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CAWSTON
Cawston is Innocept's largest and most recent residential project consisting of 82 homes in downtown Kelowna. Completed in December 2022, this development was initiated following Innocept's acquisition of four single-family lots and a municipal laneway, totalling 24,500 square feet of land. Demolition of existing homes began in February 2021, with construction commencing in April 2021. Favourable market conditions permitted us to sell out achieve full occupancy of the building within 11 months, with numerous buyers from our previous Kelowna projects choosing to invest in this development. Despite the adverse effects of the COVID-19 pandemic on supply and labour, which made this project one of our most challenging endeavors, our committed team and solid strong subtrade relationships connections enabled us to successfully complete the Cawston project, albeit one month behind schedule and slightly over budget. While we faced obstacles throughout the process, the end result brought immense satisfaction to both our team and investors.
ST. PAUL
Innocept's third acquisition in downtown Kelowna involved the development of 50 condo units and 4 townhomes. The 6-storey wood frame multifamily project on Clement Avenue was a unique undertaking, which was one of the first multifamily residential projects designed and constructed with a split-level parkade to accommodate the parking for the 54 units. Innocept acquired the land in June 2018 and construction began in September of the same year. The building was completed February 2020, and the majority of the units were purchased as short-term rentals, as it was the last new development approved for this purpose in downtown Kelowna. The project was a resounding success, returning equity capital to investors in just 19 months. Additionally, it was completed on time and within the $16 million budget.
THE STOCKWELL
The Stockwell was initiated in June 2016, after Innocept purchased land that included a DP-approved apartment building. We proceeded to modify and enhance the design to meet our condominium standards, and completed the construction of 32 one and two-bedroom homes in December 2017. This building was among the first newly constructed wood-framed condominiums in the downtown Kelowna area at the time. The majority of buyers were local residents who chose to downsize to condominium living or acquire a long term investment rental. This $10 million project was delivered ahead of schedule, on budget, and we returned equity capital to investors within 18 months.
PROJECT LIST
Cawston Kelowna - 82 Unit Condo Development
St. Paul Kelowna - 54 Unit Condo Development
The Stockwell Kelowna - 32 Unit Condo Development
3519 14th Street S.W., Calgary - Change of Use & Redevelopment
Calgary Winter Club - Phase 2 Expansion and Renovation
Mountain Ridge, North Dakota Acquisition & Expansion
3505 14th Street SW, Calgary - Retail/Commercial Redevelopment
Calgary Winter Club - Phase 1 Expansion and Development
Le Germain Calgary Hotel/Office/Residential Complex
Schlumberger Lab Facility – Edmonton
WestJet – Hamilton Hangar
Hamilton – Airport Reservoir
WestJet – Calgary Office
WestJet – Calgary Hangar
WestJet – Calgary Head Office
WestJet – Edmonton Hangar
905 - 8th Street SW, Calgary – Retail Redevelopment
SQ FT
70,513
56,716
49,000
7,000
33,000
20,000
11,000
80,000
300,000
30,000
45,000
-
54,000
135,000
64,000
37,000
10,000
COST
$28M
$2.5M
$12M
$ 750K
$ 8.4M
$ 4M
$ 500K
$ 20M
$ 150M
$ 5M
$ 7M
$ 1.9M
$ 8M
$ 22M
$ 8M
$ 5.5M
$ 2M
WESTJET
Innocept was enlisted by WestJet to establish and supervise their real estate department. Working directly with the senior executive team, our responsibilities encompassed the management of WestJet's offices, airport facilities, and all new real estate development endeavors. Among the notable projects undertaken, the hangar facility at Toronto Pearson airport stood out as the largest in terms of size and total project costs, with the capacity to accommodate up to five 747 aircraft in a single hangar. Our mandate commenced with providing owner's representative services for WestJet's initial new head office building in Calgary. Furthermore, we successfully completed the construction of WestJet's original Corporate Training Center and Aircraft Simulators, which were part of the Calgary hangar facility. These projects were particularly rewarding projects for Innocept due to the unique nature of these specialized facilities. As part of our program management mandate, one of our objectives was to assist WestJet in establishing their internal real estate department, a goal we achieved prior to the culmination of this mandate.
LE GERMAIN HOTELS
Innocept supported and worked as an extension of Jean-Yves Germain and the Le Germain Development and Construction teams. Innocept was responsible for securing all necessary municipal approvals for the complex that combined a hotel, offices, and residential units across 300,000 sq. ft. at a cost of $150M dollars. The pinnacle of the project was the sale of 42 condo homes, which all sold out within a single day at a history-making price of $942 per sq. ft. (May 2007). Despite losing all the office leasing deals in the wake of the 2008 financial crash, Innocept completed the pre-leasing of 80% of the 110,000 sq. ft. office building. We negotiated the land purchase with Grenville Properties, the original landowners who became partners in the development. Innocept continues to be a partner in the Le Germain Calgary Hotel and Office Building.
CALGARY WINTER CLUB
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The Calgary Winter Club is a premier private club for families with state-of-the-art facilities, exceptional programs, and a variety of social and dining experiences under one roof. It is a community hub created intentionally for multi-generational families. Innocept's involvement in two of the club's recent expansions began with the initial $20 million dollar expansion of over 80,000 sq. ft. where we lead the initial redesign of the original architectural plan and then proceeded to complete a new 3 level building. This accommodated new fitness areas, a gymnasium, a running track, the addition of tennis courts and renovations to many other areas of the facility. 4 to 5 years later, Innocept continued with the next phase which was a 33,000 sq. ft. renovation and expansion of the club entrance, restaurant, bar and the main meeting and conference room areas. Our expertise in development and project management were put to test due to the complexity of completing these projects while maintaining full operations of the Club. Both Phases were delivered on budget and on schedule.
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