Renowned businessman and philanthropist Joe Segal is investing in New West.
The City of New Westminster has sold Merchant Square to 777 Columbia Street, a partnership jointly owned by Kingswood Capital and Duke Holdings – a company jointly owned by businessmen Joseph Segal and Suki Sekhon.
As part of the $36.5 million-deal, the city will retain ownership of Anvil Centre, a conference and community facility, fee-simple land, ground-level retail space and the three-level underground parkade.
“I am proud to announce that the tower has been sold. In the coming months you’ll hear more from the purchaser, a partnership with the involvement of noted businessman and philanthropist, Joe Segal,” Mayor Wayne Wright said during his annual address on Monday night. “Like other savvy business leaders, Joe recognizes that New Westminster is on the rise and playing a central role in the Metro Vancouver economy. I’d like to welcome Joe Segal and his partner Suki Sekhon to the Royal City. It’s great to have you here.”
Segal is president of the Kingswood Capital, a Vancouver based conglomerate involved in various businesses including real estate investment and development, manufacturing, financing and television.
Wright said Segal is a savvy business leader, who recognizes that New Westminster is on the rise and playing a central role in the Metro Vancouver economy. Segal is president of the Kingswood Capital, a Vancouver based conglomerate involved in various businesses including real estate investment and development, manufacturing, financing and television.
“The sale of the office tower at Eighth and Columbia is a significant part of our vision for the city’s economic development and revitalization of the downtown core,” Wright said. “The involvement of such a respected business luminary as Mr. Segal in our city is solid proof that New Westminster is once again being seen as a great place for business to thrive and grow in Metro Vancouver.”
The City of New Westminster originally partnered with the Uptown Property Group on the office project. When the Uptown Property Group withdrew from the project, city officials debated whether or not to proceed with construction of the office tower, ultimately deciding to carry on with the entire project as they consider the office space to be a critical component of downtown revitalization and the city’s overall economic development efforts.
In May 2012, the City of New Westminster announced it would build the $33-million office tower on top of its $41.5-million civic centre, after the Uptown Property Group pulled out of the project. While some citizens called the move “scary” and speculated the city would be left with a “white elephant” or huge cost overruns, others deemed it to be a bold and visionary move on the part of the city. More than 2,000 people later signed petitions as part of an “alternate approval process” in response to the city’s plan to borrow up to $59 million to build the office tower and civic centre.
“When we made the decision to pursue office tower construction in 2012, we did so knowing the many benefits that this project will bring to the city,” Wright said. “The office tower and Anvil Centre are on track for completion later this spring, and we look forward to welcoming everyone to these great new assets, not only for our community but all of Metro Vancouver.”
Kingswood Capital is majority-owned by Vancouver businessman and philanthropist Joe Segal, a recipient of the Order of Canada and the Order of British Columbia. Along with his wife, Rosalie, he received the Variety Club International Humanitarian Award in 2005 – the organization’s highest award.