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Squamish Oceanfront Development Lands

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Squamish Oceanfront Development Lands CONFIDENTIAL INFORMATION MEMORANDUM SQUAMISH OCEANFRONT DEVELOPMENT LANDS SQUAMISH, BRITISH COLUMBIA OCTOBER 2012 1 SQUAMISH OCEANFRONT DEVELOPMENT LANDS TABLE OF CONTENTS EXECUTIVE SUMMARY 4 PROPERTY OVERVIEW 5 PROPOSED DEVELOPMENT CONCEPT 12 TECHNICAL DETAILS 19 LOCATION 22 OFFERING PROCESS & CONDITIONS 29 CUSHMAN & WAKEFIELD 2 STAWAMUS CHIEF SEA-TO-SKY HIGHWAY SQUAMISH OCEANFRONT DEVELOPMENT LANDS DOWNTOWN SQUAMISH 3 SQUAMISH OCEANFRONT EXECUTIVE SUMMARY DEVELOPMENT LANDS Largest waterfront development site in Lower Mainland OPPORTUNITY The Squamish Oceanfront Development Corporation (“SODC”, “Vendor”, “Owner”) has engaged Cushman & Wakefield Ltd. (“C&W”, “Agent”, “Advisor”) on an exclusive basis to arrange a joint-venture partnership or a sale of 100% freehold interest in 59.1 acres of land and 44.0 acres of water lots located at the southern portion of the Squamish Peninsula in the District of Squamish, British Columbia, Canada (“Property”, “SODC Lands”). SODC is wholly owned subsidiary of the District of Squamish. The Property represents a truly one-of-a-kind opportunity to acquire a spectacular ocean waterfront site in a rapidly growing city located between the two world-class destinations of Vancouver and Whistler. As reflected in the recently adopted Squamish Oceanfront Peninsula Sub-Area Plan, the SODC Lands are expected to be the centerpiece for future growth in Squamish. Calling for mixed-use development with total buildable density of 2.05 million square feet, including 1.2 million square feet (1,136 units) of residential, the District of Squamish Mayor and Council fully support the development and revitalization of the SODC Lands. The Owner has elected not to establish an asking price for the Property, inviting prospective purchasers to submit appropriate joint-venture proposals or purchase offers. CUSHMAN & WAKEFIELD 4 PROPERTY OVERVIEW Salient Details LEGAL PLAN 5 3 9 6 4 1 7 10 2 8 5 SQUAMISH OCEANFRONT DEVELOPMENT LANDS PARCEL SIZE The Property comprises 10 legal lots and a total land and water area of 103.1 acres. PARCEL IDENTIFICATION & SIZE The SODC Lands represent the largest ownership proportion on the REF. # PID SIZE (ACRES) LAND/WATER Squamish Peninsula (the Peninsula includes two other neighbouring landowners Westmana and BC Rail). 1 007-774-010 51.2 Mostly land, some water 2 008-606-153 12.1 Mostly land, some water 3 026-267-152 8.9 Water 4 026-267-128 8.4 Mostly land, some water 5 026-267-161 7.6 Water 6 007-779-674 7.4 Mostly land, some water 7 015-788-741 4.3 Water 8 015-792-587 2.1 Water 9 026-267-144 0.9 Mostly land, some water 10 026-267-136 0.05 Land TOTAL 103.1 CUSHMAN & WAKEFIELD 6 SEA-TO-SKY HIGHWAY DOWNTOWN SQUAMISH SQUAMISH OCEANFRONT DEVELOPMENT LANDS SQUAMISH TERMINALS WHISTLER 40 MINUTES VANCOUVER 45 MINUTES 7 SQUAMISH OCEANFRONT PROPERTY OVERVIEW DEVELOPMENT LANDS Physical Summary AERIAL SODC WATER SODC LAND: LOTS: 59.1 ACRES 44 ACRES CONTEXT 59.1 acres The SODC Lands are located on the Squamish Peninsula immediately south of downtown Land (existing) Squamish and represent a huge opportunity for the District of Squamish and the entire Sea-to-Sky Region to build a new and unique waterfront community. The Property comprises 10 legal parcels, of which 59.1 acres are located on land and 44.0 acres 44.0 acres are fee simple water lots for a total area of approximately 103.1 acres. An additional 7.5 acres of land are proposed to be added by means of land filling to create parkland, increasing the overall Water lots land area to 66.6 acres (by proportionally reducing the water lots and keeping the total site area constant). Being a former industrial site, the Property is levelled, primarily vacant, and substantially 103.1 acres remediated to standards supporting a mixed-use development. Total site area CUSHMAN & WAKEFIELD 8 PROPERTY OVERVIEW Land Use Controls LAND USE PLAN (SUB-AREA PLAN, SCHEDULE G) NEIGHBOURING PROPERTIES. NOT PART OF THE SUBJECT PROPERTY. MASSING STUDY (VIEW SOUTH) MASSING STUDY (VIEW NORTH) 9 SQUAMISH OCEANFRONT DEVELOPMENT LANDS CURRENT ZONING Given the Property’s historical industrial use, the majority of the Property is currently zoned I-3 and I-1; however, with adoption of the Squamish Oceanfront Peninsula Sub-Area Plan the Property has received government and public support for a major land use shift towards mixed-use as outlined in the next section. FUTURE LAND USE Adopted as a schedule to the District of Squamish Official Community Plan, the Squamish Oceanfront Peninsula Sub-Area Plan (the “Plan”) is the primary guiding document for future development of the SODC Lands and the entire Squamish Peninsula. The Plan’s land use policy addresses the spatial arrangement and range of land uses planned for the SODC Lands; highlights from each of the dominant land use is provided below, with reference map on the previous page. Overall, the Plan allows for flexibility for future development in terms of density, sequence, and land use. VILLAGE CENTRE WATERFRONT EMPLOYMENT PRIMARY EMPLOYMENT MAX DENSITY: 2.50 Floor space ratio (FSR) MAX DENSITY: 1.75 FSR MAX DENSITY: 1.50 FSR BUILDING HEIGHTS: 2-6 storeys BUILDING HEIGHTS: 1-2 storeys BUILDING HEIGHTS: 2-4 storeys DOMINANT USES: Retail, service, entertainment, cultural, DOMINANT USES: Boat building, leasing, sales, repair, DOMINANT USES: Light manufacturing, professional and civic, tourism accommodation (hotel, condo-hotel, etc.) manufacturing, other maritime uses business office use and high technology office CATTERMOLE WATERFRONT EDUCATION & INSTITUTIONS RESIDENTIAL INTERIOR RESIDENTIAL MAX DENSITY: 1.75 FSR MAX DENSITY: 1.50 FSR MAX DENSITY: 2.50 FSR BUILDING HEIGHTS: 4-6 storeys BUILDING HEIGHTS: 2-4 storeys BUILDING HEIGHTS: 2-6 storeys DOMINANT USES: Post-secondary education, technology, DOMINANT USES: Multi-family residential in the form of 4 DOMINANT USES: Multi-family residential in the form of 4 private schools, arts schools, accessory student housing storey apartments and 2-3 storey townhouses to 6 storey apartments and 2-3 storey townhouses MAMQUAM WATERFRONT REZONING PROCESS RESIDENTIAL Working in conjunction with the District of Squamish and within the framework of the Plan, the current MAX DENSITY: 3.50 FSR Owner of the Property has undertaken significant remediation, technical, and architectural planning work BUILDING HEIGHTS: 2-12 storeys and advanced a Comprehensive Development (CD) zoning bylaw for the Property to a second reading at the Council. The Owner has elected not to proceed with further readings of the CD bylaw, to allow for a DOMINANT USES: Multi-family residential in the form of 4 prospective purchaser/development partner to provide input in the proposed development. Highlights of to 12 storey apartments and 2-3 storey townhouses the proposed development concept are summarized in the following section. A Phased Development Agreement (PDA) will be required as part of the rezoning process. CUSHMAN & WAKEFIELD 10 SQUAMISH OCEANFRONT DEVELOPMENT LANDS Largest waterfront master-planned community in Lower Mainland CUSHMAN & WAKEFIELD 11 SQUAMISH OCEANFRONT PROPOSED DEVELOPMENT CONCEPT DEVELOPMENT LANDS Vision Over 1,100 Potential residential units 420,000 sf Potential commercial and retail space THE VISION: OCEANFRONT ALIVE The Squamish Oceanfront is envisioned as a complete community with a blend of distinct neighbourhoods, each with its own unique character and activity centres. The Oceanfront development will re-connect the community of Squamish with the ocean. The heart of the plan is building community, achieved by creating a place where people will come together to work, to play, to learn and to live. This confluence of uses is anchored by the surrounding water, marking the peninsula as the start of the journey, rather than the end of the road. This vision for the SODC Lands will create a community that provides a blend of live-work-play balance unprecedented anywhere else in British Columbia. CUSHMAN & WAKEFIELD 12 PROPOSED DEVELOPMENT CONCEPT Lands Subdivision & Density CONCEPTUAL SUBDIVISION PLAN LAND AREAS LAND AREA (ACRES) GROSS BUILDABLE AREA (SF) Residential (R Districts) 18.5 1,205,000 Office (C Districts) 12.4 362,000 Over 2,000,000 sf Education (E District) 3.4 290,000 Total buildable area Retail (V Districts) 3.3 60,000 Hotel (H District) 1.7 140,000 Circulation, Parks, Open Space 26.8 -- Total 66.2 2,057,000 Note: The total land area of 66.0 acres achieved after 7.5 acre infill for parkland. 13 SQUAMISH OCEANFRONT DEVELOPMENT LANDS PROPOSED DENSITY RESIDENTIAL The development concept has two main residential neighbourhoods that comprise a total land area of 18.5 acres. The gross residential density of the project is estimated at 1.2 million square feet, relatively evenly distributed between the two proposed neighbourhoods of Cattermole North (parcels R1-R4, R10, R11) and Marina Boardwalk (R5-R9). In terms of housing unit mix, the development conceptual idea proposes 1,136 housing units, including: • 266 townhouses, • 663 low rise condominiums, and • 207 mid rise condominiums. CONCEPTUAL RESIDENTIAL DISTRICTS (R) PARCEL R1 R2 R2 TH R3 R3 TH R4 R4 TH R5 R6 R6 TH R7 R8 R9 R10 R11 TOTAL Land (Acres) 2.31 1.14 1.46 1.49 1.15 2.08 1.15 0.83 0.77 0.77 0.68 0.69 1.36 1.02 1.49 18.54 Product TH LR TH LR TH LR TH LR MR TH MR LR TH LR LR Gross Area (sf) 99,700 80,900 60,400 138,000 49,400 72,900 44,200 65,900 123,600 29,300 123,600 91,800 53,100 82,700 90,400 1,205,900 Saleable Area (sf)* 99,700 68,800 60,400 117,300 49.400 62,000 44,200 56,100 105,100 29,300 105,100 78,100 53,100 70,300 76,900 1,075,800 Units 83 86 50 147 41 88 37 59 111 20 96 87 35 100 96 1,136 Notes: TH-townhouse; LR-low rise; MR-mid rise.
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