Vermillion Energy chair builds Casadona Group
Latest project is 254-unit rental property in the heart of Seton Urban District
Responding to the question of how you build a $6.5-billion enterprise when he was recognized as the SAIT Distinguished Alumni in 2016, Lorenzo Donadeo answered: “Incrementally.”
The former CEO and now chair of Vermillion Energy continues with that philosophy in Casadona Group, the family company that has been investing in commercial real estate for the past two and half years steadily building a portfolio by focusing on acquiring and/or developing low risk investment assets and targeting competitive market returns.
Franco Donadeo, vicepresident of business development, says the primary goal of Casadona is the preservation of intergenerational capital while developing the internal capacity and knowledge to self-manage a portfolio of investments. He added that over a long-term investment horizon it would maintain a lower correlation to the energy sector, having secured a well-rounded board of directors who have a diversified and experienced set of skills to provide Casadona with oversight and guidance.
With the intention of acquiring some high-quality commercial real estate and rental residential assets Casadona purchased the newly built Auburn Bay Station in December 2016.
The 84,000-square-foot firstclass retail centre is anchored by the Calgary Co-op with a grocery store, liquor store and gas bar. The development is home to 21 tenants and with the opening of a 2,200-squarefoot Pet Planet store this spring the centre will be almost fully leased.
Last week the Donadeo family proudly dug the shovel into their latest project. Casadona Place is a six-storey, 254-unit, purposebuilt rental property across from a public park in the heart of Seton Urban District.
Designed by Gibbs Gage Architects with the assistance of Donadeo’s consultant architectural designer Jun Lee of DI&GP on a long and narrow, 2.18-acre piece of land just two blocks south of the South Health Campus, it is also destined to benefit from an LRT station planned one block east of the site.
EllisDon has been engaged as the prime contractor and WSP as project manager of Casadona Place, which has a concrete superstructure, with two entrances and two elevator banks over heated underground parking for vehicles and bicycles. Offering a mix of one-, two- and three-bedroom suites, it’s an amenity-rich development offering tenants access to a rooftop patio with gorgeous views to the west, a gym and an entertainment room.
Targeted completion date will allow for the first residents to move in by the fall of 2019.