Newly built Vancouver rental building turned into student housing

Construction progress on GEC Kingsway as of early 2024. (GECC)

A secured purpose-built rental housing building now just weeks away from full completion in Vancouver’s Kensington Cedar Cottage neighbourhood will be used as student housing.

Global Education Communities Corporation (GECC) announced on Wednesday that it had signed a master lease with a local developer to lease The Gladstone building at 4589 Gladstone Street — located at the northwest corner of the intersection of Kingsway and Gladstone Street, just kitty-corner from the Kensington Gardens complex anchored by T&T Supermarket.

This is part of GECC’s new supplemental Master Lease Partnership Program business strategy to partner with private developers building secured purpose-built rental housing in addition to its main business of building and operating off-campus purpose-built student housing.

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The master lease agreement for The Gladstone, now named GEC Kingsway, will span an initial five-year term with an option to renew for five additional years. The project’s development team includes Dava Developments.

The building will reach completion later this spring. GECC is expected to gain possession on June 1, 2024, and will open for student housing use by early August 2024.

The location is conveniently served by several frequent bus routes along Kingsway, Victoria Drive (Commercial Drive) just two blocks to the west, and Nanaimo Street just one block to the east. It is also about a 12-minute walk from SkyTrain Nanaimo Station.

gec kingsway the gladstone 4589 gladstone street vancouver

Walking distance between SkyTrain Nanaimo Station and GEC Kingsway. (Google Maps)

Construction progress on GEC Kingsway as of early 2024. (GECC)

Designed by architectural firm Arcadis (formerly IBI Group), GEC Kingsway is a six-storey building with 92 secured market rental units. Before the building’s opening, the units will be fully furnished to GECC’s student housing design standards, featuring 284 student beds across 78,000 sq ft of residential floor area.

There will be furniture, bedding supplies, kitchen utensils, fibre optic internet, and CCTV, with all utilities included, along with weekly housekeeping and resident caretakers.

Its amenities for the student residents include a fitness gym, student lounge, rooftop patio, and underground parking.

In addition to the rental housing uses in the upper levels, the building offers about 12,000 sq ft of retail/restaurant units along the ground level, which serve to activate Kingsway’s retail strip.

The building was achieved under the City of Vancouver’s previous Rental 100 Secured Market Rental Housing Program. A revised rezoning application was approved in 2019.

Construction progress on GEC Kingsway as of early 2024. (GECC)

According to Toby Chu, the chairman, president, and CEO of GECC, the company — previously known as CIBT Education Group — has launched 15 GEC-branded student housing buildings in Metro Vancouver over the past decade. Currently, seven properties are in operation and another seven properties are under development.

Chu anticipates that GEC Kingsway will generate over $5 million in annual revenue from the market-rate student housing leases.

In November 2023, the company sold GEC Granville — one of its first student housing properties — at 718 Drake Street in downtown Vancouver. Prior to 2015, the 11-storey student housing tower was the Best Western Plus Downtown Vancouver Hotel.

The following month, in December 2023, GECC confirmed it acquired the 15,400 sq ft vacant lot of 6428 Cambie Street (also known as 478-496 West 48th Avenue) — located at the southeast corner of the intersection of Cambie Street and West 48th Avenue, immediately north of the subway entrance into SkyTrain Langara-49th Avenue Station. The company intends to build a student housing tower on the site.

GECC has quickly become one of Metro Vancouver’s largest developers and operators of student housing. It is also known for its ownership of Sprott Shaw College and Sprott Law Language College.

gec king edward student housing 431 west king edward avenue vancouver f

GEC King Edward student housing. (GECC)

gec king edward student housing 431 west king edward avenue vancouver

GEC King Edward student housing. (GECC)

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