Business
CIBT Provides Update on GEC King Edward Project
VANCOUVER, BC / ACCESSWIRE / January 5, 2021 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBA...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Provides Update on GEC King Edward ProjectVANCOUVER, BC / ACCESSWIRE / January 5, 2021 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (\"CIBT\" or the \"Company\") is pleased to provide an update on the GEC King Edward® project (the \"Project\"). In October 2017, GEC King Edward Limited Partnership acquired three parcels of land to develop student-centric rental apartments to be combined with allocated floors for Vancouver's burgeoning corporate housing sector. The Project received rezoning approval on January 21, 2020 and the development permit on September 9, 2020. On October 16, 2020, the Project received both the building permit (stage 1) and construction financing approval. As a result, the demolition and pre-construction works are well underway, which will then be followed by construction works. The construction period will be approximately 18 months, slated for a mid-2022 completion.\"The Project has been progressing on schedule and we are pleased that the construction of new rental apartments will commence soon,\" commented Toby Chu, Chairman, President and Chief Executive Officer of CIBT. \"Due to the centralized location of this project and its proximity to the SkyTrain station, we will be adding a corporate housing component to this project by collaborating with global technology companies that either have a significant presence in Metro Vancouver or are looking to expand to the city. In 2021, we hope to continue rapidly developing our real estate segment in order to grow our tenant base and add more value to our rental-housing portfolio.\"About GEC King Edward:The Project is centrally located in Vancouver, approximately 120 metres from the Cambie Street and King Edward SkyTrain station. The Project is a four-storey rental apartment with six two-storey townhouses. GEC King Edward® is situated on the Canada Line SkyTrain route. The Project is only three SkyTrain stations from downtown Vancouver where hundreds of language schools, colleges and several universities are located. GEC King Edward® is two SkyTrain stations from Vancouver Community College (Langara Campus), and four stations from Richmond where the Vancouver International Airport, Kwantlen Polytechnic University, BCIT Aerospace Technology Campus, Sprott Shaw College (Richmond) and Trinity Western University are located. The Project com...