DRA

Stantecc | Westbrook
RA
ok TTower
ower B
Building
uilding - C
Report Number 1.0 | November 28, 2024

1.0 Introduction
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1.1 Mandate
BTY Group (“BTY”) has been retained by Stantec (The Client”) to review the Westbrook Tower building located
in Calgary, AB, and provide an assessment of the replacement construction cost. It is assumed that this
exercise is undertaken to give an indication of costs for insurance or appraisal purposes and presents the
results of BTY’s assessment.

Information related to the Project for the purposes of this report was received by BTY up to October 30th,
2024. Please refer to Section 7.0 for a list of information received in producing this report.

1.2 Limitation
This report has been prepared at the request of Stantec and is the exclusive property of BTY Group and the
Client. The report and its findings are based on information provided by Stantec and site reviews conducted by
BTY.

For this exercise, partially detailed designs were reviewed to enable BTY to complete an estimate of the
buildings. As such, the costs provided herein are indicative only and represent the replacement construction
costs of the asset, assuming replacement of a comparable building in the same location, constructed to a
similar specification, but to meet the current building code.

1.3 Contacts
Should you have any queries regarding the content of this report, please do not hesitate to contact either of
the following:

Stevee Botsio Nicholass Jackson

Associate Director Associate Director
Tel: 403-269-5155 Tel: 403-269-5155
Email: [email protected] Email: [email protected]

#1610, 112 4 Ave SW, Calgary, AB T2P 3N3 |403 269 5155

This report has been prepared at the request of Stantec and is the exclusive property of BTY Group. The information must be treated as
confidential and not to be disclosed, reproduced or permitted to be disclosed to any party without the prior consent of BTY Group.
1
 DRA
Stantecc | Westbrook
RA
ok TTower
ower B
Building
uilding - C
Report Number 1.0 | November 28, 2024

2.0 Asset Replacement Cost 2024

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2.1 November 2024 Asset Replacement Construction Cost

Summarised below are the estimated replacement Project costs for the Westbrook Tower building. The
Project cost which is in November 2024 dollars includes the construction cost and other development soft
costs. The development cost is based on reasonable percentages with reference to projects of similar nature.

Estimated Cost Unit Cost

Description
$ $/m²
A. STRUCTURAL 23,498,200 1,444.53
B. ARCHITECTURAL 18,869,100 1,159.96
C. MECHANICAL 11,491,200 706.41
D. ELECTRICAL 6,930,800 426.07
E. SITE DEVELOPMENT 1,427,400 87.75
F. ANCILLARY WORKS (DEMOLITION) 0 0.00
G. GENERAL REQUIREMENTS & FEES (16.0%) 9,954,700 611.96
NET CONSTRUCTION COST $72,171,400 $4,436.68
H. LAND COST (Excluded) 0
I. PROFESSIONAL FEES 9,382,300
J. CONNECTION FEES & PERMITS 2,165,100
K. PROJECT MANAGEMENT & OVERHEADS 5,052,000
L. PROJECT CONTINGENCY (20% Net Construction + I to K) 17,754,200
M. FF&E including IMIT (Allowance) 10,826,000
N. PAYABLE GOODS & SERVICES TAX (Excluded) 0
SUB-TOTAL PROJECT COST (2024 Q4 Dollars) $117,351,000 $7,214.05
O. ESCALATION (Excluded) 0
TOTAL PROJECT COST (2024 Q4 Dollars) $117,351,000 $7,214.05

Gross Floor Area (m²) 16,267 m²

Net Construction Unit Cost ($/m²): $4,437 /m²
Total Project Unit Cost ($/m²): $7,214 /m²

#1610, 112 4 Ave SW, Calgary, AB T2P 3N3 |403 269 5155

This report has been prepared at the request of Stantec and is the exclusive property of BTY Group. The information must be treated as
confidential and not to be disclosed, reproduced or permitted to be disclosed to any party without the prior consent of BTY Group.
2
 DRA
Stantecc | Westbrook
RA
ok TTower
ower B
Building
uilding - C
Report Number 1.0 | November 28, 2024

3.0 Assessment Methodology

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To establish the construction costs of the buildings, our assessments took into consideration the following
factors:

3.1 Location
Consideration of a property’s location is a significant factor when estimating construction costs. Canada is
particularly susceptible to this factor given the country’s size and distribution of population throughout the
provinces. Our assessment process involved verifying the location of each property by town or city and
province. BTY Group have offices located throughout Canada and therefore we have used our local offices to
capture the relevant cost data. This local market intelligence has provided us with sound benchmark
information for which to base our pricing.

3.2 Type of Property

The assessment process required us to determine the type of asset in question, its general function, and its
usage.

3.3 Type of Construction

An assessment of the building’s construction type was undertaken to establish the key building characteristics.
Based on site observation and drawings, the existing building is 5 storeys over 3 level below grade parkade.
The building consisting of combination of steel and concrete structure with curtain wall and TPO roofing;
finishes; and services installations. All these characteristics assist in the process of estimating the building’s
construction costs.

3.4 Building Survey

As part of our review and to further understand the type of property and building construction, we visited
Westbrook Tower Building on October 30th, 2024. Appendix I contains summary of our site visit.

3.5 Areas
The gross floor area (GFA) was measured from the as-built drawings provided by Stantec, and used as the basis
for estimating the construction costs. A building’s GFA can be defined as the total floor area of the building
including the external walls, and excluding the roof.

L ocation Total
Parkade (P3) 2,815 m²
Parkade (P2) 2,507 m²
Parkade (P1) 2,495 m²
Level 1 974 m²
Level 2 1,922 m²
Level 3 2,273 m²
Level 4 2,273 m²
Penthouse 1,009 m²
Total Gross Floor Area 16,267 m²

Please refer to Appendix II for GFA details

#1610, 112 4 Ave SW, Calgary, AB T2P 3N3 |403 269 5155

This report has been prepared at the request of Stantec and is the exclusive property of BTY Group. The information must be treated as
confidential and not to be disclosed, reproduced or permitted to be disclosed to any party without the prior consent of BTY Group.
3
3.6
DRA
Stantecc | Westbrook
RA
ok TTower
ower B
Building
uilding - C
Report Number 1.0 | November 28, 2024

Pricing
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Construction unit rates have been obtained from our own in-house construction cost library and from current
construction projects BTY are involved with. Where possible, recent tenders and quotations are used for
comparative purposes. In the circumstance where specific 2024 cost data was not available, unit rates have
been updated, taking into consideration escalation over the period for the location. Construction costs were
then calculated by multiplying the gross floor area (ft²) by the unit rate ($/ft²).

The costs provided represent the replacement construction costs of the asset, assuming replacement of a
comparable building in the same location, constructed to a similar specification, and to meet the current
building code.

Economies of scale are also considered when pricing.

3.7 Construction Factors

The unit rates utilised in this report consist of all direct and indirect costs typically associated with the
construction of a new building. Unforeseeable ground or site conditions including demolition and decanting of
existing buildings on the site are specifically excluded (see Section 5). Non-typical procurement methods (e.g.,
fast-tracking) and unforeseeable market conditions have not been considered in our assessment.

4.0 Basis & Assumptions

The construction estimate is based on the following list of assumptions:

1. The scope of work includes the Westbrook tower together with the three level parkade an the immediate
surrounding of the building. It does not include the C-train tunnel or station.
2. As advised by the client, only the exterior cladding and exterior doors for the C-train station are included
in this scope.
3. Structure is assumed to consist of a combination of concrete and structural steel.
4. Interior stairs is steel with concrete filled pans and steel railings.
5. Roofing system utilized is TPO membrane and metal roofing.
6. Allowance included for curtain wall, metal panels, sun shade, glass canopies, tempered glass walls.
7. Allowance included for dewatering and shoring.
8. Allowance included for masonry and steel stud partition including wall, floor and ceiling finishes.
9. Allowance included for metals, millwork, specialties and elevators.
10. Electrical systems, service & distribution, lighting, etc.
11. Emergency power systems for base building power, emergency lighting and base building UPS systems.
12. Security and access control systems.
13. Telecommunication systems (incoming telephone service and internet service, and distribution through
the building, and PA systems.
14. Active fire safety systems (suppression systems, fire alarm systems, stairwell pressurization/smoke
evacuation systems, exit signage)
15. Assumptions have been made regarding the interior partitions, doors, and fittings.

#1610, 112 4 Ave SW, Calgary, AB T2P 3N3 |403 269 5155

This report has been prepared at the request of Stantec and is the exclusive property of BTY Group. The information must be treated as
confidential and not to be disclosed, reproduced or permitted to be disclosed to any party without the prior consent of BTY Group.
4
 DRA
Stantecc | Westbrook
RA
ok TTower
ower B
Building
uilding - C
Report Number 1.0 | November 28, 2024

Basis & Assumptions…… Cont’d

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16. Sitework is assumed to included sidewalks, ramps asphalt road, site improvement and landscape.
17. Estimate is based on as-built drawings provided. If any alterations and/or tenant improvement works have
been undertaken outside what is shown on the drawings, these have not been included in our estimate.
18. Building Code - Cost estimate assumes replacement to meet current Building Code.
19. Per section 2.1 above, separate allowances have been shown for Development Soft Costs. These are
based on reasonable percentages with reference to projects of similar nature
20. Our estimate is based on current dollar.

Please note that BTY is not qualified to act as a design consultant. The assumptions in our estimate should be reviewed and corrected by
the design team.

5.0 Exclusions
The construction estimate includes all direct and indirect construction costs derived from the drawings and
other information provided by the Consultants, with the exception of the following:

1. Land costs
2. Demolition Costs
3. Financing Costs
4. Taxes and Levies
5. Specialist Plant and Equipment
6. Escalation
7. Remediation of contaminated materials
8. C-train station, Tunnel and Railway tracks
9. Specialty equipment such as substation and operation centre equipment and library book sorters, etc.
10. Legal fees and agreement costs / conditions
11. Removal of hazardous materials from existing site and building
12. Phasing of the works and accelerated schedule
13. Decanting & moving
14. Costs associated with “LEED” certification
15. Project commissioning (Third Party)
16. Erratic market conditions, such as lack of bidders, proprietary specifications
17. Goods and Services Tax (G.S.T.).

#1610, 112 4 Ave SW, Calgary, AB T2P 3N3 |403 269 5155

This report has been prepared at the request of Stantec and is the exclusive property of BTY Group. The information must be treated as
confidential and not to be disclosed, reproduced or permitted to be disclosed to any party without the prior consent of BTY Group.
5
 DRA
Stantecc | Westbrook
RA
ok TTower
ower B
Building
uilding - C
Report Number 1.0 | November 28, 2024

6.0 Project Schedule & Escalation

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eplacement V
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alue

No cost escalation allowance has been included in this estimate. BTY strongly recommends that the client
establish a separate budget to cover the escalation cost from the date of this estimate. Our current projected
escalation rates are shown below for reference

Our current projected escalation rates are shown below. In the event that there is slippage in the schedule,
further escalation based on the projected escalation rate per annum should be included in the estimate.

Current BTY 2024 2025 2026

Group Forecast 5% - 6% 3% - 4% 3% - 4%

7.0 Documents Reviewed

The list below confirms the information that we have reviewed in order to prepare our opinion contained
within this report:

Description R evised
d Date
Drawings & Specifications
0000 - Arch drawings - ORIGINAL BUILDING ~2013 January 11, 2013
2018-05-08 - OCCPHB TP#1 to TP#4 - Record Drawings May 8, 2018
TP#2 Architectural As Builts June 12, 2015
TP#3 Issued for Tender and Construction R1 (20151117) November 17, 2015
TP2-Issued for TenderBuildingPermit&Const (JUNE 12 2015) June 12, 2015
Westbrook OCC Structural (Issued for TP1 May 8 2015) May 8, 2015
Electrical Record Drawings Package TP#4 July 24, 2018
2493 AS Builts (electrical) March 31, 2016
Mechanical Drawings - TP4 IFT, P, C - Stamped March 31, 2016

8.0 Reporting Qualifications

This report has been prepared at the request of Stantec and is for their exclusive use only. The information
contained in this report must be treated as confidential and is not to be disclosed, reproduced, or permitted to
be disclosed to any party without the prior consent of BTY Group.

This report has been prepared based on information provided by Stantec up to the date of issue of this report.
BTY Group has reviewed the information provided, and as part of our due diligence procedures to ensure the
accuracy of the construction costs reported. BTY Group cannot accept accountability for information that has
not been provided or is not available at the time of preparing this report.

#1610, 112 4 Ave SW, Calgary, AB T2P 3N3 |403 269 5155

This report has been prepared at the request of Stantec and is the exclusive property of BTY Group. The information must be treated as
confidential and not to be disclosed, reproduced or permitted to be disclosed to any party without the prior consent of BTY Group.
6
COST MANAGEMENT REPORT

Westbrook Tower Building

APPENDICES
APPENDIX I SIte Visit 1 page
APPENDIX II Gross Floor Area Measurement 10 pages

#1610, 112 4 Ave SW, Calgary, AB T2P 3N3

T 403 269 5155