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Canderel launches the Corporate Knight Initiative

Canderel launches the Corporate Knight Initiative

Canderel strives to be a true partner for our clients by offering support and solutions that ensure project success. In these challenging times, we want to extend this support by strengthening our service offering through our Corporate Knight Initiative. The program provides fast and effective assistance in ongoing projects, portfolio management, advancing diligence, building pipelines, and new investments, especially adapted to the pandemic situation and economic slowdown.

Whether a project has stalled and capital is required to keep it going, or has fallen behind schedule or out of budget and assistance is required to getting it back on track, Canderel experts can tailor solutions that can help save any project. We guide clients through investment management, project and development, property management, sustainability consulting, and leasing and marketing. Through the Corporate Knight Initiative, we offer peace of mind for our clients, and the results speak for themselves. 

Last year, Canderel collaborated with a national real estate investor to restructure a project that eventually became a success — it serves as an example of the solutions we offer at Canderel. 

A Real Estate Project in Need of Help 

In 2019, a large national real estate investor approached Canderel looking for development assistance on a residential condo project. The investor had significant concerns, being that the project was already delayed and over-budget, resulting in a backlog of other service issues. 

Canderel took this project in hand and brought the specialized skills needed to turn this situation around, get the budget back on track and restore damaged relationships. 

What Canderel Brought to the Project 

Our experienced team was brought in to revive a struggling project that had tremendous potential but needed further guidance from an experienced developer. We took the time to understand the client’s needs and goals, figure out the lapses in the schedule and analyze every scenario to come up with the best possible solutions. 

From helping with the accounting and budgeting to rebuilding relationships, Canderel not only provided our core services, but we helped identify deeper issues and found the solutions to resolve them. 

Restoring the Project Budget 

When the investor first came to us with this project, one of the most significant problems was a runaway budget. The project was 20% over budget and faced delays both in finishing construction and delivering the units. Investors saw unexpected cost increases, which left them dissatisfied. 

To resolve these issues, Canderel requested a monthly cost control update from the general contractor. By reinstating the transparency in the budget, we were able to prevent further issues and solve additional problems down the line.  

Re-starting Construction

Condo deliveries were scheduled to begin in October 2019, however, when the investor came to Canderel, construction wasn’t yet complete. Since construction delays not only slow production, they also have serious knock-on effects for the entire project, we needed to act quickly. 

In no time, Canderel’s Accounting and Financial Services team found an issue with payments and worked to rectify the issue and get the project going again. Canderel’s Construction team also worked with the general contractor daily to create a schedule designed to speed up the delivery date.  

Resolving Legal Issues 

Issues with the budget and construction delays can quickly become legal problems that require a deft hand to solve. To help our client, Canderel’s Legal team sifted through the existing demands and fixed them all one by one.

We also sifted through every contract signed by the previous developer. We found that some of the contracts had not been fully leveraged and that some of the paid charges should have been covered by consultants. 

Naturally, by the time a service problem becomes a legal issue, relationships suffer. To begin mending these relationships, Canderel ensured that each buyer received compensation for the issues caused by those initial delays. We improved communications by holding bi-weekly partner meetings, documenting the decision-making, and updating the proforma every one to two months. 

Canderel was pleased to report that the initiatives taken to rescue this project proved to be effective in ensuring its success. Through Canderel’s Corporate Knight Initiative, many other services are available to help clients and investors in times of need.

 

Contact us to find out how the Corporate Knight Initiative can help.

 

2019 Sustainability Progress Report

2019 Sustainability Progress Report

We are pleased to share with you our 2019 Sustainability Progress Report. In these challenging times, Canderel wants to reaffirm its commitment to ESG. More than ever, we are reminded that human existence is fragile, and we must all do our part to protect the planet. 

This report is a testament to Canderel’s commitment to making an impact on the communities in which we operate. We are proud to share the highlights with you. In 2019, we focused on integrating environmental, social and governance aspects into all Canderel activities. Specific goals were defined for each business unit and department to accelerate change and drive employee engagement.

Canderel’s portfolio of buildings achieved significant savings in 2019:

 

Click here to see the full report and learn more about Canderel’s sustainability achievements.   
Brett Miller advises Canderel staff

Brett Miller advises Canderel staff

Brett Miller advises Canderel staff they may work from home until further notice. His decision is to protect his employees, their families, clients and act as a responsible corporate citizen. 

Click here to further hear his thoughts.

 

Exciting new projects rolling out in Edmonton

Exciting new projects rolling out in Edmonton

Canderel is growing our portfolio in Edmonton with the management of high-profile buildings in the heart of the city centre.

 

Edmonton City Centre

The Canderel team is excited to be involved in the management of one of the city’s busiest and most sought-after commercial and retail properties: the Edmonton City Centre. This downtown destination for working, shopping and dining is in a prime location to enjoy the city centre.

The centre was purchased by a group headed by LaSalle Investment Management, a team with whom Canderel has developed an excellent relationship with over the years. Canderel is a co-investor and property manager for the project. Given the sheer size of this mandate (almost 1.4 million sf), the project was divided into two sectors: retail and commercial. Canderel will be managing the office and parking components, which include the Oxford Tower, the TD Tower, Centre Point Place, and over 2,500 parking spots in four separate parkades. North American Development Group will be overseeing the retail portion of the centre.

 

Stantec Tower

Another thrilling project is Canderel’s new mandate to manage the tallest skyscraper in Canada outside of Toronto, the prestigious Stantec Tower. This 66-storey 700,000 sf mixed-use tower consists of retail space, offices, and 454 residential units. Its major tenants are Stantec, PwC Canada and Dentons Canada. The project forms part of the new Ice District, which includes a JW Marriott Hotel and Rogers Place, home of the NHL’s Edmonton Oilers. The project is targeting a LEED® Gold certification.

This mandate was awarded to Canderel by DekaBank of Germany, an entity with whom Canderel first formed a relationship when they financed 777 Bay in Toronto in 2016. Their confidence in Canderel and the relationship we have built with them over the years lead them to award us this prominent mandate.

The Edmonton City Centre and the Stantec Tower are significant milestones that we are proud to be a part of as we continue to invest and grow in the Edmonton market, which started a number of years ago with our acquisition of Humford Management.