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Land deal paves the way for new rental development at UBC
Concert has secured a prime piece of land at the University of British Columbia (UBC) that will soon be home to the company’s latest residential rental building in Vancouver, Axis. The property is located in Chancellor Place at UBC and was acquired on a 94-year prepaid lease from St. Andrew’s College, a theological college of the Presbyterian Church in Canada.
The 15-storey Axis development will break ground later this month and will contain 174 self-contained studio and one bedroom market rental suites with full kitchens and in-suite laundry. Concert will contribute a 25,000-square-foot landscaped green space complete with a children’s playground in conjunction with Axis. Completion is scheduled for the summer of 2013.
“While it has been a significant economic challenge to develop rental housing in Vancouver for some time, we are happy to be back in the game,” said Brian McCauley, Concert’s President. “Axis will make a great follow up to Concert’s recent Tapestry at Wesbrook Village UBC seniors residence which contains rental apartments and for-sale condominiums oriented towards seniors looking for a unique campus lifestyle.”
Sustainability will be a key consideration in the development of Axis which is targeting REAP gold certification. Administered independently by the UBC’s Sustainability Office, the Residential Environmental Assessment Program (REAP) certification is awarded only after stringent sustainability accomplishments have been met.
With operations in British Columbia, Alberta and Ontario, Concert is an award-winning diversified real estate enterprise with expertise in developing rental, condominium and seniors housing; developing and acquiring commercial, industrial and infrastructure properties; and property management. www.ConcertProperties.com
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