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GECC Subsidiary Partners with Pure Group on GEC Education Mega Centre Development in Surrey, BC
VANCOUVER, BC / ACCESS Newswire / May 6, 2025 / Global Education Communities Corp. (" GECC " o...
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[{"type":"text","content":"GECC Subsidiary Partners with Pure Group on GEC Education Mega Centre Development in Surrey, BCVANCOUVER, BC / ACCESS Newswire / May 6, 2025 / Global Education Communities Corp. (\"GECC\" or the \"Company\") (TSX:GEC)(OTCQB:GECSF) today announced that its subsidiary, GEC Education Mega Center Limited Partnership, has entered into various agreements with Pure Group of Companies (\"Pure Group\") to develop the flagship GEC Education Mega Centre (\"EMC\") project in Surrey, British Columbia. The construction budget for EMC is $330 million. The transaction completed effective May 1, 2025.The agreements entered into establish the framework for a collaborative relationship between GECC and Pure Group by outlining their respective roles and responsibilities in the development, construction and operations management of EMC. Pure Group and GECC will be co-GP of the EMC project. Pure Group will be responsible for the development, financing, construction and asset management. Upon completion, GECC will manage the EMC under the GEC® brand, making available rental accommodations to 1,380 occupants, including educational staff and Canadian and international students who are working and studying at nearby schools such as Simon Fraser University, Kwantlen Polytechnic University, Douglas College, Sprott Shaw College, and the upcoming UBC Surrey Campus.About EMC:EMC is strategically located at the heart of Surrey's education hub, within:100 metres of the Surrey Central SkyTrain station and the future Simon Fraser University Medical School150 metres of Simon Fraser University (Surrey Campus) and Kwantlen Polytechnic University (Surrey Central Campus)Less than 2 kilometres from Douglas College (Surrey), Sprott Shaw College (Surrey), and the future University of British Columbia (Surrey) campus7.6 kilometres from Douglas College (New Westminster) and 7.7 kilometres from the Justice Institute of BCThere are at least 14 public and private colleges and universities within the City of Surrey, B.C. and none of these schools provide housing for their students or staff.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 (preleased to GECC's subsidiary schools ), 43 floors of market rental residential units accommodating 1,380 occupants, and three amenity...