Interested in leasing with us? Read this first.
Every applicant for space, be it a market or non-market endeavour, is required to complete an Expression of Interest (EOI) Application that contains key questions about their business model, the proposed use of the premises and the community contributions that their operations will make in the neighbourhood. CIRES reviews and considers all applicants based on the blended value of the community and the economic contribution the proposed tenant will provide to the community.
Most of the leases with CIRES include a valuable ‘social benefit covenant’ as a part of their lease agreement. SBCs are negotiated with a commercial tenant before entering a new lease or extending an existing lease agreement. These mutually developed covenants describe the social value the tenant will create and report out annually.
Every potential tenant must complete an application process that includes an assessment of 1) Meeting a community need in relationship to the proposed unit’s use. 2) Providing local serving goods and services. 3) Potential employment from the community. 4) Engaging in local and social procurement. 5) Information on financial sustainability. 6) Corporate, credit and criminal background checks
CIRES engages with several community economic development, local businesses and other community-focused networks that help us to proactively identify potential tenants and uses that are a good fit for the portfolio. Our staff responds to and evaluates every request based upon this blended value purpose, the desire to fill gaps in the local retail landscape and generate employment opportunities for local residents.
CIRES is the prime Tenant in a Head Lease with BC Housing and the Provincial Rental Housing Corporation – our Head Landlord. Any new CIRES commercial tenant needs to be approved by our Head Landlord. CIRES forwards a request to approve a tenant after the successful conclusion of our internal review and evaluation of the EOI, due diligence documentation and any other relevant information. As part of the Head Landlord approval process, CIRES is required to provide information about a number of considerations including the fit of the proposed use with the housing component in the building, community need and support for the use, health and safety measures and others.
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