With three consecutive years in the black, the City of Surrey’s wholly owned development company has come a long way since its startup in 2007, and the new man in the hot seat is bullish about its prospects.
Aubrey Kelly took over from Jim Cox as president and CEO of the Surrey City Development Corp. (SCDC) in January, moving up from COO in 2012, and vice-president of construction and development before that.
The SCDC is involved in real estate development, as well as investment and management throughout the city – either on its own or in partnership with private-sector partners.
It contributes revenue to the city from its development profits and its income property portfolio.
“We have turned the corner; we are now in our fourth consecutive year of positive results,” said Kelly.
“We’ve repaid all of the operating loan that we had from the City of Surrey, and we’re into our second year of paying a $4.5 million dividend to the [city]. That’s fairly significant for a relatively small startup company that hasn’t been around that long.”
In 2012, the SCDC posted a $4.9 million profit. That rose to a record $6.1 million in 2013.
“Based on what we know is in the pipeline – on deals we know that we should complete – we’re forecasting an $8 million profit … for 2014,” said Kelly.
The SCDC’s Campbell Heights industrial business park is one of its oldest – yet still ongoing – developments, while its partnership with Century Group and Delta West Developments on the 3 Civic Plaza project is among its newest and largest.
Located in the new Surrey City Centre, the proposed building – the tallest south of the Fraser River – will combine retail, hotel, office and residential uses in a signature tower directly adjacent to the new city hall.
The SCDC provided development management services for the hall’s design and construction.
The SCDC is partnering with Townline Homes to develop The Grove, a familyoriented community of 141 park homes in Clayton Heights.
It’s also consolidating property parcels on 108th Avenue and University Drive to complete a development proposal for a potential co-op facility and residential towers.
“We’re pretty blue sky – we’re governed by a board so things have to be run past the board – but we’re quite willing to take innovative, sometimes out-of-the-box ideas to the board,” Kelly said.
He added that Surrey is business-friendly and open to development.
“That’s why you see that most of the big development companies have a presence here.”
Kelly worked for Redekop Properties Inc. for about a decade before moving to Mexico for five years, where he worked as a consultant for charities building clinics and schools.
He returned to Canada in 2006 to become vice-president of WestStone Properties. He obtained his MBA from Simon Fraser University in 2011.
Kelly said his experience in Mexico helped make him a more compassionate and patient person.
Patrick Cotter, the principal of ZGF Cotter Architects who led the design team on the 52-storey 3 Civic Plaza, said Kelly brings “balanced leadership” to his new role.
“He is decisive while also being adept in developing strong working relationships.”
