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Red Lion Inn & Suites, Abbotsford | Redevelopment & Investment Opportunity

2481 Pauline Street, Abbotsford, BC, Canada

Description

Fraser Valley Redevelopment & Investment Opportunity

One of the best locations in Historic Downtown Abbotsford adjacent to Jubilee Park, this prime 34,107 SQFT site is currently occupied by the well-known Red Lion Hotel and liquor store.

Identified in the OCP as Primary Retail Area with a designation of Urban Centre Mixed-Use, the opportunity exists for redevelopment requiring a minimum of 3 storeys and a maximum of 6 storeys of commercial and residential mixed-use space. In the interim, the Vendor has agreed to lease back the property from a new buyer thereby giving a good holding income pre-development stage with potential 5% Cap Rate.

Key Features

  • Feature 1: Located in Historic Downtown Abbotsford
  • Feature 2: Proposed OCP Designation Commercial Urban Centre Mixed-Use
  • Feature 3: Holding Income Pre-development by way of Lease back

Location

  • Description: Historic Downtown’s historic buildings and public realm are the backbones of its unique character, contributing to the unique, human-scaled streetscapes and setting the neighbourhood apart from other areas in Abbotsford. By preserving the existing character and reinforcing it through new development, the neighbourhood can continue to be a historic destination. Adjacent to the site to the West is Jubilee Park, the largest open space in the neighbourhood. Over time, it will become a city-wide destination for community activities and events. Recreational facilities abound in close proximity; literally on the doorstep of the potential new development for future tenants and owners to enjoy.

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This style property.

Properties Qty: 2
arigelmon@londonpacific.ca Ari Gelmon is an Associate Vice President and commercial real estate broker with London Pacific. His expertise lies within development land and investment properties including multi-family opportunities with latent value. Raised in Vancouver, Ari brings a unique perspective to buyers and sellers within the Vancouver core; his ability to understand the economic nuances and development direction within the context of regional planning and policy supports his approach to real estate investment and provides his clients with informed and market-sensitive advice. Ari’s enthusiasm for real estate is matched by his desire and commitment to provide the best in service to his clientele. Ari’s entrepreneurship brings innovation and new ideas to his business objectives and makes him a great support to his Jewish community where he is a Committee Member for the annual Chutzpah Festival.
alexander@londonpacific.ca Alexander Lougheed began his career in commercial real estate in 2014 and has since garnered in-depth experience in commercial transaction market analysis, city planning policies and development land processes. At London Pacific, Alexander specializes in the origination, marketing, and administration of development land and investment property transactions ranging in size and complexity throughout Metro Vancouver and upcoming development markets across British Columbia. Alexander also holds an honors degree in Urban Development from the University of Western Ontario where his studies focused on financial feasibility of development projects, valuation of income-producing real estate properties, urban and regional planning policies, and business administration. In office, it is Alexander’s experience and robust market knowledge in combination with his drive and work ethic that supports the success of his clients. Out of office, Alexander is an avid outdoor enthusiast who enjoys ski or golf road trips, and culinary-inspired adventures throughout beautiful British Columbia and abroad.
bstewart@londonpacific.ca Blair Stewart specializes in development land and investment properties and brings a wealth of Commercial Real Estate knowledge to the London Pacific Team. Blair’s previous work at Wesgroup Properties and with Great West Life as a national real estate advisor provided him with key industry experience in major markets including Metro Vancouver. Blair’s success stems from his desire to provide the best in client service; working with integrity, creativity and attention to detail to drive results for his clients. In addition to receiving a Diploma of Technology from BCIT’s Marketing Management program with a specialization in professional real estate, Blair also holds a Bachelor of Arts degree from Monmouth College, Illinois, where he majored in Business Economics.
Properties Qty: 11
bwilliams@londonpacific.ca As an Executive Vice President at London Pacific, Ben Williams specializes in development, assemblies and investment sales and is a leader in the dynamic Land industry of Metro Vancouver. Ben’s insight on market trends, municipal processes and development requirements plays a crucial role in his ability to deliver impactful marketing solutions and to negotiate multifaceted development contracts. Dedicated to ensuring his clients’ success with over a decade in Commercial Real Estate experience, Ben takes a professional approach to every mandate, offering personal attention to detail through transparent and consistent communication with clients. Ben is experienced in a range of sophisticated acquisitions and dispositions which aid in his ability to successfully navigate the complex and ever-changing market. Ben is a graduate of BCIT’s School of Business and Commercial Real Estate and is an active liaison committee member with the Urban Development Institute (UDI). Along with his brokerage career, Ben also plays a key role in the strategic growth of London Pacific and enjoys quality time with his family.
dean@londonpacific.ca Since entering the real estate industry, Dean’s focus has been on the sales and acquisitions of multi-family development sites through the land assembly process. His success stems from his ability to generate and nurture relationships with homeowners and developer clients alike. Dean has a reputation for providing exceptional customer service which, together with his knowledge of the land assembly process, champions his clients through the complexities of real estate development transactions from agency to successful completion. Dean is an avid golfer and spearheads the annual Urban Development Institute’s golf tournament as London Pacific’s team captain.
daniel@londonpacific.ca Daniel is an exemplary commercial real estate broker and Associate Vice President. Being highly skilled in negotiations and possessing a compassionate understanding of people, he endeavours towards a win-win solution for any business deal. With a background in Finance and his knowledge in Commercial Real Estate, Daniel has extensive experience working side-by-side with clients, striving towards profitability and financial success in every transaction. While in Retail Brokerage, Daniel worked as the Designated Agent for multiple National retailers, working on first-to-market rollouts, growth and expansion mandates, market feasibility studies, and contract negotiations. With London Pacific, Daniel excels in multi-family designated assemblies, whether it be Townhome, Wood-Frame Apartment, or High-Rise sites. Though he always considers himself on-call, when Daniel is not focused on work, he can be found spending time with his wife and two small children or enjoying the great outdoors.
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grantgardner@londonpacific.ca Grant Gardner earned his designation as Senior Vice President with London Pacific with his phenomenal track record for consolidating and selling high calibre multi-family development sites over the last decade. With recognition from Business Vancouver Magazine (BIV) twice for having one of the top 100 commercial real estate transactions in Metro Vancouver and with over $300M in transactional sales volume to date, Grant continues to demonstrate his ability to negotiate and close complex commercial real estate transactions. Grant’s drive to perform for his clients is paralleled by his drive to seek excellence in his day-to-day life. With focus on training for a half Iron Man in 2022, his spare time finds him exploring new roads on his bike and the open waters in his wetsuit.
isaac@londonpacific.ca As a Senior Associate at London Pacific, Isaac Foord specializes in development land and investment properties. His background in finance and sales paired with his interest in market trends and statistics allows Isaac to ensure that his clients are informed and up to date with current market conditions resulting in greater financial outcomes. Since joining London Pacific in 2017, Isaac’s primary focus has been growing the team’s land brokerage presence in the Fraser Valley. With a highly professional and transparent approach to the assembly and acquisition process, Isaac’s past, and present clients each testify to his loyalty and track record for success in his commercial real estate endeavours. Born and raised in the Lower Mainland, Isaac values fully immersing himself in the communities in which he specializes. By consistently visiting areas of significant development, he maintains a concrete knowledge of local developments and real estate activity. Isaac currently resides in Tsawwassen with his wife and spends much of his free time with his dogs exploring the outdoors, studying financial markets & trends, volunteering with his church, and engaging in rigorous physical activity to challenge himself in all aspects of life.
joe@londonpacific.ca Upon joining London Pacific Joe is responsible for assisting Executive Vice President Ben Williams, who is one of Vancouver’s most active development land brokers. Joe and Ben specialize in Land development assets including Land Assemblies, Strata Wind-up sales and developer client acquisitions and dispositions throughout Metro Vancouver. As a team, they are dedicated to ensuring their clients’ success through vigilant information, professional assistance in the transaction process, and proven results. Their clients include private equity and institutional groups, public market investors, developers, and local and offshore investor developers. Joe Hawboldt has a background in construction management where he gained knowledge of the construction process as well as many of the skills that he applies in his brokerage career. Joe attended BCIT where he received a Diploma of Marketing Management with Distinction as well as a Bachelor of Business Administration with Distinction. Joe also attended UBC where he was enrolled in a Diploma in Urban Land Economics. Along with his brokerage career, Joe assists the BCIT Real Estate Association as Chairman where he provides the association’s executive team strategic guidance and industry connections. Joe is a regularly scheduled blood donor, and his interests include European history and automobiles.
Properties Qty: 1
jerry@londonpacific.ca Jerry H. Lee *PREC is a Associate Vice President and commercial broker specializing in Land Assembly, Project Sales, and Investment Properties. Selling over $400M in real estate assets since 2016, Jerry’s clients trust his experience and ability to identify new real estate opportunities ahead of the curve. Jerry takes pride in providing the best in client services and communication with the provision of detailed market analysis, clear valuations, and precise strategies to enable his clients to achieve their real estate goals. Jerry’s network and strong relationships with numerous real estate development firms and local investors along with his command of English, Cantonese, and Mandarin connects Sellers with reputable Buyers. Jerry likes to give back by volunteering with JABC as a business mentor for high school students. When not able to travel, he studies and trades in new tech including crypto currency and NFTs. Always looking to the future, Jerry is currently researching the potential for Web3 blockchain technology within the Real Estate industry.
kwilliams@londonpacific.ca Keath Williams founded and has been Managing Broker of London Pacific Property Agents since 1986. Prior to London Pacific, Keath was Manager of Vancouver Commercial at Canada Trust for Canada.  An Urban Land Economics graduate from UBC, Keath is an active member of the REBGV, UDI, REIBC. Specializing in listing and selling development sites, Keath has completed hundreds of assemblies and site acquisitions of development projects in Greater Vancouver offering valuable insights to help owners and clients navigate optimal solutions and strategies for greatest financial outcomes.
lucas@londonpacific.ca Lucas is a dynamic professional with a strong educational background in economics and a passion for the real estate industry. Lucas holds a bachelor's degree in economics with a minor in Business Administration from Simon Fraser University, and a Diploma in Urban Land Economics from the University of British Columbia. Throughout his academic journey, he gained valuable expertise in various aspects of real estate, including appraisal, economics, development, law, and finance. With his expertise in these areas in both English and Spanish, Lucas possesses the knowledge and skills necessary to navigate the complexities of the real estate market. Lucas closely collaborates with Isaac Foord in the research of viable land acquisitions and development opportunities. His strong interpersonal skills and analytical abilities contribute to his effectiveness in creating precise development pro-formas and conducting comparative market analyses. With his wealth of knowledge and practical experience, Lucas is equipped to navigate the intricate landscape of the real estate market, consistently striving for optimal results. Outside of work, Lucas enjoys spending time with friends and family, weightlifting, and trying new restaurants around Metro Vancouver.
Properties Qty: 2
thomas@londonpacific.ca Since joining London Pacific in 2013, Thomas’s trajectory to Vice President is one of consistency. As a top producing commercial real estate broker, he has facilitated some of the largest and complex land assemblies in company history. In 2016, Thomas co-sold three of the top 100 real estate transactions throughout Metro Vancouver and subsequently garnered recognition in the industry as a leading land and investment broker. His talent for development land sales is reinforced by his extensive background in appraising development land, investment, and commercial/residential properties. Thomas holds a Diploma in Commercial Real Estate from BCIT, a Degree in Commerce from Royal Roads University and a Post-Graduate Certificate in Real Property Valuation from UBC. Now retired, Thomas held the distinguished AACI, P.App. designation granted by the Appraisal Institute of Canada and held in the highest regard.

Salient Facts

  • Address 2481, 2489, 2509 Pauline Street
  • Neighbourhood Downtown Abbotsford
  • Gross Site Area 34,107 SQFT (0.78 Acre)
  • Total Buildable 85,267 SQFT
  • Dimensions ±120' x 285'
  • Current Zoning C-7 Historic Downtown
  • Proposed OCP Designation Commercial Urban Centre Mixed Use
  • FSR 2.5
  • Max Allowable Density 95%

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