Cornerstone Ceremony Celebrates Commencement of Construction of New Mixed-Use Rental Development in Ontario’s Lowest Vacancy Rate Municipality Unity Point Will Help Fill Tremendous Demand for Rental Housing in KingstonPosted: September 4, 2019
KINGSTON, ON – SEPTEMBER 4, 2019 – Podium Development Corp., Secure Capital Partners Inc., and Blue Vista Capital Management LLC recently held a cornerstone laying ceremony for Unity Point, the highly-anticipated new purpose-built rental building that will deliver over 200 residential apartments to Ontario’s lowest vacancy rate municipality – Kingston.
(Photo Credit: Nastassja Pearson)
(L-R): Varsity Communities’ President and CEO A.J. Keilty; City of Kingston Mayor Bryan Paterson; Blue Vista LLC’s Senior Vice President, Asset Management, Student Housing Patrick Flaherty; Podium Developments’ Managing Directors Oskar Johansson and Bernard Luttmer; Blue Vista LLC’s Associate, Student Housing Nick Lee; Secure Capital’s Managing Director Brent Chapman and Founding Partner David Ogden; and OP Trust’s Portfolio Manager, Real Estate Investments Jim Wong.
“There is a chronic short supply of quality housing options in Kingston,” said Podium Developments’ Managing Director Bernard Luttmer. “At present, the rental vacancy rate is the lowest in the province at 0.6 per cent, and this ceremony marks an important step towards our commitment to deliver high quality rental apartments to approximately 350 residents for spring 2021,” he added.
The three companies, who have partnered with OPTrust, one of Canada’s largest defined benefit pension plans, have plans to develop two additional purpose-built rental residential projects, totalling 788 units and housing over 1,300 residents over the next four years. The three projects combined will also offer over 26,000 sq. ft. of at-grade retail space.
“As a pension management organization, it is critical that we find income-generating assets that provide stability and security for our members,” said Andy Alcock, Director of Real Estate Investments at OPTrust. “By helping to address the housing shortage in Kingston, we believe this development will be a valuable asset to both our members and the community as a whole,” he said.
Kingston consistently attracts national and international headlines for its exceptional beauty, livability, and opportunity. The city is one of Canada’s premier educational hubs with three post-secondary institutions including Queen’s University, Royal Military College, and St. Lawrence College. It is a highly desirable location.
“Housing is a top priority in our community. Kingston’s desirable location, which offers convenient proximity to Toronto, Ottawa, Montreal and U.S. markets, along with the incredible quality of life we offer, has resulted in continued pressure on our housing market,” said City of Kingston Mayor Bryan Paterson. “That’s why I’m thrilled to see construction begin at Unity Point. This thoughtfully designed, purpose-built development will help boost our housing supply while adding to the vitality of the Williamsville area,” Paterson added.
Currently under construction, Unity Point will help fill the need for rental housing, add to the Williamsville area revitalization plans, and support the city’s future growth expectations. Located at the corner of Princess St. and University Ave., it is the first of three planned phases boasting iconic modern architectural design and thoughtfully designed suites ranging from studio to three-bedroom configurations, with high-end finishes to match.
Unity Point is a highly desirable option for students, working professionals, families, and those looking for high-quality housing. Building residents will have access to an array of best-in-class amenities including a stunning rooftop terrace, yoga studio, gym, meeting rooms and study areas. The building residents will also have convenient access to over 11,000 sq. ft. of retail space.
Those interested in future retail tenant opportunities should contact Neil Murray email@example.com. For additional information and priority future leasing opportunities in the first building, register your interest now at: www.unitypoint.ca
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ABOUT PODIUM DEVELOPMENTS (podiumdevelopments.com)
Founded in 2004 and registered with Tarion for over a decade, Podium Developments is a respected developer and builder with a successful track record in rezoning and developing sensitive urban infill locations. With 17 successful projects completed in Toronto, Oshawa, Barrie, Kingston and Guelph, and nine more currently in development in both the United States and Canada, Podium Developments has demonstrated tremendous expertise in bringing new residential developments to fruition.
ABOUT SECURE CAPITAL (securecapital.ca)
Secure Capital is a Toronto based boutique real estate investment manager and advisor founded in 2001. The cycle-tested management team has extensive experience in a wide range of asset classes across North America. The principals have transacted and managed over $10 billion of industrial, retail, office and residential assets. Secure Capital launched the Canadian Residential Investment Fund (CRIF) to accommodate investors in the Kingston residential development.
ABOUT BLUE VISTA CAPITAL MANAGEMENT (bluevistallc.com)
Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate strategies in student housing, middle market equity and middle market lending. Since 2003, Blue Vista has acquired and/or developed over $2.5 billion in student housing properties, representing 34,000+ beds at 51 college campuses across the United States. Across its three platforms, the firm has invested over $9.0 billion in total capitalization since its inception in 2002, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing.
ABOUT OPTRUST (optrust.com)
With net assets of almost $20 billion, OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with almost 95,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government.
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