The Flamingo Block EXCLUSIVE DEVELOPMENT OPPORTUNITY - LoopNet
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EXCLUSIVE DEVELOPMENT OPPORTUNITY
The
Flamingo Block
A master planned, multi-phased, three-tower
development project in Surrey City Centre
Bal Atwal* Mehdi Shokri
Principal Principal
+1 604.647.5090 +1 604.647.1355
bal.atwal@avisonyoung.com mehdi.shokri@avisonyoung.com
Bal Atwal Personal Real Estate Corporation
Key Highlights • Multi-phased, three-tower project within 450 metres of Gateway SkyTrain Station • Third Reading approved, with final adoption of rezoning and development permit anticipated in Q3 2018 • Panoramic views of the North Shore Mountains and Fraser River • Dual exposure along two prominent corridors - King George Boulevard and Whalley Boulevard • Condo prices in Surrey City Centre are climbing rapidly with strong upward pressure
Salient Project Details
site area
Municipal Address
10740 & 10768 King
George Boulevard and
13665 – 107A Avenue
3.98 acres
(the “Property”)
Net Site Area 173,184 sf (3.98 acres)
total density
Floor Space Ratio (FSR) 5.50 965,000 sf
Total Density Residential: 900,520 sf
Commercial: 51,992 sf
Amenity*: 12,394 sf
residential units
Total: 964,906 sf
1,070
* Amenity area is excluded from the allowable FSR calculation
Location
City of Surrey
Strategically situated in the southeast region of Metro Vancouver, SURREY IN THE
the City of Surrey is the largest city in British Columbia based on land
area and is home to over 560,000 people. Nestled against a stunning NEXT DECADE
backdrop of landscape that offers residents a host of recreational
options, Surrey is nicknamed the “City of Parks” and has over 6,000
acres of dedicated parkland.
A bustling metropolis bordered by the Fraser River to the north and
$
16.8 billion
new building development
the U.S. border to the south, Surrey is a young, diverse, and growing
community that welcomes approximately 1,000 new residents every opportunities
month. Within the next decade, the City of Surrey is projected to
overtake the City of Vancouver as B.C.’s largest city by population
5 billion
and is poised to become the next business capital of Metro Vancouver.
$
investment into infrastructure
Surrey is the fastest growing city and community amenities
in the province of British Columbia
Demographics
$
40 million
investment into public amenities
POPULATION TRENDS
Census Summary
2017 Population Estimate
Surrey
568,302
City of Vancouver
638,994
Metro Vancouver
2,582,973 1,000 new residents
every month
% Population Change (2017-2022) 17.14% 4.8% 9.8%
HOUSEHOLD TRENDS
Census Summary
2017 Estimated Total Households
Surrey
$103,500
City of Vancouver
$100,808
Metro Vancouver
$104,240
10 new parks in
Surrey City Centre
Surrey City Centre
Surrey Memorial Hospital Central City Shopping Centre
Simon Fraser University
King George Station
Surrey City Hall
Holland Park
Surrey Central Station
Whalley Athletic Park
Tom Binnie Park
subject property
The Flamingo Block Gateway Station
Surrey City Centre
Located in Surrey City Centre, the Property is comprised of approximately 2/3 of a city block and offers dual frontage
on King George and Whalley Boulevards, further bounded by 107A Avenue to the south and a future city lane to
the north. Surrey City Centre forms the downtown core and is home to landmarks such as City Hall, the City Centre
Library, Simon Fraser University, Surrey Memorial Hospital, and Holland Park. Central City Shopping Centre is the major
retail centre in the area and offers over 140 retail stores, restaurants, and services. From academic pursuits to
business endeavours and retail therapy, Surrey City Centre is fast emerging as a vibrant urban core where people want
to live, work, and play.
Transit & Infrastructure
The Property is within 450 metres of Gateway SkyTrain Station and
has direct access to the Pattullo Bridge and South Fraser Perimeter
Road (Highway 17) via King George Boulevard, offering quick and
convenient connectivity to all major cities in Metro Vancouver. Over
the next six years, major initiatives such as Translink’s replacement of
the Pattullo Bridge and construction of the Surrey-Newton-Guildford 34 minutes
LRT will further strengthen the infrastructure network in the area and SKYTRAIN RIDE
support economic and population growth. TO DOWNTOWN VANCOUVER
112TH AVE.
Notable Projects
HA
NS
KI
EN
Surrey City Centre
NG
1
RO
GE
Maverick/Balance .
AD
OR
GE
Tien Sher
B OU
LE
2
VA
Quattro/Venue
RD
Tien Sher
3 1
Future Development Gateway
Bosa
108TH AVE. SkyTrain
2
4
Future Development
WHALLEY BOULEVARD
UNIVERSITY ROAD
Bosa
3
5
Linea
Rize Alliance
6
West Village 4
WestStone Group 104TH AVE.
7
5
Janda Tower 7
Janda Group 6 Surrey Central
SkyTrain
8 8
Georgetown
Anthem 9
OL
DY
9 AL
ER
133 + Old Yale OA
D
Townline
10
10 11
Future Development
140TH ST.
Concord
132ND ST.
12 King George
11 13 SkyTrain
Park Place
Concord
14
12
Holland Gardens
Century Group
13 96TH AVE.
Avani Centre
Yanna Holdings
14
King George Hub
PCI Developments
Demand
Demand for for new
new condo
condo product
product continues
continues to to outpace
outpace MOST RECENT PROJECT LAUNCHES
supply
supply across
across all
all residential
residential markets
markets in
in Metro
Metro Vancouver,
Vancouver,
with
with the markets below
all submarkets seeing
seeing somesome
of theof most
the most
sustained Metrotown - Polaris by Transca $1,210 psf
sustained and significant
and significant escalationsescalations in condo
in condo pricing. pricing.
Within
Within
Brentwood - Hillside East by Concord $1,200 psf
Surrey Surrey City Centre,
City Centre, Park Boulevard
Park Boulevard by Concord
by Concord recently
most recently
achieved achieved
an average an average
price price
of $780 psf, andof expectations
$780 psf, Richmond - Cascade City by Landa $1,100 psf
and future
are now in expectations
the low to midare nowpsf
$800 in range.
the $800+ psfthe
Given range.
Given the currentindisparity in condo pricing Surrey
between
New Westminster - Pier West by Bosa $1,020 psf
current disparity condo pricing between
Surrey City Centre
City Centre and otherandsubmarkets
other comparable
in Metro markets in
Vancouver, Burquitlam - Wynwood Green by Anthem $972 psf
Metro
there isVancouver, there for
strong support is strong
furtherempirical support for
pricing escalation in
further escalation
Surrey City Centre - Park Boulevard by Concord $780 psf
Surrey City Centre,inwell
condo
aboveprices for Surrey
previously City Centre
established
well above previously established benchmarks.
benchmarks. Source: Urban Analytics
The Property comprises of three parcels and falls
within the City Centre Plan (CCP). It is classified as
Mixed-Use and Residential Mid to High Rise under
the CCP. A comprehensive development application
has been made to the City of Surrey to permit
the development of a three-phased, mixed-use
residential and commercial development. The
application has currently been approved through
the Third Reading, and it is anticipated that the
rezoning and development permit will be approved
in Q3 2018.
The proposed development contemplates a
tri-phased project, comprising of three towers
with 1,070 residential units and nearly 52,000 sf of
commercial area. A new 136A Street will bisect the
Property and function as an internal high street for
the master planned development.
PHASE 1 | 323,883 sf
The first phase of the project is on the east side of
the Property and consists of a 35-storey high rise
tower and 6-storey low rise building fronting Whalley
Boulevard. Phase 1 includes 302,788 sf of residential
area and 21,095 sf of commercial space.
PHASE 2 | 286,447 sf
The second phase is planned for the southwest
quadrant of the Property and consists of a 37-storey
high rise tower, situated at the northwest corner
of 107A Avenue and 136A Street. Phase 2 includes
258,020 sf of residential area and 28,427 sf of
commercial space.
PHASE 3 | 354,576 sf
The third phase is planned for the northwest
quadrant of the Property and consists of a 46-storey
high rise tower fronting King George Boulevard and a
2-storey low rise building fronting 136A Street. Phase
3 includes 352,106 sf of residential area and 2,470 sf of
commercial space.
Y BLVD
PHASE 3
WHALE
396 TOWER 1
46 FLOORS
LVD
Residential Units
B
PHASE 1
RGE
FUTURE 136A STREET
349
EO
BLDG 4
Residential Units 6 FLOORS
ING G
PHASE 2
K
TOWER 3
TOWER 2 35 FLOORS
325
37 FLOORS
Residential Units
107A AVENUE
Tien Sher Group of Companies
The Tien Sher Group of Companies was founded in 2005 and has been a
pioneer developer and community builder in Surrey for over a decade. Tien
Sher’s completion of numerous mid-rise developments in the vicinity of
the Property transformed the Whalley District and shaped a new vision for
the City Centre. Notable developments include Quattro, Venue, Maverick,
and Balance, which total over 740 residential units in the area. Today, Tien
Sher has grown into a mid-sized, vertically-integrated development and
construction company, with a strong reputation for delivering quality homes
throughout Metro Vancouver. Website: http://www.tiensher.com/
Given Tien Sher’s strong ties to the community, there is a desire to stay
involved in this project and see it through to completion. A prospective
purchaser would greatly benefit from Tien Sher’s knowledge and experience
in the area, as well as its strong relationships with the City of Surrey. Although
an outright sale is an option, their preference would be to entertain
proposals where they maintain an interest in a joint venture partnership and
continue to manage and/or market the project through to completion.
Exclusive Agent Client
Prospective purchasers are invited to contact the undersigned for
further details on the opportunity and offering process.
avisonyoung.com
Bal Atwal* Mehdi Shokri © 2018 Avison Young. All rights reserved.
Principal Principal E. & O.E.: The information contained herein
+1 604.647.5090 +1 604.647.1355 was obtained from sources which we deem
reliable and, while thought to be correct, is
bal.atwal@avisonyoung.com mehdi.shokri@avisonyoung.com not guaranteed by Avison Young Commercial
Bal Atwal Personal Real Estate Corporation Real Estate (B.C.) Inc.; DBA, Avison Young
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