A Model Brownfield Redevelopment
The International Avenue Technology Centre
Limited Partnership (IATC LP)
IATC LP will be an investment opportunity to capture value by capitalizing on the current economic conditions of low construction costs, low vacancy rates in the small industrial bay market, and urban growth. This highest and best use redevelopment of the former Hub Oil site will assist in the revitalization of International Avenue while protecting human health and the environment.
IATC is a mixed use project of 73,800sf on 4.08 acres, which will include: 1) 6 industrial bays of 3000sf with a retail front, office mezzanine, warehouse, and cargo bay door; 2) 25,600sf of office space in two structures; and, 3) 11,200sf of retail space directly adjacent to a major thoroughfare; and, 4) 19,000sf business incubator (a mix of office and technical space). Tenants of the IATC will also receive business development and innovation assistance, linking them in with partners in the Alberta innovation system. The project may contain a specific cleantech business incubator.
5805 17 Avenue Southeast, Calgary, Alberta, Canada. 17 Avenue Southeast, now remained International Avenue, offers several beneficial features:
Great Visibility—approximately 29,000 cars pass by each day, projected to growth 39000 in five years;
Impressive Views—Located on a high plateau, the site offers views of the Rocky Mountains and downtown Calgary, especially from the second story offices.
Local Amenities—Directly adjacent to the beautiful Ellison Park and within close proximity to the many restaurants and services along International Avenue;
Transportation Hub—Quick access to Stoney Trail, 52 Street Corridor, Memorial Drive, and the 1A Highway; and,
Alberta Advantage—Fastest growing economy in Canada.
For long-term investors, the IATC LP offers a significant appreciation in value combinded with stable cash flow. Factors which are driving land value appreciation include:
Strong Economic Growth in Alberta— CIBC World Markets projects that driven by strong commodity prices Alberta will experience 4.2% GDP growth in 2011, the highest in Canada;
Calgary’s Ring Road—The completion in 2010 of the NE section of Stoney Trail to International Avenue 1.2km east of the site and the completion of the SE section in 2013;
Urban Renewal—The recently approved revitalization plan, the International Avenue Design Concept, which seeks densification west of the site and significant traffic upgrades;
East Hills Town Centre—Trinity RioCan has a development permit for 880,000sf of top quality retail space just east of Stoney Trail; and,
Suburban Growth—Annexation by the City of Calgary of 1 square mile of land from Rockyview, currently committed to land developers and.