INVESTMENT UPDATE

Innovation Village, a dedicated urban community in complete harmony with nature.  

INNOVATION VILLAGE CONCEPT GALLERY

WS INNOVATION is pleased to be able to offer this dedicated Innovation Village website as an ongoing conduit of information regarding this exciting development. As soon as the on-site work commences, we will have a live cam in place so that you will be able to enjoy viewing the site activity and build out firsthand. 

WESTSTONE (INNOVATION) LIMITED PARTNERSHIP

We are very pleased to be able to provide you with this update for Innovation Village. The Innovation Village team has been working tirelessly to maximize on the potential of this exceptional real estate development in one of Surrey’s most sought-after locations, adjacent to the ever-expanding Surrey Memorial Hospital and Surrey Health Campus. 

Since October, following the submission of the zoning and general development permit application, the City has been working with our team to fast-track the processing of the revised subdivision plan – dividing the site into 4 new lots including one dedicated to the relocated creek and three dedicated development sites ranging in buildable footage of 115,000 to 350,000 square feet.

The general permit application, once approved, will significantly benefit the stakeholders through increased density and through the potential for an accelerated site disposition including the potential sale of the medical office focused mixed use tower fronting King George Boulevard.

Innovation Village will be the gateway to Surrey’s Health and Technology District and will be incorporating uses such as medical facilities, rental accommodation, senior’s care, market housing and commercial office space. 

The Health and Technology District is proving to be one of British Columbia’s most rapidly growing and dynamic new health-tech sectors. It is attracting many innovative companies in the field of advanced health technologies. It is projected that the Health and Technology District will inject well over $1-billion annually into the local economy. On the corporate growth side of things, it is expected to attract more than 500 companies and create an estimated 15,000 direct and indirect high-tech jobs.

All of these factors, coupled to the ever-growing demand for the ability to live, work, and play in the same community and reduce dependence on long commute times, make Innovation Village a wise investment choice.
 

WESTSTONE (INNOVATION) LIMITED PARTNERSHIP

We are very pleased to be able to provide you with this update for Innovation Village. The Innovation Village team has been working tirelessly to maximize on the potential of this exceptional real estate development in one of Surrey’s most sought-after locations, adjacent to the ever-expanding Surrey Memorial Hospital and Surrey Health Campus. 

Since October, following the submission of the zoning and general development permit application, the City has been working with our team to fast-track the processing of the revised subdivision plan – dividing the site into 4 new lots including one dedicated to the relocated creek and three dedicated development sites ranging in buildable footage of 115,000 to 350,000 square feet.

The general permit application, once approved, will significantly benefit the stakeholders through increased density and through the potential for an accelerated site disposition including the potential sale of the medical office focused mixed use tower fronting King George Boulevard.

Innovation Village will be the gateway to Surrey’s Health and Technology District and will be incorporating uses such as medical facilities, rental accommodation, senior’s care, market housing and commercial office space. 

The Health and Technology District is proving to be one of British Columbia’s most rapidly growing and dynamic new health-tech sectors. It is attracting many innovative companies in the field of advanced health technologies. It is projected that the Health and Technology District will inject well over $1-billion annually into the local economy. On the corporate growth side of things, it is expected to attract more than 500 companies and create an estimated 15,000 direct and indirect high-tech jobs.

All of these factors, coupled to the ever-growing demand for the ability to live, work, and play in the same community and reduce dependence on long commute times, make Innovation Village a wise investment choice.

QUIBBLE CREEK RIPIRIAN RESTORATION


The off-site activity on Innovation Village has been non-stop, with the Innovation Village team working cooperatively with the City of Surrey to take the development through the complexities of realigning the creek, increasing the density on the site and redesigning the buildings into much larger and more practical versions of those in the original plan. With such a prime location offering so many benefits to the residents of Surrey, it makes sense that its use be maximized to its full potential. 

Apart from the architecture, one of the most attractive features of Innovation Village is its setting.  The development has created almost 1.5 acres of parkland surrounding the creek which will provide a beautiful backdrop of natural forestation.    We are very pleased that the recently submitted application has relocated the watercourse from its existing, non-fish bearing, culverted southern route to a new, totally daylight exposed and potentially fish bearing route on the property’s northern perimeter. The new creek will work its way along the northern perimeter of Innovation Village, and we will add to the existing natural environment by creating new forestation along its entire route through the property.

QUIBBLE CREEK RIPIRIAN RESTORATION

The off-site activity on Innovation Village has been non-stop, with the Innovation Village team working cooperatively with the City of Surrey to take the development through the complexities of realigning the creek, increasing the density on the site and redesigning the buildings into much larger and more practical versions of those in the original plan. With such a prime location offering so many benefits to the residents of Surrey, it makes sense that its use be maximized to its full potential. 

Apart from the architecture, one of the most attractive features of Innovation Village is its setting.  The development has created almost 1.5 acres of parkland surrounding the creek which will provide a beautiful backdrop of natural forestation.    We are very pleased that the recently submitted application has relocated the watercourse from its existing, non-fish bearing, culverted southern route to a new, totally daylight exposed and potentially fish bearing route on the property’s northern perimeter. The new creek will work its way along the northern perimeter of Innovation Village, and we will add to the existing natural environment by creating new forestation along its entire route through the property.

“E.O. Wilson’s Biophelia Hypothesis suggests a biologically based instinctive bond between humans and their environment. In short, longing for nature is built into our genes. Nature holds the key to our aesthetic, intellectual, cognitive, even spiritual satisfaction.”
– Cornelia Oberlander

CITY OF SURREY: STEPS TO BYLAW ENACTMENT

STEP 1

ADVISORY DESIGN PANEL

June 24, 2021

Unanimous Support


.

STEP 2

1ST / 2ND READING

July 12th, 2021

Initial report 4 -6 weeks after staff receive ADP corrected drawings. City Staff prepare report and report package with recommendations, and draft permit and bylaw if recommended for 1st and 2nd readings and presents to the Land Use and Planning Committee (LUPC).

STEP 3

PUBLIC HEARING / 3RD READING

July 26th, 2021

30 days notice required for Public Hearing. City staff prepare and submit notification to adjacent property owners within 100 metres of subject property plus advertisement in City section of local newspaper for scheduling of Public Meeting.

Public Meeting held in Council Chambers through an appropriate online public venue. The applicant and City work together on second revisions identified from 2nd reading and public input.

Bylaw proceeds to a subsequent Council meeting for consideration of 3rd reading with deferral of adoption pending resolution of development prerequisites. Permit returns to Council for consideration with results of Public Meeting. Conditions will be applied, and substantive changes will be required to the bylaw (i.e., infrastructure, covenants, etc.). Applicant, the legal team and engineers will work with City to address any concerns from 3rd reading in front of Council.

STEP 4

TITLE DOCUMENTS, SERVICING AGREEMENT, 4TH READING

June 24th, 2022

Our development team received its General Development Permit on June 24, 2022 which allows for three buildings totaling 777,091 square feet to be built on the lands. The General Development Permit addresses other items on the land, such as roadways, parkland,
landscaping and the creek.

 

A MESSAGE FROM BOB DOMINICK


VP WESTSTONE GROUP
“It’s great to see the updated development permit application submitted – very exciting. The new application features a mix of buildings well-suited to this significant property. We have been working very closely with the City of Surrey and they have been extremely helpful and cooperative. Innovation Village continues to attract external interest and we are processing numerous serious enquiries from very qualified health-oriented and residential building operators. We look forward to sharing more good news with our investors as we move forward in the coming months.”

– Bob Dominick, VP WestStone Group

Note to investors

Please note that while we are optimistic that the resubmitted zoning application will be well received, the foregoing is based on our analysis of the available information and we cannot guarantee the outcome of the council and public hearing process.