Merchant House Capital Expands Into New Westminster, BC with Acquisition of Kinnaird Place
VANCOUVER, BC, Jan. 18, 2021 /CNW/ - Merchant House Capital Inc. ("Merchant House"), a Victoria, British Columbia based real estate investment and development company, has announced its acquisition of Kinnaird Place, a 61-unit strata-owned residential building located at 65 First Street, in New Westminster's Downtown community.
Kinnaird Place is strategically located on Albert Crescent Park and Columbia Ave and benefits from panoramic vistas of the Fraser River Valley with convenient access to Queen's Park, Westminster Pier Park and Downtown amenities, including the Columbia Skytrain station.
Merchant House indicates its immediate plan will be to operate the building as rental and has entered into a housing agreement with the City of New Westminster to preserve rental agreements for those individuals currently renting in Kinnaird Place. Longer term, Merchant House proposes to develop a plan with area stake-holders and the City to build a high-rise residential tower on the site, taking full advantage of its proximity to light rail, Albert Crescent Park, and the Patullo Bridge replacement project, which will deliver bike and pedestrian access to its doorstep.
"The ability to provide much needed rental housing, featuring larger two and three bedroom suites, on its own merits, makes absolute sense to us", says David Fullbrook, Merchant House CEO, "but the opportunity to explore the City as it will be in the future, around the transformative changes the Patullo Bridge replacement will bring is far more than we could have hoped for. We see a site benefiting from meaningful natural space, bike transportation and urban walkability, and community-minded amenities that benefit our future residents and the wider neighborhood." Merchant House has engaged IBI Group architects to assist in the planning and design process.
Merchant House is presently developing the Victoria Press Building, a 300,000 sf mixed use commercial and residential project, along with the Montrose Wintergarden, a 100,000 sf 20-story tower and heritage redevelopment, at the strategic corner of Blanshard Street and Fort Street in Victoria.
Paul Silk, Merchant House President says, "We focus where we can bring the most value to the process and design. We are seeking to create meaningful relationships between the built form and the communities we invest in. For us, it's about the architecture and the community and enhancing the meaningful connection between the two."
SOURCE Merchant House Capital
David Fulbrook, CEO Development & Acquisitions, [email protected]; Paul Silk, President, COO, [email protected]
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