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Toronto Transit Commission – Lead advisor for TTC’s new consolidated 350,000 s.f. head office strategy that involved identifying overall 25 year need; development potential of existing significant land holdings; assessment of current leased and owned facilities including 25 year capital expenditure projections; qualitative and financial comparative analyses of all options; formulation of recommendations, business plan and execution strategy; and presentations to all stakeholders to secure buy in to recommendation and business plan. Andrew has been further retained to now lead a working committee of senior municipal executives and politicians to execute the business plan.
Waterfront Toronto – Lead advisor to research, draft, present and finalize the commercial land and density plan for the West Don Lands Precinct of the Toronto Waterfront. The assignment involved creating a master plan and strategy to combine over 1 million s.f. of commercial density with over 6,000 new residential units to create an “age in place” neighbourhood with a full compliment of community and faith based spaces to be delivered by the private sector development community, all in LEED Gold standard.
Canadian Broadcast Corporation – Selected to create and execute a new Master Plan for the CBC’s main facility (1.9 million s.f.) located in downtown Toronto that involved project management of a variety of consultants and in house CBC staff to create space optimization, leasing, zoning, financing and ownership alternatives. Also retained to undertake the same exercise for the CBC’s 1.1 million s.f. facility in Montreal.
Ontario Public Infrastructure Renewal Subway Line Extension – Lead advisor on public private sector partnership strategies for a seven station extension of the Spadina Subway line from Downsview to Vaughan. Goal was to identify and quantify mechanisms based on detailed analyses that would raise NPV $200+ million to contribute to the capital costs of the project. The assignment involved current development impact evaluation of affected lands, assessing execution potential and quantification of Special Assessment levy revenue, Tax Increment Financing revenue, and contributions through P3 partnerships that create effective transit orientated development. Further involved in creating mechanisms to collect such revenues and presenting extended findings and reports to multiple levels of government to create buy in.
Calgary Regional Health Authority - Alternative private financing alternatives for new hospital campus. This required a benchmarking review of ambulatory care centres in the US, detailed proforma development for over 8 scenarios, detailed cost so build research and analyze of different types of physical facilities, analyses of unions and policy considerations.
Trent University - Master Plan, development feasibility and alternative sources of revenue options for 1,460 acres of endowment lands. This involved a benchmarking research and summary of initiatives on similar campus in North America, proforma development and residual land value analyses, identification of developable and non developable parcels and potential timing and phasing; identification of protection areas, land lease only parcels and potent full disputation parcels; Interviews with potential developers; recommends for form of RFP to attract development community; potential alternative revenue outcomes depending on risk appetite of University for each parcel.
Keyano College – Development Master Plan, development feasibility and alternative sources of delivery of new residence and educational buildings for Keyano College in Fort McMurray. The assignment involved working with multiple stakeholders of the College, neighbouring properties, the real estate development community, and the municipality. Models for delivery included sharing residential and educations facilities with private sector users as both financing alternatives and to grow joint educational programs to foster innovation, research and employees for the oil sands industry.
O&Y $1 billion portfolio sale to CPP - Review and successful defense of transaction before Competitions Bureau. This involved an in depth analyses of the office markets in the major cities of Canada and formulation of compelling, fully documented opinions on the ability of a few owners to disproportionately control market rents. This required benchmarking review of similar global markets, future trends analyses, and assembly or precise ownership percentages by investors and owners in each market resulting in a 400+ page submission and in person presentations.
Scotiabank - Transition management of entire office portfolio (including 1.7 m s.f. Scotiaplaza) to CBRE Asset Management - This required the transfer of over 80 long term employees to CBRE with fully recognized pensions and seniority, conversion of accounting to new CBRE JD Edwards One World platform, building new C Support tenants services system from the ground up for multiple uses, managing Scotiabank Real estate as a client and all their desired input into the new systems and operating standards, and managing 6 different project teams of 5 - 7 people each to successfully transfer the portfolio and employees all within 5 months.
Building CBRE Institutional Asset Management platform including IT, Tenant Services system, HR, accounting systems, and marketing materials. Toured best in class office properties sin large Us Markets for to complete benchmarking and best practices review to provide operating improvement recommendations in area such as security, tenants services systems, riser management, sourcing, payment and receivable processing, etc.
Foreign Affairs Canada - Global portfolio (2012 properties) review, strategy, and decision making tools for facilities delivery and operating efficiency. This involved analyzing owned and leased properties in over 150 global locations, benchmarking the delivery of facilities against similar private and public sector jurisdictions, analyzing topical trends and research, and providing recommendations and decision making tools on leave vs. own, in vs. outsource and efficiencies in management and delivery.
Belize 80,000 acre Land Holding for Private Owner – Valuation, development feasibility (hotel, residential, tourism, logging, aquiculture, agriculture) political & economic review, financing options, timing and strategy for potential disposition.
As head of the Development Department and member of the Senior Management Team for Manulife Financial that oversees over $4 billion in Class A office and industrial assets across North America, responsible for all facets of adding new properties to the portfolio through development, adding value to the existing portfolio and providing space for Manulife’s own needs. Responsible for $250 MM in construction (Boston & Chicago) and over 300 acres of commercial land development in the GTA before Development Department was eliminated in re-org. Accomplishments include:
• Full review and detailed report on the entire portfolio outlining all value add and development opportunities. • Development and construction of a 400,000 s.f. Class “A” office building in Chicago for a prime user. • Managed the development agreement with the Port Authority of Boston for Manulife’s new 600,000 s.f. headquarter building located in and developed concurrently with the new infrastructure for the Port Authority Lands (roads, rail, public transit and utilities). • Iimplemented changes to the Development Department policies and procedures including software, accounting, reporting and quality measurement.
As Vice President Commercial Properties for Intracorp Limited (sister company to Intrawest) • Acquired and completed over $150 MM in successful downtown office, hotel and condominium projects. • Created and lead a themed development program of five development projects in east downtown Toronto that was a major catalyst in the leasing and revitalisation of the area. • Bought 50% interest in, successfully took over and restarted the development, financing, marketing and construction of the 42 story Pantages Tower condo and hotel project in Toronto. • Bought, financed, redeveloped and leased three downtown office buildings and finally sold each building to well established owners all meeting or exceeding investor IRR targets.
As Senior Asset Manager for Amresco Canada (a partnership of Goldman Sachs, CIBC Development Corp. and Amresco Inc.), responsible for buying portfolios of real estate and commercial mortgages and placing mezzanine debt. This included portfolio due diligence and bids, property business plans, value-add execution and disposition of sections of portfolios totaling over 180 properties across Canada, managing a stable of asset managers, analysts and assistants and reporting to five Investment Bank partners, lenders and services on a monthly basis.
As part of a team bid and acquired over $1 billion in commercial mortgages from Royal Bank, CIBC & Dominion Trust and hired analysts, consultants and support staff to formulate IRR driven business plans.
Asset managed over $400 MM in real estate and associated debt and successfully added value and disposed of over 70 office, hotel, industrial, and land properties to exceed IRR targets.
Proposed and completed over $30 MM in value-add projects to buildings and land.
As part of four-man Urban Development Department for Cadillac Fairview Corp responsible for land acquisition, proforma, design, municipal approvals, major tenant leases, construction management and legal agreements for over 6 MM s.f. of successfully initiated and completed office, retail and hotel developments in Toronto. Successfully completed projects include:
• The CBC Building on Front St., 1,870,000 s.f. • Simcoe Place WCB Building on Front St., 758,000 s.f. • Toronto Eaton Centre Marriott Hotel on Bay St., 459 rooms • Eaton Tower at 250 Yonge St., 716,000 s.f. • Ernst & Young Tower on Bay St., 482,000 s.f.
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