Hungerford Properties Launches a Flurry of Development and Investment Activity in Calgary H
ungerford Properties, a Vancouver-based development and management company, has just launched its third major commercial project in Calgary. With a 35-year track record of success in investing and building residential, office, retail and industrial properties, Hungerford has several projects on the go with more to be announced in the near future. “We strongly believe in the business opportunity that is supported by the people and businesses in Alberta. We have a tremendous amount of confidence in the future economy,” says Michael Hungerford, partner, Hungerford Properties. “We are very excited and optimistic about the future.” Calgary has many similarities to Vancouver in terms of population and employment growth – making it a strong real estate market – although it is more heavily weighted towards the resource sector. “We are looking to invest in a wide variety of asset classes including office, retail, residential and industrial,” explains Hungerford. “The key thread and commonality between our investments is that there is a lot of creativity and value-added elements. What that means is we are bringing in capital to either reposition or revitalize existing assets or develop from scratch.” First up for the award-winning Hungerford Properties is the transformation of the former Haworth building into a bustling business centre. The location, renamed the ICON Business Park, will appeal to manufacturing and logistics enterprises and suburban office tenants. With an investment of more than $10 million in refurbishment, the property will get a redesign including more than 60 new dock doors, exterior landscaping and customized interiors, offering flexible workspace. “The vision for this property will see it transform from a single manufacturing use to a multi-tenant industrial park,” says Hungerford. Dubbed “southeast Calgary’s most intel-
Michael Hungerford
ligent workspace,” the building will offer an unprecedented opportunity to lease award-winning warehouse and class-A office space with a unique mix of quality, flexibility and amenities on great transportation routes. All together it will turn Foothills Industrial Park back into a thriving industrial centre. While ICON offers an opportunity to lease new, classA space, Hungerford Properties has two other projects that offer business owners the opportunity to own rather than lease property. Northwing Business Park, a commercial condo development in northeast Calgary, has just completed construction and is available today for sale. Northwing is the most versatile, quality business park in the region, and able to accommodate large-scale warehouse tenants requiring ample loading area to small and medium businesses. Similarly, Nexus Business Centre, in Calgary’s Meridian/Franklin area, provides business owners and investors a chance to purchase new class-A showroom, warehouse and office space in a well-located area. “Northwing and Nexus are both commercial condominium projects allowing businesses owners to own rather than lease. The financial returns on ownership are compelling,” says Hungerford. “Ownership allows businesses to control their own destiny, invest in their own space, and pay themselves rather than someone else rent. Both Northwing and Nexus are high-quality class-A buildings in a great location.” With few options for businesses owners to buy new space in the Calgary market, Nexus and Northwing will likely sell out quickly. In addition, low interest rates and a strong business market make for an ideal time to buy. As Hungerford’s three Calgary projects continue to build momentum, the company is pursuing other opportunities across different asset classes. As the company expands, their name will be associated with innovative and valueadded projects in not only Calgary but also Edmonton, Saskatchewan and Manitoba.