A major property acquisition near the Lickman Road interchange could spur further economic growth in fast-growing Chilliwack.
The 12.4-acre purchase by Denciti Development, including the old Best Western property on Industrial Way, closed recently in partnership with Kadestone Capital.
“This location truly serves as the gateway to the Trans-Canada Highway and the Fraser Valley,” says Garry Fawley, CEO of Denciti, in a Sept. 8 news release.
The deal puts together 7985 Lickman Road and 43971 Industrial Way in Chilliwack, in a strategic move to deliver retail, commercial, and industrial possibilities.
It goes beyond the standard box site, Fawley said, given its location and size it could yield major potential for one of B.C. fastest growing municipalities.
“We could see a last-mile distribution facility, or a national retail anchor tenant,” he said.
The dearth of industrial and commercial sites in the region is well-documented, with a number of under-used interchange properties.
“Over the last few years, demand has outpaced the supply of available industrial land and buildings in Chilliwack,” said Brian Coombes, president of Chilliwack Economic Partners Corporation, (CEPCO). “Denciti will play an important role in meeting that demand, while supporting job creation and investment in our community.”
The conditions are right in Chilliwack, especially recently Fawley said, with its “influx of new residents drawn by affordable housing and abundant recreational opportunities,” which also prompted major national and regional retailers to invest in Chilliwack. Locally owned businesses have also opened, renewing Chilliwack’s historic downtown and transforming the city.
The highway-adjacent land purchase is expected to contribute to this transformation as well, Fawley added.
Denciti aims to develop a “top-tier site” with highway-oriented commercial space, including light-industrial strata. A retail component will also be geared to national and regional tenants serving local residents and visitors. It could attract warehousing, distribution and logistics companies as well as consumers, business owners, and end-users. A formal development proposal will be worked out with the City of Chilliwack.
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