A new commercial condo development in South Edmonton will transform an old warehouse into a business hub.
The project, by PC Urban Properties, will turn a 100,000-square-foot building into 13 small-bay commercial condo properties.
“We are transforming an under-utilized, dormant property into a new business hub in an up-and-coming area of Edmonton,” said Brent Sawchyn, CEO of PC Urban Properties, in a news release. “This is an area on an upward trajectory and businesses that become part of the evolution will share in its success. IntraUrban Davies Station is a rare ownership opportunity in a core location.”
The development is located at 6008 75 Street NW.
“We are very excited to see this warehouse transformation development at the Davies Station on the Valley Line LRT coming to market. The City’s investment in this LRT line was not only focused on moving people, but it was also intended to spur on this type of development that can now depend on reliable mass transit to attract employees and customers from every corner of the city,” said Guy Boston, Transit Oriented Development Manager for the City of Edmonton.
“The whole area of south Edmonton is now on the cusp of being reinvigorated, and we’re thrilled PC Urban is coming in and investing in the region as we think it will be one of many investments in that part of the city to come,” said Malcolm Bruce, CEO of Edmonton Global, the Edmonton metro region’s international trade and investment attraction company. “This area is predominantly older, leased industrial spaces and these new business condos available for purchase will add different options for small and medium businesses who want to stake a claim to their own space.”
The building will include a variety of unit sizes from 5,300 to 12,400 square feet. Flexible IB (Industrial Business) zoning permits a wide variety of retail and industrial uses, including home improvement outlets, breweries, bars, warehouse sales, light distribution, restaurants, personal service shops, indoor recreation services and much more. Prices will start at $220 per square foot.
Thomas Ashcroft, Principal with commercial real estate firm Avison Young, said there are a lot of industrial and retail businesses that want to shift to ownership and this allows them to buy property in an area they couldn’t otherwise find or afford.
“Industrial strata is an emerging market in Edmonton because of the benefits of owning versus leasing. We’ve seen strong pre-sales with industrial strata projects, which is not typical in our market, and it is motivating business owners who are eager to buy in great locations like this one,” he said.
Mario Toneguzzi is a business reporter in Calgary.
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