The Westmount building is a multi-tenant retail and office building located just off 124 St. in Edmonton.
We purchased the property in April 2014 and secured an 18-month construction loan. We saw the building had strong potential, but the exterior of the building was unsightly and the mechanical and electrical systems needed upgrading.
Approximately $450k was invested to replace the mechanical and electrical systems throughout the building and to completely insulate and reclad the exterior facades. The new design incorporates wood longboard and water-cut stainless steel panels backlit by led lights, making it a prominent neighbourhood landmark on 107 ave.
With the improvements complete, we were able to attract several new tenants and fill the vacancies in the building. We also renewed most of the existing leases at current market rates. These changes resulted in more than $1M of appreciation in the property value.
One of the tenants in the building, Rge Rd, is arguably the best restaurant in Edmonton. It was rated the #4 new restaurant in Canada in 2015 by En Route magazine. One of the highlights of the redevelopment project was the opportunity to facilitate Rge Rd’s expansion to almost double its original capacity. The new space is now a fitting home for one of Edmonton’s culinary treasures.