This Spring Global Transportation Hub and Morguard Investments Ltd. finalized an agreement for Morguard to build and lease world-class facilities for the transportation and distribution sector in Regina, Saskatchewan, Canada
. This week officials began construction on an initial development phase called the TransLink Logistics Centre.
According to the firm, the agreement confirmed the purchase of 50 acres of land, another 50 acres in 2014, with an option for additional land in future years in the GTH. Morguard made the purchase on behalf of its pension fund client, Healthcare of Ontario Pension Plan, and will lead the build lease development project.
Morguard completed detailed design plans for four new buildings. Construction is now underway by PCL for two of the four buildings targeted for completion in May 2014. Floor plans range from 60,000 to 82,000 square feet with a build to suit option of up to one million square feet. Morguard has partnered with Avison Young to manage leasing opportunities in the new facilities.
"Our collective goal is to transform this greenfield development into a world-class multi-tenant industrial premises specifically designed to meet LEED Silver standards," said Stephen Taylor, President and COO, Morguard Investments Limited. "We are committed to developing sustainable buildings that will enable high volume and efficient low-cost operations for new tenants entering the TransLink Logistics Centre."
"Regina's industrial market has needed this type of initiative for years. We're so proud to be part of a team that understands the importance of long range planning and execution. This market needs options for existing tenants, and more importantly for market entrants," said Dale Griesser, Broker for Avison Young's Regina office. "Our priority is to work with our industry contacts, placing an emphasis on business attraction, expansion, repositioning, and relocation."
"From a marketing perspective, likely no other product can compete with this development in terms of total cost of doing business," said Jeff Sackville, Associate at Avison Young Regina. "Building design, site access, speed to market and site functionality are all essential elements of our clients' considerations. Clearly, Morguard has hit a home run in this regard."
"Morguard is another prime example of Saskatchewan's Growth Plan in action," Minister Responsible for the Global Transportation Hub, the Hon. Bill Boyd said. "Morguard's presence at the GTH is the most recent demonstration that Saskatchewan is the place to be in Canada. We have the strongest job growth and lowest unemployment in the country, and we have a great quality of life in this province," he said.
The Global Transportation Hub is Canada's only autonomous self-governing Inland Port Authority. The GTH is Saskatchewan's "'Gateway with the World", with the fastest speed to market, logistically superior and best-priced solution in western Canada. Saskatchewan's exceptional economic growth created new demand for supply chain solutions, officials said.
Finalizing this agreement makes Morguard the third company to join the GTH in 2013 following the Emterra Group and a new Saskatchewan Liquor and Gaming warehouse. They join Loblaw, Canadian Pacific Rail and Consolidated Fastfrate at the 1,700 acre transportation and logistics hub in west Regina.