Region of Waterloo Multimodal Hub
Cushman & Wakefield Valuation & Advisory (and its sub-contract Partners: Brook McIlroy, ARUP and Stantec) were retained by the Region of Waterloo to provide and prioritize development concepts for its 4.5 acre (1.2 million square feet density) Multimodal Hub at King and Victoria Streets in the City of Kitchener. The Hub will be the “Union Station” of the Region of Waterloo, integrating LRT, GO Transit, rail, regional and local bus. Residential condominium, office and retail transit oriented development (“TOD”) will rise above and around it, forming an iconic gateway for the City of Kitchener and the Region of Waterloo.
C&W (Julian Colman supported by Andrew Browning and Vishal Sahdev) was tasked with the delivery of a highest and best use and market feasibility study, to inform subsequent urban planning and site design. C&W also searched the globe to provide the Region with examples (good and bad) of multimodal/mobility hubs (and surrounding TOD), to further inform the design process.
This was followed by preliminary financial pro-forma feasibility analysis, to confirm the mix and magnitude of prospective development. Site and building development concepts were then completed followed by more robust financial analysis, inclusive of detailed development parcel and broader overall master land development pro-forma. The lands were then valued, based upon analysis of representative land sales and residual land value analysis. C&W recommended monetization options and implementation structures for the development. All of the preceding culminated in a Business Case and Implementation Strategy for the Multimodal Hub.
C&W, in collaboration with the Region of Waterloo, was able to create an integrated transit oriented development concept for the multimodal hub that will be viable within the context of the Downtown Kitchener and broader Region of Waterloo marketplace. C&W was also able to provide the Region with a compelling business case for the investment of the required transit infrastructure. Substantive interest in the site has since been expressed by both tenants and developers.