- Global Education Communities Corp. (GECSF, Financial) has received Urban Design Panel approval for its GEC Langara project, potentially allowing expansion from 10 to 26 floors.
- Projected annual rental revenue could increase significantly from $3.5 million to $13.5 million, subject to further approvals.
- The project will benefit from tax exemptions, reducing development costs and enhancing rental profitability.
Global Education Communities Corp. (OTC: GECSF) has announced a significant milestone for its GEC Langara project in Vancouver, having secured approval from the Urban Design Panel. This approval paves the way for a potential expansion of the project from its initial design of 10 floors to 26 floors, contingent upon forthcoming City Council and Planning Department approvals.
The GEC Langara project, strategically located at the corner of Cambie Street and West 49th Avenue, near the Langara-49th Avenue SkyTrain station, will see its buildable area increase by up to 159%, expanding from 63,204 square feet to 163,572 square feet. This substantial increase in density will potentially raise the project's occupant capacity by 171%, accommodating an estimated 650 individuals.
Aligned with Bill 47 Transit Oriented Area legislation, the project is set to enhance annual rental revenues significantly. Projections indicate an increase from approximately $3.5 million to $13.5 million if final approvals are granted. Moreover, the development will be exempt from the Goods and Services Tax (GST) and select development levies, effectively reducing capital expenditure and potentially enhancing operational efficiencies.
GECC plans to allocate a portion of the property for below-market student rental housing, aiming to meet vital housing needs in the community. The company remains optimistic about the project's outlook, awaiting further approvals to realize the anticipated benefits of this expansion.
