Mixed-use properties

• The Highlands
• The Peppertree

The Highlands

Located at 90 Street and Jasper Avenue, Edmonton, this project consists of 596 residential suites in 2 connected, 19-storey towers with over 30,000 square feet of commercial space. It features a full service recreational club with pool, whirlpool, steam baths, sauna, exercise equipment, aerobic exercises, and a food and beverage outlet. When Westcorp was contracted as soft receiver for the project, both the retail and residential components of the project were under-performing, significant unsolved mechanical, electrical and structural problems were being encountered, and the tenant profile was consistent with a lower socioeconomic scale and contained a significant criminal element. At the end of our tenure:

• the retail space was repositioned with tenants who complemented the building’s new profile;
• the site attracted retail tenants capable of meeting their contract obligations;
• the residential component of the project was repositioned, attracting a higher scale of tenant;
• criminal and abusive elements were eliminated;
• the income stream was enhanced; and
• maximum market value was achieved at resale.

The Peppertree

Located at 10127 -121 Street, Edmonton, this 249-unit, 25-storey building also has 25,006 square feet of retail space. Westcorp Inc. acted as asset and property manager for an Ottawa-based owner. The project was completely occupied at the end of our tenure. When Westcorp Inc. took over this project, there were many operational and physical problems. These were largely corrected and the income stream quality improved significantly. The project had a considerable number of students and transient blue collar workers who all moved out every spring, resulting in a high vacancy during the late spring and summer. Under Westcorp Inc.’s management, the tenant profile and the project's image in the market were substantially changed and stabilized to eliminate any noticeable vacancy fluctuation. The commercial tenants had historic lease difficulties rectified and tenant satisfaction soared.