Mandate
Radiant City Developments is a partnership of equity
holders whose mandate is the development of a diverse range of housing
for aging populations.
Development opportunity: 12th Street, New Westminster
911-915
Twelfth Street in New Westminister consists of 2 sites (plus the
potential addition of a third) totalling 10,000 sf. The sites are at the
heart of a community that is transitioning from a non-descript entry
point to New Westminster from Vancouver (Twelfth is an extension of
Kingsway) to a vibrant mized use community. The neighbourhood consists
of nearby single residential properties flanking low-rise commercial
along Twelfth Street. Twelfth has just recently completed extensive
revitalization work in the form of new streets, sidewalks and urban
furniture.
The site is in close proximity to shopping, Moody
Park and on a bus route. It is situated at a high point in the City,
affording spectacular views in all directions.
The single most
significant opportunity lies in the city's planning and social planning
departments' support of a rezoning application that would allow for a
six-storey building. This addition of 2 storeys to what would otherwise
be permitted represents an effective 20-30% markdown on the cost of the
land.
The project consists of ground-level retail (which can be
associated with the development in the form of doctors' offices or a
pharmacy) and 5 storeys of assisted living residential use. The upper
storeys are tiered to mitigate impact on the neighbouring single-family
residential lots. Preliminary layouts show the potential for more than
25000 sf. of net residential space. One way of allocating this are is as
29 studio units and 37 1-bedroom units. Alternately a lodge model of
small units could yield more than 80 studios. Further market analysis
will determine a definitive mix.
The site dimensions allow for
an efficient room layout, permitting generous administrative and amenity
spaces at each residential level, as well as outdoor roof deck
opportunities.
The financial outlook
Project costs are estimated to be
$14,400,000. Outstanding equity requirements total approximately
$3,000,000, and is being sought from additional equity partners and
operator equity investment.
The partners
Current equity partners bring a range of development, design and construction experience to the project.
Ron
Bijok, MAIBC, is a practicing architect and development consultant,
active in industrial, commercail and residential sectors. He has 25
years of experience marrying design solutions with financial and
programmatic realities.
Kevin Armon has spent 20 years in the
construction indiustry as a project manger, with experience delivering
facilities, managing cost and assuring quality compliance.
The offering
Radiant City welcomes enquiries regarding management services and or investment proposals.
Ron Bijok
President, Radiant City Development
