CIBT's GEC Oakridge Project Receives City Council Public Hearing Approval

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[{"type":"text","content":"CIBT’s GEC Oakridge Project Receives City Council Public Hearing ApprovalVANCOUVER, BC / ACCESSWIRE / January 20, 2021 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (\"CIBT\" or the \"Company\") is pleased to report that its subsidiary, GEC Oakridge Acquisition Limited Partnership, received approval for its GEC® Oakridge project (the \"Project\") from Vancouver City Council at the Public Hearing held on January 19, 2021. The Project will now enter the Final Reading phase - the Enactment of Bylaw. The Company will start the Development Permit application process immediately. After the Final Reading is complete, the Company will start the Building Permit application process. Construction may begin upon receipt of the Building Permit, which management currently expects to be issued in late 2021.\"We are pleased to be on track in moving to the next phase of the GEC® Oakridge project,\" commented Toby Chu, Chairman, President and CEO of CIBT. \"The total development budget for the Project is approximately $103 million. Upon completion, our new building will accommodate four hundred and seventy-five occupants, which will generate significant rental income. As the Vancouver real estate market continues to recover from the global pandemic, we are expecting competitive construction costs, and the planned completion date of this building is timely for an anticipated full economic recovery in 2024.\"About GEC® Oakridge:GEC Oakridge Acquisition Limited Partnership purchased three parcels of land in March 2020. The total purchase price was $30.3 million, excluding closing costs. The Project's rezoning process with the City of Vancouver was ongoing throughout the pandemic. The Project received approval at the Public Open House in 2019 and Urban Design Panel, Council Reading 1 and 2 during 2020. The Project will be an 18 storey concrete residential rental tower that accommodates 475 occupants. The plan is to allocate the upper floors for corporate housing, and the lower floors will be student-centric rental apartments. GEC® Oakridge is located across the street from a significant development at the Oakridge Shopping Centre. The site location is a one-minute walk to the Oakridge subway station and less than a ten-minute walk to Langara College. Three subway stations toward the south is the City of Richmond, where...

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