The Orr family is a well-established real estate family with a wide range of holdings. The family generally prefers to hold properties rather than sell them, enjoying ongoing revenue streams. They held a tract of land along Kingsway in Metrotown that was underutilized. Older low-rise commercial buildings occupied the best of it, and a portion of the land that ran back along McMurray Avenue to Hazel Street was barren. The possibilities were extraordinary, but the Orrs did not want to sell. Instead they agreed that Intracorp could partner with them to make their holding perform better.
In redeveloping the land, Intracorp created a large office and retail component that the Orrs would be able to own – from their share of the profits realized from the sale of the market housing component of Centrepoint. This would allow the Orrs to have an ongoing and higher value income stream once the building was completed and occupied. In return, the Orrs put up the land as equity in the partnership relationship. Intracorp developed and sold the condominiums, and Centrepoint sold out in a day. In addition to designing and building the office and retail space, Intracorp coordinated the move-in tenants leasing the space. Best Buy, The Bank of Montreal and Starbucks are among the high visibility brands that are now the Orrs’ tenants at Centrepoint.
Through the partnership, the Orrs were able to turn an underperforming holding into a new sought-after, high-performing asset that they can keep in the family for generations to come.