Photo credit: gechq.com
SURREY – A $330 million GEC EDUCATION Mega Centre (EMC) in Surrey has been committed to by the Global Education Communities Corp. (GECC) and Real Estate Investment Trust (REIT) organization the Pure Group of Companies.
The Development Permit with the City of Surrey allows a 49-storey mixed-use tower, featuring one floor of retail space, two floors of commercial space, 43 floors of market rental residential units accommodating 1,380 occupants, and three amenity and mechanical floors. The market rental units will be student-centric, fully furnished, and offer regular housekeeping, enhanced security, and comprehensive amenity spaces, and will include an electronic library, video conferencing facilities, a fitness center, a quiet lounge, a coffee shop, a games room and computer labs.
EMC will also allocate market rental units to faculty and staff of GECC’s educational partners, as it is in close proximity to Simon Fraser University’s Surrey campus, Kwantlen Polytechnic University’s Surrey Central Campus, Douglas College, Sprott Shaw College and the future University of British Columbia Surrey campus. There are at least 14 public and private colleges and universities within Surrey.
In the agreement, completed May 1, the Pure Group will be responsible for the development, financing, construction and asset management of the project.
“We are pleased to partner with Pure Group on this significant project, which aims to improve the lives of students coming to Metro Vancouver from across Canada and abroad,” states GECC Chairman, President and CEO Toby Chu. “GEC’s Education Mega Center represents a meaningful step towards addressing this critical issue. Partnering with experienced financial and investment partners like Pure Group will enable us to accelerate the development of additional GEC student rental properties throughout Metro Vancouver and beyond.”
Pure Group President and CEO Steven Evans notes “We are excited to bring our extensive development and financing expertise to the GEC Education Mega Centre project. Our team will ensure this landmark development is delivered on time, within budget, and to the highest quality standards. We are big believers in the importance of Central Surrey’s position in Metro Vancouver, and the timing aligns well with the Surrey-Langley Skytrain expansion, new Cloverdale Hospital, and the expansions of SFU and UBC.
“We look forward to collaborating with GECC to deliver much needed student-centric housing and contribute to the remarkable development of Surrey’s City Centre.”
Pure Group is a Canadian-based real estate investment and development firm that has developed REITs over the past 20 years. These platforms monetize $6.4B of properties, more than 20 million square feet of industrial space and 50 retail assets.
Since 2020, Pure Group has refocused on targeting multi-family development opportunities in B.C., and their operations cover real estate segments including development, finance, appraisal, leasing, construction, accounting, and property management.
GECC has been in the Canadian education and student housing sector, serving both domestic and international markets, since 1994. GECC offers services encompassing business and language colleges, student-centric rental apartments, recruitment services for educational opportunities, and a network of campuses and offices across 40 locations, affecting over 10,000 students annually.
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