Windermere Plaza project started in 2013 with land acquisition in the affluent Windermere neighbourhood of Edmonton. This project is 80 percent complete and projected exit is in place in Summer 2017. There are 3 buildings in this project. 2 of the buildings totaling 110,000 square feet have been completed.
Tenders were submitted and two construction companies contributed in the project, JVC construction for phase one and two and Dawson-Wallace construction for phase 3. The last building (Building 3) is projected to be completed in 2017.
The project exit is achieved by selling commercial condominiums and is over 97% sold. The project will reach an internal rate of return of 30%. The projected cost on this project is $31 million, revenue will be approximately $45 million.