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Basilian Fathers
Client
- Basilian Fathers
- 5,261 sq. ft.
- Institutional
Services Fournis
Client Objectives
- For the last 160 years, The Basilian Fathers have owned the land and building at 95 St. Joseph Street and continue to use this site to further its mission of religious education, with a focus on underprivileged youth.
- As a result of relocating a number of their functions out of this building, their major asset was underutilized, resulting in growing costs.
- The Basilian Fathers knew that they could leverage the value in the site but did not have the skill set required to unlock its value.
- The right solution was not just about the financial return, but about achieving a range of other outcomes.
Results
- In conjunction with Montgomery Sisam Architects, Cresa developed a strategic review of the building and its redevelopment potential, and led negotations to engage a development partner.
- They are currently under contract with a development partner and have commenced the formal municipal planning and entitlement process and expect to make a formal redevelopment application in the coming months.
- Cresa is representing Basilian Father on the Co-Ownership Management Committee and will work with the development partner to optimize value for The Basilian Fathers.
For the Basilian Fathers, the work of John Macintyre and his colleagues at Cresa has been invaluable. Not only have they served us effectively with expertise in empowering us to leverage the potential value of our asset, but even more importantly for us, they have developed a very high level of awareness and sensitivity to our core values and mission. That struck us all from the beginning: how quickly the Cresa team understood the heart of what we are about as an organization, and what we were trying to accomplish with the development of our land and buildings.
The Basilian Fathers
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