Aquilini Group Closes on SOPA Square Deal
Aquilini Investment Group's $29.5M bid for Kelowna's troubled SOPA Square project received final approval last week, a strong signal that the Okanagan centre's finally on the mend after getting hit hard in the 2008 financial crisis, Colliers AVP Marshall McAnerney tells us.
SOPA Square—a mixed-use development on 1.7 acres on South Pandosy Street in Kelowna's Lower Mission area—will include 40k SF of ground-floor retail space, with 23k SF of office space above. The development will also have an 11-storey residential tower and six-storey townhome complex—160k SF of residential in all. The project, originally approved back in 2008, had a rocky recent past, going through several owners before entering receivership last year.  Aquilini's $30M investment in SOPA Square represents a resounding vote of confidence in Kelowna, Marshall says, noting the project will help transform South Pandosy into a thriving hub with restaurants, shops and services, all within a short stroll of Okanagan Lake. Parts of the commercial space are built and operational, with early retailers like Famoso and Tru Frozen Yogurt. A 7k SF brewhouse is planned. The offices are strata units from 300 to 7,154 SF. Residential tower plans will be tweaked by the new owners and the project relaunched.
 Marshall predicts the area could become Kelowna's version of Kitsilano. “The neighbourhood around SOPA has been exploding in the last few years, and a lot of it's based on the feeling that this is going to be the place to be.” He even bought a home in the neighbourhood recently. Older houses on his street are getting torn down, replaced with bigger ones. An Urban Fare opened a few years back, and loads of great new eateries, too. “All the trendy restaurants are coming,” says Marshall. “This is becoming a true urban centre unlike anywhere else in the Okanagan.”
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Avigilon To Buy 555 Robson
From Telus For $42M
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Security solutions provider Avigilon Corp said Friday that it's agreed to buy Telus Communications Co's nine-storey, 135k SF office building at 555 Robson St for $42M. Avigilon CEO Alexander Fernandes called it a sound investment that will serve as its global HQ. The buy will enable the firm, cited by Deloitte as one of the world's fastest-growing tech companies, to support a “rapidly expanding workforce.” |
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The building is adjacent to Telus Garden, a new $750M mixed-use office development slated to open next quarter. The older Telus building at 555 Robson has been updated in recent years and outfitted with the latest technology infrastructure, Avigilon notes, which should allow for a “seamless transition” for its employees. The deal is expected to close in October, and Avigilon plans to move in come 2016. |
Why Victoria Digs Jawl's Downtown Office Development
Perhaps inspired by the enthusiasm of its mayor, Victoria council has given unanimous approval to Jawl Properties' plans to build an office-retail complex across the street from city hall, at 1515 Douglas St. The 287k SF project, designed by D'Ambrosio Architecture + Urbanism, will include two towers (six and 13 storeys) with 254.5k SF of office space and 32k SF of ground-floor retail and commercial. The development—which gets top marks for having the niftiest rendering we've seen in a while—will target LEED Gold.
 Victoria mayor Lisa Helps is an especially big fan of the Jawls scheme, insisting that this “21st-century building” will “contribute to the happiness factor of people downtown.” It's “more than a building,” she added, according to the Victoria Times Colonist. “It's a live interface with the public realm.” Phase 1 will see construction of the six-storey office building on Douglas and underground parking (220 stalls). The second phase will include the 13-storey tower. The former Royal Bank branch sitting on the property will be demolished.
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