GEC(R) Langara Receives Approval for 26-Storey Flagship Project

Executive Summary

• The City of Vancouver approved rezoning and a density increase for the GEC® Langara project, allowing construction of a 26‑storey rental tower (up from 10 storeys).
• Buildable area expands to 163,000 sq ft – a 159% increase – enabling approximately 650 residential units (171% more capacity).
• The project’s budget is ~ $150 million; projected annual rental revenue could rise from $3.5 M to $13 M post‑completion, with 20% of units earmarked for below‑market housing.

Key Details

• Rezoning Approval: Single‑family residential designation changed to a 26‑storey rental apartment tower under Vancouver’s Bill 47 Transit‑Oriented Area legislation.
• Buildable Area & Density: Maximum buildable area now 163,000 sq ft (↑159%); housing capacity increased to ~650 occupants (↑171%).
• Location Advantages: Site at Cambie St & West 49th Ave, adjacent to Langara‑49th Ave Canada Line station; transit provides 15‑min access to downtown Vancouver and 10‑min to the airport.
• Project Budget: Approximately $150 million. Management will seek CMHC financing sponsorship to reduce interest costs.
• Revenue Projections: Original annual rental revenue estimate of $3.5 M could increase to $13 M after completion due to higher density and economies of scale.
• Cost Benefits: Anticipated GST exemptions and reduced development levies expected to lower capital expenditures.
• Affordable Housing Commitment: 20% of the units will be allocated to below‑market rental housing.

Notable Quotes

“We are very pleased with the government's support for the transit‑oriented density,” said Toby Chu, Chairman, President and CEO. “The enhanced economies of scale will improve GECC's operational efficiencies… the improved proforma allows GECC to allocate 20% of the units to below‑market rental housing.”