Featured in the Business in Edmonton Magazine
The ONE Properties team, led by President and CEO Darren Durstling, saw growth in commercial real estate in 2021 and expects continued growth in key areas in 2022. Existing projects are nearing completion, and new projects are on the horizon for the dynamic integrated real estate company based in Edmonton, especially projects in industrial and multi-family.
In 2021, ONE Properties experienced many of the same challenges as other businesses in Canada: the impact of government mandates, increased health and safety measures restricting the work force, as well as interruptions, increased costs, and challenges with the supply chain. Running a company during a year dominated by the pandemic was the biggest challenge, acknowledges Durstling. Despite these challenges, ONE Properties came into 2021 with a plan for a robust industrial and logistics market. Durstling still finds it surprising just how strong the distribution market has become in Edmonton. He says, “the Amazon effect is alive and well and very active. A lot of companies have grown in 2021. I always knew it was there but I was just surprised how strong it was.” That upward trend is expected to continue in 2022.
It makes sense then that ONE Properties will continue to invest in the industrial and logistics market, and, with growth trends also in multifamily, on that sector, too. Durstling believes the biggest challenges in 2022 will be inflation and pricing, seeing it across the board in construction and all aspects of delivery and surrounding finishing of projects. “We’re getting ahead of it, our procurement methods are very strong, and we’re working directly with suppliers such as steel, window wall, mechanical, electrical – we’re working hard to mitigate a lot of the risk from the inflation of construction prices.”
Price point increases are one factor but also delivery time frames. Developers such as ONE Properties are facing distribution challenges as well, supplies that used to be four months out are now taking up to 10-12 months for delivery. ONE Properties is very focussed on this and really working with key suppliers to make sure they have the product. Careful planning and consideration is driving ONE properties forward to keep their promise of an “on time and on budget,” says Durstling.
Durstling expects that ONE Properties will continue to see industrial and logistics flourish, multifamily will continue to rise, and they have impending announcements regarding the growth of the property and asset management side of the business.
Durstling highlighted a multifamily project nearing completion that is an exciting addition to the retirement living options in Edmonton. The Glenora Park project, located on Clifton Place NW, near 124th Street and 102nd Avenue, is a new partnership with Revera, a Canadian company that provides accommodation, care and services for seniors. The site, set to open in 2022 offers luxury retirement living, with breathtaking views of the river valley and is the first of its kind in Edmonton. The 290-suite, 23-storey building, is described as best-in-class senior living residence. The companies’ joint venture combines ONE Properties’ development expertise with Revera’s extensive operational experience to design the project and create outstanding senior living choices. The development offers superior amenities and living arrangements that can change as the tenants needs change.
Also opening in 2022 is the Block BG project, also known as “Connect Centre” within ICE District is a partnership with Katz Group Real Estate. The project is the final leg of the surrounding plaza and will house The Banquet a Rec Room style entertainment spot, and The Canadian Ice House, a pilot project from The Canadian Brewhouse featuring Edmonton’s largest rooftop patio, coming in at 10,000 square feet. In addition, the Connect Centre’s anchor tenant is the Loblaws City Market, only the second of its kind in Edmonton, and designed to provide quality and fresh grocery options that align with the convenience and accessibility of ICE District.” With big plans, mindful consideration for the future, and attention to quality projects delivered within budgets and timelines, Durstling anticipates that 2022 will be another great year for ONE Properties.