In an interview with The Suburban, Roger Plamondon President of the Broccolini Real Estate Development and Acquisitions Group was effusive in his optimism for West Island real estate and even more so in his confidence of the new Broccolini-RioCan joint venture to re-develop and expand the RioCan Kirkland Centre. Announced last week, the project will see 240,000 square feet of commercial space, 135,000 square feet of retail with the balance of the 2.8 million square foot site split between condos, rentals and community and green space. Broccolini’s Real Estate Management subsidiary currently owns and manages a portfolio of more than 40 properties, representing a total of over 11 million square feet of assets.
Plamondon said, “I believe there will be a great demand for office, retail and residential space outside the city centre in the post-Covid period. People are readjusting where they want to live and how they want to work and shop. Rio Can Kirkland is perfectly positioned to take advantage of this change.” Aside from the quality of life in the area,Plamondon stressed that a great strength of the project will be the direct access to the Kirkland REM station with ease of link to downtown and the South Shore as well as the already existing ease of access to the highway system east and west. He also pointed out that the Kirkland renewal is timely as companies and individuals begin to look at the West Island in a new light given the Cadillac-Fairview “new downtown” planned for Fairview Pointe Claire.
The 50/50 co-ownership will also be reflected in the management. RioCan will handle the leasing and management of the retail and rental areas while Broccolini handles commercial and condos. Edward Sonshine, CEO of RioCan wrote, “We look forward to working with a best-in-class partner as we create long-term value .”
RioCan sold the 50% co-ownership interest in Centre Kirkland to Broccolini for approximately $19.0 million. Centre Kirkland is an open air centre anchored by a Cineplex cinema. The new development will decrease the Centre’s exposure to Cineplex with the development of a diverse mix of new buildings and replacing underutilized space with highest and best uses. As a multi-phase project, each staggered phase of the project will remain income producing prior to its development start. RioCan and Broccolini will share costs to develop each phase as it becomes development ready. Broccolini will be the development, and construction manager.
Plamondon hopes the development will progress through a four to five year timetable to final completion of all phases. The plan is likely to closely parallel the construction of the REM which service will gradually start in 2022 with the Kirkland station ready in 2023-2024. In co-operation with the City of Kirkland, land use entitlement for the property as mixed-use is underway and demolition for the first phase of the project is targeted for late 2022 to early 2023.