Core Insights - The City of Vancouver has approved the rezoning and density increase for the GEC® Langara project, transitioning it from a single-house residential designation to a 26-storey rental apartment tower [1] - The project will now have a maximum buildable area of 163,000 square feet, representing a 159% increase in density from the previous design [2] - The GEC® Langara project is expected to accommodate approximately 650 occupants, a 171% increase in housing capacity [2] Project Details - The GEC® Langara project has a budget of approximately $150 million, with plans to seek financing from the Canada Mortgage and Housing Corporation (CMHC) to reduce interest costs [4] - The projected annual rental revenue has increased from $3.5 million to $13 million due to the approved density [4] - The project will benefit from GST exemptions and reduced development levies, significantly lowering capital costs [4] Strategic Location - GEC® Langara is strategically located at the corner of Cambie Street and West 49th Avenue, adjacent to the Langara-49th Avenue Canada Line station [3] - The Canada Line provides rapid transit to downtown Vancouver in 15 minutes and to Vancouver International Airport in 10 minutes [3] - Transit bus access to the University of British Columbia is under 40 minutes [3] Community Impact - The project will allocate 20% of the units to below-market rental housing, providing affordable options for the community [4] - GECC has been a leader in Canada's education and student housing landscape for over 32 years, serving nearly 10,000 students annually [5] - The GEC® portfolio exceeds $1.3 billion, providing housing solutions to 95 schools in Metro Vancouver [6]