Investment Case Studies

At Hungerford, we strive to invest, manage and develop properties that are more sustainable for the future. We are passionate about protecting our planet and conserving natural resources for future generations, including pursuing innovative ways, initiatives, and technology to reduce our environmental footprint across all our projects. The following are some recent projects which showcases these initiatives.

Logo Xchange

Xchange Business Park ("Xchange") is an industrial land development in Abbotsford. This 140 acre development is one of the largest industrial development in Metro Vancouver, and is projected to be a catalyst for economic development in Abbotsford with over 3,000 jobs. The development is approximately 1.4 million square feet over 11 Class A industrial buildings.

Hungerford acknowledges that our business activities have a social and environmental impact and is committed to developing our projects to the maximum benefit of all stakeholders while mitigating negative outcomes to the best of our ability. Our thoughtful approach to ESGI informs our decision making on all our projects, and we are pleased to highlight the initiatives we are engaging in for Xchange Business Park.

 

The environmental design and implementation takes into account the existing ecological conditions and the potential impact of the project on the environment. Numerous measures are being taken to address environmental concerns, and to ensure a balance between human needs and the preservation of the natural environment.

The project will keep the wildlife corridors running north and south through the property and almost all of the wetlands in the area will be maintained.

An additional 15,500 sf of new aquatic habitat including wetlands and streams will also be built. 50.6 acres of riparian areas will be protected, and half of that will be enhanced from what was impacted in the past. Areas of low ecological value and disturbed wetlands will be converted to higher ecological value native habitat, including areas for species at risk to improve the overall ecological health of the area. The offsetting program will open fish access to a greater area by removing a key fish barrier. Offsetting measures in Fishtrap Creek south of the development will enhance critical fish habitat for species at risk including Salish sucker, Nooksack dace, and juvenile salmon.

Xchange will be implementing best practices for storm water management including treatment and storage. The trees and landscaping design will maximize shading and natural infiltration. High efficiency irrigation systems, rain sensors, and drought resistant native planting will be implemented to reduce water usage.

Xchange will substantially increase premium industrial space in Abbotsford and will add much needed jobs in the growing community. The project is expected to generate an estimated 3,000 jobs (either directly or indirectly), $27.1M in federal taxes, $23.6M in provincial taxes, and $1.9M in City of Abbotsford property taxes. In addition, approximately $5M in Development Cost Charges ("DCC") to the City of Abbotsford will help support growth-related large, off-site infrastructure projects such as water supply and treatment, sewage collection and treatment, drainage facilities, major road upgrades and new park acquisitions and improvements.

These infrastructure improvements will help better the pedestrian mobility and traffic congestion surrounding the Mt Lehman Road area as well as the access on and off Highway 1. Works included construction of additional road lanes, replacement of High Street roundabout and signal coordination at all main intersections.

Good governance is essential for any developments, as it establishes the framework for decision-making, risk management, and accountability. The consulting team assembled for Xchange are top professionals in their field, and brings decades of experience to each aspect of the project. As a process driven organization, our approach to development is first rate with risk and returns evaluated with each key decision. The senior management team meets bi-weekly to address project risks and mitigations, and has a collaborative approach when it comes to project decisions, which are then carried out in a transparent, ethical, and sustainable manner.

As part of our commitment to ESGI principles, we recognize the importance of engaging with Indigenous peoples in a respectful and collaborative manner. Our Indigenous Inclusion Plan (IIP) outlines the steps we have taken or will take, to ensure that Indigenous voices and perspectives are heard and that Indigenous communities benefit from our project and initiatives.

The IIP initiatives includes:

  • Cultural respect and consultation
  • Public art and interpretive signage
  • Procurement
  • Youth training
  • Environmental monitoring
  • Archaeological impact assessment

Cultural Respect and Consultation
Since the start of the entitlement process in 2018, Hungerford undertook a meaningful engagement process with over 21 First Nations and 3 First Nation service organizations to listen and receive feedback on the proposed Xchange Business Park project. The First Nation groups included:

  • Matsqui First Nation
  • People of the River Referrals Office (PRRO)
  • Stó:lō Tribal Council
  • Stó:lō Nation
  • Shxw’ow’hamel First Nation
  • Skawahlook First Nation
  • Soowahlie First Nation
  • Seabird Island Band
  • Kwantlen First Nation
  • Peters First Nation
  • Semiahmoo First Nation
  • Semá:th (Sumas First Nation)
  • Leq’á:mel First Nation

Following the engagement process, Hungerford has provided responses and additional information to all received questions and concerns, and the response has been generally positive from the local First Nation groups.

Public Art and Interpretive Signage
We have hired local First Nation carvers, Mike Epp to complete four Màthexwi House Posts to be incorporated into the amenity area with commemorative signage. We consulted with Matsqui Nation artist Carman McKay on the significance of the house posts and landscaping of the area.

These house posts can be understood as a type of monument, greeting and memorializing important animals and ancestors of the Máthekwi. The posts will be carved with cedar, a tree that has important roots in Máthekwi tradition. Upon completion of the posts, there will be a ceremony at the opening in collaboration with the local First Nation groups.

Procurement
We have prioritized using First Nation trades onsite at Xchange with our general contractor, Wales Mclelland. There is additional consideration to use subtrades that are First Nation ownership, employees, and suppliers. The project currently has a First Nation superintendent and the subcontractor doing excavation services onsite is Little Bear Contracting, which is 100% Indigenous owned.

Youth Training
In the summer of 2022, we were honoured to host two students, Alice and Summer, from Matsqui First Nation for a summer internship experience. Students worked with teams across the company including Indigenous Business Strategies and Relationships, Development, Sales & Marketing, and Human Resources. Programming included learning about Hungerford’s engagement with Indigenous communities, partnerships on First Nations projects, touring neighbouring First Nation communities, a visit to the University of British Columbia’s Museum of Anthropology and Indigenous Research Gardens, and training on-site at the Xchange project from Keystone on habitat restoration and soil relocation. We look forward to continuing to watch the educational and career growth of Alice and Summer and greatly appreciate the time they spent with Hungerford.

Environmental Monitoring
To date, Environment Monitors have been and will continue to be present onsite during development. Keystone Environmental will work closely with Matsqui First Nation Environmental Technicians to complete this requirement. Environmental monitoring will include a training component and the training topics will include:

  • Environmental monitoring best practices
  • Pre-construction surveys and mitigation
  • Erosion and sediment control monitoring
  • Instream works/ fisheries monitoring
  • Habitat restoration and effectiveness monitoring

Archaeological Impact Assessment
The formal Archaeological Impact Assessment took place in 2018, and was completed by Cara Brendzy, Project Archaeologist, Stó:lō Archaeology Department, of the Stó:lō Research and Resource Management Centre (SRRMC). The assessment was to identify, evaluate, and mitigate the potential impacts that Xchange may have on cultural heritage resources. No evidence of archaeological sites was identified.

Logo Spland2

Spland is a joint venture partnership project with Westbank First Nation’s Ntityix Development Corporation ("NDC"). The project consists of three buildings with 23 newly constructed townhome units and an additional 2.36 acres of excess land for a future phase in West Kelowna. The property is located on Westbank First Nation ("WFN") reserve land under a long-term ground lease.

Hungerford commenced lease up for the 23 rental units in early 2023 and delivered much needed rental homes to help alleviate the rental vacancy in Kelowna.

 

The development is adjacent to Keefe Creek and natural greenspace. The Keefe Creek riparian ecosystem has an environmental sensitivity rating of ‘Very High’. As part of the project, a total of 33,745 square feet of riparian area will be restored within the property. The restoration resulting from the proposed works will create an additional 27,780 square feet of higher value riparian habitat further south of the proposed works along the southwestern edge of Keefe Creek. Restoration of the proposed compensation area will significantly increase the riparian habitat (and subsequent fisheries productivity) within the property.

The project is providing 23 market rental units on leasehold land, in addition to a future phase of up to 46 units. Social benefits for market housing and type of units suited for families and those looking for more space. Housing is also apart of broader economic development on reserve land and provides jobs for construction, maintenance, property management and taxation for WFN.

Construction of the project is contracted to a 100% Indigenous band owned company, WIBCO Construction Ltd. In addition, Hungerford is preparing a procurement framework to register interest and provide opportunities for Indigenous owned architectural firms and consultants to be a part of Phase 2 of the project. Hungerford and NDC are committed to providing necessary housing opportunities in the Okanagan market for the long-term, and with aligned values in sustainability, we believe our partnership will offer value to the community.

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