The town of Kirkland is awaiting a 2.8 million square foot facelift, that will take place over the next three years. It was announced earlier this week that The Centre Kirkland will see total redevelopment as part of a mutual project taken on by RioCan REIT and Broccolini Real Estate Group.
The development, which will centre around the soon-to-be REM light-rail station will be home to a variety of infrastructure including residential, professional and commercial spaces.
“It was a very good fit between the two organizations, with RioCan (REI-UN-T) bringing the ownership of the asset, and obviously their expertise on the retail side,”
- Roger Plamondon, President of real estate development and acquisitions, Broccolini
“We bring the construction element, knowledge of the local market and the development market in Quebec, so it became a natural fit.” (SOURCE)
Broccolini’s buy-in to the Centre Kirkland property cost $19 million. Broccolini will share development costs, while RioCan maintains 100% interest in all pre-development leases.
Plan for redevelopment
The property which runs parallel to Highway 40 is home to approximately 1.5 million square feet of land. Although it is primarily a space for retail occupants, many spaces are currently vacant. It will be redeveloped in phases (up to six) beginning with the property nearest the upcoming REM station.
Tasks will be divided between the two groups; Broccolini will manage design and construction, manage all office property, and market the residential spaces. RioCan will manage the retail and residential properties.
240,000 square feet of residential and office space are anticipated to be a part of phase 1.
Being that the site is surrounded mainly by low-density residential areas, community consultations are in the works to ensure the minimization of the impacts of higher-density housing on previously existing properties.
Residential housing
At this point, the number of residential units that will be constructed at Centre Kirkland is yet to be decided, as well as the exact ratio of condos to apartments and other housing options.
The current property hosts 220, 000 square feet of commercial space, which is expected to be reduced to roughly 130, 000 square feet with the redevelopment.
“The easy [option] is to demolish everything and rebuild new retail that is going to be much more adaptive to the needs of the project. [Tthat being said,] we would be very foolish not to try and take advantage of the existing building structures and see if we can incorporate it into the design.”
- Roger Plamondon, President of real estate development and acquisitions, Broccolini
The re-evaluated office component of the project is in some ways due to the ongoing COVID-19 pandemic. Experts at RioCan and Broccolini are of the opinion that companies are seeking alternative spaces for their staff, rather than staying in the hub of downtown.
There is a new inclination amongst the public towards greener options in food, business and transit. The Centre Kirkland project allows for that.
“I believe that there is going to be an inherent long-term movement back to suburban office[s]… but [a] very specific suburban office, tied to public transit like the REM. I would not necessarily think the same thing about a suburban office, free-standing, with no easy access to the core.”
- Roger Plamondon, President of real estate development and acquisitions, Broccolini
(SOURCE)
Project managers are aiming to begin construction in 2022.
SOURCE: https://www.broccolini.com/
