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 1.3 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.

Xchange will maintain, enhance and create 47 acres of regulated aquatic and streamside setback areas, which will be dedicated to the City of Abbotsford as Municipal Park Land. The project will keep the wildlife corridors running north and south through the property. Xchange is working on a significant environmental offsetting initiative, covering 11 acres of regulated green and aquatic space. This environmental offsetting initiative will enhance and create habitat improvement in 3 different locations around Abbotsford. 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. In total the Xchange project has directly improved and preserved 58 acres of aquatic wetland, streamside catchments and wildlife corridors.

The offsetting program at McLennan Creek will remove major fish barriers and create new headwaters and rearing areas for juvenile salmon and trout. The environmental improvement measures in Fishtrap Creek will enhance fish bearing critical habitat for Salish sucker, Nooksack dace, and salmonids.

Other environmental initiatives implemented at Xchange includes industry leading storm water management, treatment, and storage. All filtrated and controlled stormwater flows directly into adjacent natural water courses. Additionally, 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 (directly and indirectly), $27.1M in annual federal taxes, $23.6M in annual provincial taxes, and $1.9M in City of Abbotsford annual 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 Hwy 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

Xchange is located on the traditional territory of the Mathxwi (Matsqui FirsNation). As part of our commitment to acknowledge the history and significance of these lands, we are thrilled to announce that the development team has partnered with esteemed First Nation carver, Mike Epp, to create four incredible Mathxwi house posts. These posts will be beautifully carved with cedar and integrated into the outdoor gathering plaza at Xchange. These house posts can be understood as a type of monument, greeting and memorializing important animals and ancestors of the Mathxwi.

It is important for us to honour and respect Indigenous knowledge, values, and traditions, and this collaboration serves as a reminder that our past, present, and future are intricately linked. By incorporating these house posts into the heart of our development, we hope to foster a greater sense of connection, unity, and respect for the land and its traditional custodians.

Łooda Łagyigeda Txa'nii Yets’isga waaldi da Lax Yuup ada txa’nii goo ada Luwaalm ts’maks [Respect our ancestors and all people, all life on the land and waters].” – Mike Epp, Coast Tsimshian artist

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 for excavation services 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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