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Success Stories
The Insurance Corporation of British Columbia
Surrey, the second most populous city, and soon to be the first, did not have a downtown, but the head of the one of the "crown corporations" owned by the province, wanted to create one, using a tired-out regional shopping center at a stop on the Sky Train line. He hired Rod to oversee the due diligence efforts leading to its acquisition, and to create a strategy to turn it into this downtown.
Rod oversaw a fast-track effort that included a detailed review of the title, financial statements, physical conditions, tenant strength and market opportunities. Each week he got together with and managed a large team that included lawyers, accountants, designers, leasing agents and market specialists. He identified conditions that led to a $10 million reduction in the purchase price. He also participated in meetings with high level officials in the provincial government, on how financing of the project would affect the government’s bond ratings.
Equally importantly, Rod oversaw a team that crafted a plan to integrate the mall with its surroundings, tying it to the transit center and an existing community center while adding a high-rise office building and a space for a branch campus of Simon Fraser University.
The result is a gleaming mixed-use, transit-oriented development that has won international awards for sustainability. And the investing institutional has done well financially while doing good for the community.