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Madison Pacific Properties Inc T.MPC

Alternate Symbol(s):  T.MPC.C | MDPCF

Madison Pacific Properties Inc. is a Canada-based real estate company, which owns, develops, and operates office, industrial, commercial, and multi-family rental properties located in British Columbia, Alberta, and Ontario. The Company also has investments in joint ventures that develop residential properties. The Company’s investment portfolio comprises around 54 properties with approximately 1.9 million rentable square feet (sq. ft) of industrial and commercial space and a 50% interest in two- multi-family rental properties with a total of 94 units. It offers a range of property management services for its portfolio of investment properties, which include tenant services and relationships, building operations, lease administration, property accounting and reporting and project management services. Its development properties include a 50% interest in the Silverdale Hills Limited Partnership which owns approximately 1,400 acres of development lands in Mission, British Columbia.


TSX:MPC - Post by User

Post by undervalueon Mar 02, 2024 5:18pm
73 Views
Post# 35911470

Mount Pleasant

Mount Pleasant
MPC is working on a couple redevelopment files in Mount Pleasant.
The company owns several full block assemblies similar to this story.



The mixed-use complex being proposed for 4-36 W 3rd Avenue and 5 W 4th Avenue.
The mixed-use complex proposed for 4-36 W 3rd Avenue and 5 W 4th Avenue.
 
(Perkins & Will, PCI Developments)
DEVELOPMENT PROJECTS
PCI Proposing Office-Industrial Complex In Mount Pleasant
The mixed-use space proposed by PCI Developments at West 4th Avenue and Ontario Street will also involve heritage retention of the existing Dominion Steam Laundry building.
Howard Chai
February 29, 2024
 
03:43 pm
The Mount Pleasant neighbourhood of Vancouver is the focus of a new development proposal that would see a large mixed-use commercial complex added to a key employment district for the city.
 
The developer of the project is Vancouver-based PCI Developments, who is best known for their transit-oriented developments around SkyTrain stations, including those that will be integrated with the future Arbutus Station and South Granville Station that are being constructed as part of the Broadway Subway Project.
 
This latest proposal, published by the City on Wednesday, is set for 4-36 West 3rd Avenue and 5 West 4th Avenue, which will not be integrated with a SkyTrain station, but is midway between the Expo Line's existing Main Street-Science World Station to the north and the Broadway Subway's future Mount Pleasant Station to the south, both of which are about a 15-minute walk away.
 
The site is currently occupied by a series of low-rise industrial buildings across three legal parcels. BC Assessment values the three properties at $6,739,700 for 3 W 3rd Avenue, $19,002,600 for 16 W 3rd Avenue, and $52,539,000 for 5 W 4th Avenue. The latter is a red-brick building originally constructed in 1910 as the Dominion Steam Laundry, a registered heritage building that will be retained and rehabilitated as part of the project.
The redevelopment will see the eastern portion of the Dominion Steam Laundry building, which stretches the entire block, retained and a new addition of 11 storeys on the western side of the building. Together, 5 W 4th Avenue will have a total of 80,475 sq. ft of office space, 119,906 sq. ft of industrial space, and 20,365 sq. ft of commercial retail space. A new childcare facility will also be added to the building. The building will provide 244 vehicle parking spaces and 193 bicycle parking spaces in an underground parkade that will be accessed from the rear lane.
 
"The preliminary structural assessment report has identified that a vertical addition to the heritage building is feasible with upgrading to load bearing elements and the addition of new seismic strategies," the project team notes. They also note that historic building facades, character-defining elements, and timber frame will be preserved and repaired. Elements that are expected to be removed include the columns above Level 2, the sloped roof structure, and the western portion of the building, which was a more recent addition to the building.
4-36 W 3rd Avenue will then be redeveloped into a 12-storey building with 119,906 sq. ft of industrial space, 90,268 sq. ft of office space, and 39,343 sq. ft of retail space. This building is expected to provide 141 vehicle parking spaces and 66 bicycle parking spaces in an underground parkade accessible from W 3rd Avenue. Both buildings are also expected to include bicycling end-of-trip facilities.
 
While other commercial complexes that feature a mix of industrial and office space, often referred to as "stacked industrial" projects, typically have office space atop of light industrial space, PCI's proposal will not be using that approach. According to the application booklet, industrial and office space will both be located on levels two through four, as well as the "upper levels" of the building.
 
Notably, the two buildings will also have a stepped form on one side of the building, creating outdoor amenity space along with a distinct look. A chunk of the building along W 4th Avenue will also be removed to create a courtyard about midway between Manitoba Street and Ontario Street. The existing laneway between the two buildings will be retained.
 
 
The stepped form creates ledges that will be used as outdoor amenity spaces.
The stepped form creates ledges that will be used as outdoor amenity spaces.(Perkins & Will, PCI Developments)
 
The courtyard space along W 4th Street.
The courtyard space along W 4th Street.(Perkins & Will, PCI Developments)
 
The outdoor amenity space above the courtyard.
The outdoor amenity space above the courtyard.(Perkins & Will, PCI Developments)
 
The overall structure of the building will see a lightweight composite mass timber addition of one storey — expected to house the new childcare facility — above the existing heritage building, which is a wooden structure.
 
The new towers to be added will be concrete structures, in order to "maximize adaptability for a variety of potential light industrial and office uses," although the project team notes that "use of mass timber and low-carbon concrete will be explored further as opportunities to reduce embodied carbon impacts for the overall development."
 
The difference in material, the project team says, is "to allow the existing heritage building to stand out within the overall development."
 
Regarding sustainability, the project team says WELL Core Gold and LEED v4 Gold are both "feasible" and "achievable," but have yet to fully commit to meeting those standards. The project will still meet the City of Vancouver's Green Building Policy for Rezonings, however.
 
 
The City of Vancouver will host a Q&A period for PCI Development's West 4th and Ontario project from Wednesday, March 27 to Tuesday, April
 
The proposed mixed-use complex at W 4th Avenue and Ontario Street.

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