[Surrey] GEC Education Centre | 165m | 49 fl | Proposed - Page 13

cairnstone · #**241** Posted **Jun 5, 2019, 12:51 PM**

[QUOTE=Shift;8595530]This isn't a condo building. Zero condo's being sold..[/QUOTE

Shift · #**242** Posted **Jun 5, 2019, 4:55 PM**

[QUOTE=cairnstone;8595743]

Quote:

Originally Posted by Shift

This isn't a condo building. Zero condo's being sold..[/QUOTE

If you know anything about the company the less they build the better. They typically buy up pre start rental buildings and then use them to warehouse ESL students.

Yeah another reason why i'm not disappointed to see this building reduced in scale. 55 storeys exclusively for ESL students is a bit much. The architecture also isn't worthy of a tallest tower for Surrey - it would have looked akward next to 3 Civic Plaza. The same design would look better as a shorter building, while still bringing the same benefits at ground level of improving the streetscape and activating the neighbourhood.

The only disappointment here is the further delay.

Vin · #**243** Posted **Jun 5, 2019, 5:26 PM**

This project isn't a market condo, and thus the developer won't be able to raise funds through condo sales. They have to meet the projected cost of 275mil, and with inflation going on, I'm not surprised they have to scale back the building.

Luxury condo projects with a lot of offshore sales, on the other hand, are usually built to very high standards, with the exceptions of a few, such as the Telus Garden.

officedweller · #**244** Posted **Jun 5, 2019, 10:11 PM**

If it turns out as a sleek glass tower, it would fit in quite well into a downtown commercial district.

mosup · #**245** Posted **Sep 4, 2019, 7:45 PM**

An update on this project, apparently they JUST completed the purchase. Also, some revisions to the design making it 39 stories instead of the original 50

http://www.cibt.net/blog/2019/09/03/cibt...ssession-gec-education-mega-center-land/

September 3rd, 2019 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to report that its subsidiary, GEC Education Mega Center Limited Partnership, has completed the purchase of land for the development of GEC Education Mega Center® (“EMC”) in Surrey, B.C.

ArmoredinRed · #**246** Posted **Sep 4, 2019, 9:08 PM**

Quote:

Originally Posted by mosup

An update on this project, apparently they JUST completed the purchase. Also, some revisions to the design making it 39 stories instead of the original 50

http://www.cibt.net/blog/2019/09/03/cibt...ssession-gec-education-mega-center-land/

September 3rd, 2019 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to report that its subsidiary, GEC Education Mega Center Limited Partnership, has completed the purchase of land for the development of GEC Education Mega Center® (“EMC”) in Surrey, B.C.

What a bummer. This building could have had great visual appeal at the original height. Now it will just be another building.. I assume with the desire to slash the budget, the design could also be altered in a more cookie-cutter fashion.

officedweller · #**247** Posted **Sep 4, 2019, 10:18 PM**

Here's the full press release:

Quote:

CIBT SUBSIDIARY TAKES POSSESSION OF GEC EDUCATION MEGA CENTER LAND
SEPTEMBER 3, 2019

Vancouver, B.C. – September 3rd, 2019 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to report that its subsidiary, GEC Education Mega Center Limited Partnership, has completed the purchase of land for the development of GEC Education Mega Center® (“EMC”) in Surrey, B.C. The total land purchase price was $22.6 million, or $56 per buildable square foot, plus carrying costs and development fees. This project is well below the cost of comparable properties in the neighbouring area where a property adjacent to the EMC project was sold for $106 per buildable square foot in December 2018.

EMC was originally designed to be a 55-floor, 550,000 square feet high-rise concrete mixed-use tower whose tenants would include schools, offices, hotels and market rental apartments. After extensive review, EMC has been redesigned to a 39-floor building with 404,000 gross buildable square feet, subject to approval from the City of Surrey. The revised project is designed to be a multi-purpose building of stratified micro-condos, rental apartments, commercial offices designed for educational use, and four floors of amenity space. The Company anticipates that the redesign and value engineering will create savings of nearly $50 million compared to the original budget, augmented by the recent decrease in anticipated construction and financings costs.

“We are very pleased with the efficient use of space and reduction in cost to build EMC in Surrey, B.C.” commented Toby Chu, Chairman, President and CEO of CIBT. “The City of Surrey recently announced the redevelopment of Surrey’s Centre Block, over two million square feet of which will be redesigned and upgraded. The Centre Block development is less than 50 feet from our EMC site. With these newly approved developments and upgrades, we are excited with the future prospect of our EMC project.”

http://www.cibt.net/blog/2019/09/03/cibt...ssession-gec-education-mega-center-land/

Metro-One · #**248** Posted **Sep 4, 2019, 11:34 PM**

Will add to Surrey’s table top height of 120ish metres.

Too bad. Surrey has bad luck with getting taller towers off the ground.

rpvan · #**249** Posted **Sep 5, 2019, 12:17 AM**

I'm not too worried. I'm sure we'll see a 50-60 storey tower in the centre block when it gets redeveloped in the coming years.

owenhujb · #**250** Posted **Sep 5, 2019, 12:49 AM**

That’s disappointing, but I’m sure we never expected such a height of 190m to go through anyways, especially for such an odd use.

Metro-One · #**251** Posted **Sep 5, 2019, 12:52 AM**

True, this tower was the one I most expected to see a height reduction from.

EhJay · #**252** Posted **Sep 5, 2019, 1:28 AM**

So they aren't really even an education center anymore in comparison to what it was envisioned as before.

Cypherus · #**253** Posted **Sep 5, 2019, 2:04 AM**

The lot the building sits on will be more valuable than the 39 storey tower that is being proposed, come 2030 or 2040. This is just a missed opportunity to have a signature tower in what will be in the central downtown core, with a lackadaisical appearance and risk averse execution.

Blease · #**254** Posted **Sep 5, 2019, 8:03 AM**

Given the purchase completion of the land, what is now the most likely time period for the start of construction for this building? It may no longer be 55 floors, but it’ll still be an exiting addition to our skyline. Whatever else, at least it won’t be just another vanilla condo tower.

red-paladin · #**255** Posted **Sep 5, 2019, 7:41 PM**

Title updated.

GMasterAres · #**256** Posted **Sep 13, 2019, 10:51 PM**

Quote:

Originally Posted by jhausner

I could be wrong but I believe they said they were delaying as a result of not wanting to dig and commence construction during the Winter but rather target early Spring start for excavation. That was it. Said it would be more difficult and costly.

Who knows though. Like every single Surrey high-rise project, I will believe it when they start digging a hole.

Me from 2017...

/sigh

Klazu · #**257** Posted **Sep 14, 2019, 1:48 AM**

Bummer about the significant cut to height! I hadn't seen that before and will make this project very unremarkable. It is interesting how Surrey still struggles to build tall even when it's the second biggest city in the Metro. Other municipalities could really take a note from Burnaby...

Urbanmetro · #**258** Posted **Sep 19, 2019, 5:22 AM**

https://biv.com/article/2019/09/school-owner-gives-lesson-real-estate-investing

Interesting read... hopes to have approval by end of fall with construction shortly thereafter. Let's hope so!

EhJay · #**259** Posted **Sep 19, 2019, 11:20 PM**

I didn't realize that they were the owner of Spott Shaw. I'd imagine they'll either move or expand on their other office at King George Skytrain once this is complete.

Nites · #**260** Posted **Oct 30, 2019, 3:00 AM**

Quote:

Originally Posted by jlousa

I don't see this one going anywhere... not as proposed anyways.

The curse of jlousa