Recently SOLD – 13852 13868 101 Ave Surrey, BC – High Rise Development Site with permits
Address: 13852 – 13868 101 Ave, Surrey BC – High Rise Development Site SOLD
LOT: ~ 51,300 SF
Height: 24 Storeys
Call for more info.
This 167 UNIT 24 Storey High Rise Developmet Site was an off-market deal that we were able to put together. At the time of sale the presale market in Surrey was was showing extreme demand for purchasers with similar projects selling out their finished product in less than 3 weeks.
We sold this late stage development opportunity to one of our clients the Everest Group. We were pleased to put the deal together at a time in the marketplace where it was very difficult to source and find high rise development sites in Surrey City Center which is now the fastest growing area in Canada.
This was a particularly challenging site to work on because of the technicalities involving a Phase II of a previous tower and also the irregular shape of the lot and parking structures involved in the future development.
Our scope of work consisted on sourcing and finding the site, dealing with the owner of the property, analysing all the metrics and running development proforma scenarious based on different market prices, analyzing and compiling construction costs, soft costs, hard costs, financing costs and making sure all the numbers fit into a favorable development project.
We had meetings with architects, general contractors and City of Surrey in order to complete a full due diligence on the feasibility of the project.
Today the project is at the pre-sale stage and it is very rewarding going from plans and being able to see an actual physical pre-construction package avaialabe to future end users and investors.
If you are interested in development activity and potential off-market development sites in the Greater Vancouver area or specifically the City Center in Surrey, call Eni at 778-371-1534