The Globe and Mail - 30.07.2019

COMMERCIALREALESTATE

TO PLACE AN AD CALL: 1-866-999-9237
EMAIL: [email protected]

• Fully occupied by AAA covenant
  Rexall/Pharma Plus Pharmacies Ltd.


• Rare 9,578 SF corner lot with future
  repositioning potential


• Located in the rapidly intensifying
  Cabbagetown neighbourhood

Downtown Toronto Rexall with

Future Development Potential

*SalesRepresentative http://www.jll.ca

JLLRealEstateServices,Inc.

ForSale

+1 416 238 5874

[email protected]

+1 416 238 9961

[email protected]

Nick Macoritto*

Euan Darling*

Transit-oriented location allowing for high-density residential

Steps from Milton GO Station

Potential GFA of over 500,000 SF

Two Tower Development Potential

2.45 Acre High Rise

Residential Site

FOR SALE MILTON GO

MOBILITY HUB

LOCATION

Cushman & Wakefield ULC, Brokerage

Rene Serin* 905 501 6434

Gil Gordon*, SIOR905 501 6445

*Sales Representative

RECENTASSETTRANSACTIONS

Source:Altus Group – Altus Group has tracked investment transactions across Canada’s key markets since 1995.

For more information, please visit altusgroup.com/datasolutions.

GREATERTORONTOAREA

SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER

Office Mississauga 320 Matheson Blvd. W. $17,500,000 $186 per sq. ft.

Office Newmarket 1091 Gorham St. $10,450,000 $180 per sq. ft.

Industrial Etobicoke 87 Disco Rd. $10,000,000 $176 per sq. ft.

GREATERVANCOUVERAREA

SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER

Office Maple Ridge 11830 223rd St.; $3,025,000 $288 per sq. ft.

22318-22320 Selkirk Ave.

Office Burnaby 7460 Edmonds St. $3,700,000 $525 per sq. ft.

Industrial Abbotsford 28739 Fraser Hwy. $4,800,000 $682 per sq. ft.

GREATEREDMONTONAREA

SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER

Retail Sherwood Park Unit 510, 3850 Sherwood Dr. $1,139,950 $380 per sq. ft.

Industrial Edmonton 8135-8319 43rd St. N.W. $3,782,660 $52 per sq. ft.

Industrial Edmonton 15620 131st Ave. N.W. $3,115,000 $542 per sq. ft.

GREATERCALGARYAREA

SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER

Office Calgary 4770 110th Ave. S.E. $6,450,000 $197 per sq. ft.

Retail Calgary 6833 26th Ave. N.E. $2,700,000 $1,353 per sq. ft.

Retail Calgary 1209 1st St. S.W. $3,000,000 $490 per sq. ft.

131 Saramia Cres.

Vaughan

$5,750,000

$255 per sq. ft.

1415 East Broadway

Vancouver

$14,200,000

$338,095 per unit

9703-9727 137th Ave. N.W.

Edmonton

$8,950,000

$747 per sq. ft.

703 & 716 6th Ave. S.W.

Calgary

$10,650,000

$80 per sq. ft.

GTA:INDUSTRIAL GVA:APARTMENT GEA:RETAIL GCA:OFFICE

TOSUBSCRIBE1-866-999-9237 | TGAM.CA/SUBSCRIBE

ReportonBusiness

TUESDAY,JULY30,2019 | THEGLOBEANDMAIL O PROPERTYREPORT B5

P

arking lots rarely attract
media attention, but to de-
velopers, architects, engi-
neers and property owners they
are the linchpin of a fully func-
tioning city.
According to data from the
Parking Network, the world’s
largest information source on
parking, urban motorists spend
about 20 minutes on the road
looking for a parking spot. This is
not just a waste of commuters’
time, but also a loss of productiv-
ity and economic opportunity –
and it’s only going to get worse.
It’s integral that city planners ad-
dress the issue of parking in their
city given that the global popula-
tion is predicted to surpass eight
billion, up from the current 7.5 bil-
lion, by the year 2030.
As a result, just about anyone
involved with urban develop-
ment is seriously contemplating
the future of parking. But the
question of where to park, and
what kinds of facilities should
serve the private automobile, is
complicated in a world where
ride-sharing and driverless cars
are poised to become far more
common modes of transporta-
tion.
As a result of changes to come,
Calgary planners decided to build
a 250,000-square-foot parking ga-
rage – an area about the size of
four football fields. This new mul-
tilevel parking facility will offer
510 spots for parking and will cost
$80-million to build. But this par-
ticular parking lot is going to be
different. When completed in
2020, the structure will offer mo-
torists conventional parking
spots. Over time, however, the
structure can slowly change to ac-
commodate different uses. The
transition is being built into the
initial design.
Despite this forward approach
to design and development, the
structure will still look like a park-
ing garage, says Kate Thompson,
vice-president of development at
the Calgary Municipal Land Corp.
“You just can’t hide 510 cars,”
Ms. Thompson says.
“We wanted to build something
... a bit different,” says Glen Furta-
do, general manager of the Cal-
gary Parking Authority.
The 250,000-square-foot devel-
opment will also include 55,000
square feet for an innovation cen-
tre – a place where innovators and
entrepreneurs can meet with
mentors and potential investors
to help turn leading-edge ideas in-
to startup companies, Ms.
Thompson says.
The space has already been
leased to an organization called
Platform Calgary, which works
with startups. “We’re pleased that
it’s going to have a business run-
ning in it as soon as it opens,” Mr.
Furtado says.
Building a mixed-use facility is
smart, but building a structure
with multiple uses now that can

evolve and change over time is

strategically innovative, Mr. Fur-

tado says.

Even before a shovel hits the

dirt, designers thought ahead to

future alterations and use of this

space, while also meeting the

city’s current needs. The ceilings,

for example, are four metres high.

Not only is this convenient for

drivers who have tall trucks or ski

racks, but it also makes it easy to

add ductwork and wiring into the

building if and when it does get

converted for residential use. In

this way, the entire structure is be-

ing built so that the parking area

can, at some point, be converted

into multifamily housing later on,

with minimal structural alter-

ation.

This has the potential to ad-

dress two issues that are faced by

growing cities – it can provide af-

fordable housing and, with the in-

novation centre attached, it can

provide homes close to where

people work.

This idea of building parking

facilities that can be converted to

other uses isn’t restricted to Al-

berta. In Detroit, Ford Motor Co. is

spending US$350-million to re-

store a long-abandoned train ter-

minal and convert it into a self-

driving car research centre.

Housed in the former Michigan

Central Station, this massive new

facility slated to open in 2022 is

part of a big push by North Amer-

ican automakers to keep pace

with research and development

in China, where there is also a ma-

jor effort under way to dominate

the market for electric and auton-

omous vehicles.

The big question on everyone’s

mind is how quickly Calgary’s

new parking facility will adapt to

accommodate the needs of the

community.

The Canadian Parking Associ-

ation examined the continuing

changes in the need for parking.

In a report released last year, the

organization analyzed trends that

will affect parking lots and noted

that with car ownership declining

and ride-sharing increasing, there

may not be a need to create and

keep parking garages or lots.

“The automaker may not sell as

many vehicles to the private driv-

er, but it will sell cars to ride-shar-

ing companies, and research indi-

cates that miles driven will in-

crease dramatically as fewer vehi-

cles drive further distances,” says

Chris Hylton, who analyzed the

data for the association.

“For the parking operator, ad-

ditional stalls for short-term park-

ing, for drop-off parking [and] for

shared-vehicle parking will in-

crease,” Mr. Hylton says.

The economics of parking is

changing, too, says James McKel-

lar, director of real estate and in-

frastructure at York University

Schulich School of Business.

“Even if cars are driverless,

they’re still cars and will need a

place to park. But as more people

move downtown and decide they

don’t need their own cars, devel-

opers are finding it’s a big gamble

to build more parking,” Mr.

McKellar says.

“A parking stall in Toronto

probably costs about $85,000 to

set up. So, developers are shying

away from providing lots of park-

ing.”

Still, the car isn’t disappearing

entirely and the need for parking

in urban settings will remain a

concern. Given this changing

landscape, more innovative de-

sign builds are expected across

North America.

Special to TheGlobe and Mail

Howtofuture-proofaparkinggarage

Calgaryplannersdesign

multilevelfacilitythat

canhouse510carsplus

aninnovationcentre,

andcanberepurposed

easilyintheyearsahead

Whenconceptualizing

thisparkinggaragein

Calgary,designers

consideredfuture

alterationsaswellasthe

city’scurrentneeds.

Theceilings,forexample,

arefourmetreshigh,

accommodatingtall

trucksandcarswithski

racks,andmakingiteasy

toaddductworkand

wiringinthefutureifthe

buildinggetsconverted

for residential use.

RENDERINGSBYCALGARY

PARKINGAUTHORITY

DAVIDISRAELSON