towards reaching its goal of creating 5,000 new market rental housing units by 2021.
“To be able to combine an interest in giving back to the community while we’re also delivering on what we do every day, which is providing our community with high quality real estate developments, is very satisfying,” said Hungerford. “It’s something that we’re excited about and are going to be proud to be part of.”
The profit Hungerford will generate from the market rental apartment and commercial rents will cover the costs of Odd Fellows’ housing units, which means the society will be able to replace its 45-year-old facility for free with no risk.
Read more here: https://renx.ca/partnership-vancouver-mixed-use-rental-property/
Oct 20, 2016Press Releases Residential Vancouver
Hungerford Moves Ahead with Innovative Development Partnership for Seniors Housing & Market Rentals
Vancouver, October 20, 2016 – Hungerford Properties is now officially moving ahead with plans to build a 161-unit development, including 44 new seniors housing suites as part of an innovative, new redevelopment near Boundary and Kingsway. A public hearing for the site passed unanimously this week, paving the way for a unique partnership between the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford Properties.
The redevelopment of the property at 3595 Kingsway, from an aging, dilapidated seniors residence called Odd Fellows Manor into a new, vibrant, six storey, mixed-use development, will not only provide 44 brand new, high-quality, affordable homes for seniors, it will also provide 117 affordable rental apartments and commercial units on the ground floor.
As one of the first developers to combine social housing and market rentals in this unique partnership under the city’s new Rental 100 program, Hungerford Properties is proud to be part of the solution to the affordable housing shortage in Vancouver. The Rental 100 program encourages the development of projects where 100% of the residential units are rental, with capped rental rates. The policy targets moderate-income households, and will help the city reach its goal of creating 5,000 new units of market rental housing by 2021.
“This project represents a positive partnership between the city, a non-profit, a private developer and a social purpose real estate consulting firm,” says Michael Hungerford, a partner at Hungerford Properties. “We are grateful to have so much support in moving this project forward. We may be one of the first such developments in the city, but there will be more to come.”
By partnering with a real estate developer, the Odd Fellows Low Rental Housing Society will be replacing an aging seniors’ housing facility at no cost, while continuing to provide affordable homes for its residents. The Odd Fellows Society will own its non-market units and Hungerford will retain the market-rental homes through a strata arrangement. Odd Fellows residents will be relocated under a city program and current residents will have first right of refusal to move back into the new homes.
“Hungerford’s development expertise and financial capacity have been instrumental in getting the project to this stage,” says Hugh Forster, partner at Terra Special Projects, the consultancy firm that put together this deal. “We are confident that together we will deliver an excellent project and the model we used for this has been so successful, we will be using it again with other non-profit land owners in the future.”
There is very limited new product being built for low-income seniors, he said. This new development partnership allows the project to happen at no cost and no risk to Odd Fellows. “It’s been a great partnership and we are happy to be moving forward to replace the building because it’s on its last legs,” says Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. “The new facility will allow us to continue to provide safe, clean and affordable housing to seniors on a low, fixed income.”
Construction will be starting in Spring, 2017, with completion scheduled for 2018.
Nov 09, 2015General News Vancouver
Q Shi Q Opens at Transformed Mount Pleasant Warehouse
Q Shi Q, a 30-seat, 5,500 SF Japanese BBQ restaurant and sake bar, has opened in an old warehouse building at 159 West Fourth Ave in Mount Pleasant that has been redeveloped by Hungerford Properties.
A noodle factory until 2005, the building became a product testing facility for Mountain Equipment Co-op, whose HQ was next door at 149 West Fourth Ave, now Hungerford; Radia Block project. This will be the 47k SF new home of Double Negative, a UK-based visual effects producer.
Q Shi Q has a facade of corrugated steel in a herringbone pattern, with exposed timber beams and high ceilings on the inside.
Click here to read the article at bisnow.com.
Feb 27, 2017Hungerford Properties Announces Tenants for New Titan Business Park in Regina
Feb 09, 2017Westerninvestor.com - Investor advice: It may be better to buy than lease in competitive Calgary
Jan 05, 2017Huffingtonpost.ca - Why Mount Pleasant Needs More Density
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