FOR IMMEDIATE RELEASE
DATE: November 24, 2005
MEDIA CONTACT: Colleen Rohde, Director of Economic & Strategic Development
TEL: 604-469-4505
The Boathouse Restaurant Coming to Rocky Point Park
PORT MOODY – The City of Port Moody is pleased to announce that The Spectra Group of Great Restaurants Inc. proposal to build a Boathouse restaurant on Rocky Point Park’s waterfront was accepted. On November 22, 2005, Council authorized a lease with Spectra. Madison Pacific Properties Inc., Spectra’s long-term real estate development partner, will also be part of the arrangement as proposed by Spectra in May 2005.
As part of its Council Strategic Plan, Port Moody initiated a process to select an investor and restaurant operator to lease City land in Rocky Point Park. The project will be developed entirely by Spectra as a private investment, with no financial support from the City. Spectra and Madison Pacific will be required to enter into a thirty year lease with options to renew for two additional 10 year terms. The City also requires the successful investor to provide a number of community amenities. These include a waterfront boardwalk and outdoor plaza with public fireplace. These also include a building that the City will be able to rent to service providers such as a kayak rental operator.
Spectra is a company listed on the Toronto Stock Exchange that operates a number of restaurant concepts including The Boathouse. Both Spectra and Madison Pacific are well established, locally owned public companies based in Vancouver.
“There is an attractive percentage rent component with an operator that has demonstrated its ability to consistently reach and exceed their projected sales volumes,” said Port Moody’s real estate advisor Alastair Fergusson of Royal LePage Commercial.
Port Moody will benefit directly from a percentage rent on net sales above $3M per annum. Sales are projected to range from $4M to $5M in the first year of operation.
“Using the most conservative estimates, the city is projecting to earn $4.7M in the first 30 year term. Paul Rockwood, Port Moody’s Director of Finance and IT said: “Our analysis of this proposal was extremely thorough. Council is acting in the taxpayers’ long term interests with this decision.”
Peter J. Bonner, Chairman and CEO of Spectra Group of Great Restaurants Inc., said: “We are very excited about the opportunity to bring The Boathouse to Port Moody. The restaurant building design and related amenities will be a wonderful addition to Rocky Point Park. We are looking forward to becoming active members of the community.”
“Port Moody residents have wanted a waterfront restaurant in Rocky Point Park for many years,” said Colleen Rohde, Director of Economic & Strategic Development and team leader in the restaurant project. “Still, we had to take the time to do this right. With council, we all have worked very hard to make sure the final decision would be beneficial for taxpayers, park users and the community and that it would withstand the test of time. This is good for economic development, it is good for tourism and it will enhance the pleasure of a visit to Rocky Point Park.“
The detailed development process will commence immediately. This will entail construction site works, environmental soils testing and approvals and detailed design reviews. The restaurant is expected to be complete and opened by April 2007.
The Boathouse in Rocky Point Park will be a 7,500 square foot waterfront restaurant operated by Spectra. The building will be a heavy timber and stone structure with a distinctly West Coast look, designed with Port Moody’s community and park setting in mind. The restaurant will include both casual and more formal indoor seating as well as an outdoor patio on the waterfront. The long-term lease will allow the City of Port Moody to retain ownership of its precious waterfront land for future generations.
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