INTEGRITY KEY TO CANDEREL-TSUUT’INA PROJECT
Jonathan Wener Chairman and CEO, Canderel
It’s the kind of confidence that you can reliably bank on. With some $10 billion worth of completed projects under his belt, Canderel’s Chairman and CEO has not merely prospered handsomely from his upbeat, long-term approach to business: His win-win, relationship-driven philosophy has also enriched scores of partners along the way and earned the steadfast loyalty of clients, tenants and employees alike. Wener leads a tight core staff of a dozen-and-a-half well-heeled and highly respected real estate executives who have been with him for more than 25 years. To ensure continuity, he also insists on including younger real executives in planning his projects. “We engage both senior and middle management to ensure that everyone learns along the way,” he said. Tsuut’ina First Nation is the latest partner to trust in Wener’s magic touch. On July 11, it announced together with Canderel a nine-figure, three phase development adjacent to the soon-to-be-completed ring road in the city’s southwest. 40
In the deal, Tsuut’ina will contribute its land and Canderel will invest equity in predevelopment to land development, to build the requisite infrastructure for the project.
Currie Barracks
Glamorgan Community Mt Royal University
GLENMORE TRAIL
A hub for cultural and entertainment uses
Canderel capitalized on Wener’s longstanding reputation as a canny, reliable ally to cultivate the close ties with Tsuut’ina which made possible its latest giga-project; by most accounts the largest such First Nation partnership in Canadian history. “Good relationships like these are very important to nurture,” Wener underscored. “Trust takes time to earn. Once you achieve a reputation for reliability, you gain huge savings in time and energy that permits you to turn your attention to the market and channel those resources there, to the benefit of all.”
Westhills Shopping Centre
Lakeview Community
Elbow Valley
66 AVENUE SW
High visibility commercial
Rd
Weaselhead Park
lhead
Uses that protect and promote the natural features and view corridors
Wease
Major urban entertainment centre and hospitality uses
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Innovation and research park with a focus on institutional and private sector collaboration
AVE
Glenmore Reservoir NU ES W
Oakridge Community
Health & wellness zone
City proposed Primary Transit Hub
City proposed BRT
Bullhead
Established Neighborhoods Development areas
Signature Destinations
Existing destinations
Entertainment, Retail and Tourism Precinct High Visibility Commercial Precinct
Rd
SOUTHLAND DRIVE SW
Cedarbrae Community
An administrative hub with existing and planned community assets
ANDERSON ROAD SW
Agency Rd
Calgary sparked Jonathan Wener’s ardor for commercial real estate at the very outset of his career. Tempered today by more than four decades of experience, his passion for the city burns as brightly as before, as does his confidence in its future.
Signal Hill Shopping Center
Sienna Hills Community
Woodbine Community
Regional retail and commercial centre Hospitality and tourism uses that take advantage of natural heritage and view corridors
130 AVENUE SW
Cultural and Entertainment Precinct
Fish Creek Park
Innovation and Wellness Precinct
Evergreen Community
Administration and Commercial Precinct Urbanized retail street
Providence ASP
Multiuse recreational trail system
Proposed trail
“We will also get involved in various vertical developments,” Wener added. “The idea is to execute this as quickly as reasonably possible, with a completion horizon up to 15-years. Our 99-year lease ought to be more than adequate to fulfil our plan.”
“Good relationships like these are very important to nurture. Trust takes time to earn.” “Why do we want to add office assets in the Calgary market?” he asked rhetorically. “The highway will be complete in four years. We’re hopeful that the economy will have recovered by then, even if not fully.” “In the meantime, many retailers have expressed significant interest,” Wener added. “We will also end up with many more high technology and food technology tenants. Calgary is becoming quite a base for food. We’re finding that Calgary’s economy has become much more diversified than it was a decade or so ago.” He acknowledged that the energy sector will continue to loom large in Calgary’s economy indefinitely.
DEVELOPMENTS @ TSUUT'INA Conceptual Plan
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“No question, there’s a fair bit of stress in the market,” Wener admitted. “Downtown vacancies have dipped to 1990s levels in the 20 percent range. The core office market will come back, albeit slowly, barring a quick recovery. Oil is expected to rebound to about $55/bbl. in 2017, which will give a light lift to the Alberta and Canadian economies. It will take time.” How do you build a real estate empire like Canderel, which started in a Montreal coffee shop basement 40 years ago and today manages nearly 21 million sq. ft. of property? Wener’s recipe for success boils down to three simple secrets which he agreed to share. “You have to like the people whom you’re doing business with, you have to have fun and you have to make money,” he suggested. “If one and two aren’t there, you rarely get three.” “You can’t achieve that without a solid team,” Wener advised. “Stay humble, learn everything you can and work like a dog. The business skills that you will develop are broad-ranging and applicable to many other business sectors.” ■ Robert Frank Canadian Real Estate Forum / FALL 2016