KINGSTON, Ontario--(BUSINESS WIRE)--A cornerstone laying ceremony was held this week for Kingston’s first large scale geothermal residential building, the Geo. The stone was laid by City of Kingston Mayor, Bryan Paterson. The residential building is also the first in Kingston designed to Fitwel Certification status, promoting best-in-class occupant health and wellness.
Kingston became the first municipality in Ontario to declare climate change as an emergency in 2019, and the Geo was inspired by the City’s declaration. Working to improve energy efficiency and reduce reliance on fossil fuel, the Geo will utilize geothermal energy to reduce greenhouse gas emissions produced by the building by over 70 per cent, which also lowers the utilities cost for all of its future residents.
“As a City, we’re committed to demonstrating leadership on climate action, but we need everyone in the community involved to make an impact. The Geo is a big step forward towards a low-carbon future for Kingston and I’m excited to see this project be completed,” said City of Kingston Mayor, Bryan Paterson. “Podium is leading the way with this development and has set the bar for new, environmentally conscious construction in Kingston,” he added.
The Geo is the result of a partnership between Podium Development Corp., Secure Capital Partners Inc., and Blue Vista Capital Management LLC, together with OPTrust, one of Canada’s largest defined benefit pension plans.
“Our team is focused on leading positive change for lower carbon buildings. This is Kingston's first large-scale geothermal building, but it will not be the last,” said Podium Developments’ Managing Director, Bernard Luttmer. “Our portfolio of new multi-family projects planned in Kingston and throughout Ontario are all being designed with innovative technologies to help us reach a net-zero carbon future. We were able to celebrate this ongoing work at the Geo this week.”
The Geo will add 344 units of much needed rental supply to the City. Twenty per cent of car parking will be provisioned with EV charging capabilities and the building amenities include private outdoor terraces, a rooftop terrace, a two-storey gym with a squash court, and 344 dedicated bicycle parking spaces.
“From the earliest stages of planning, we wanted the Geo to be the first Fitwel certified building in Kingston. Resident well-being has always been a high priority for us, but this pandemic has truly magnified the importance of health and wellness in our buildings,” added Luttmer.
A redeveloped Brownfield infill site, the Geo is centrally located at 575 Princess Street, just a short walk to both Queen’s University and downtown Kingston. Once complete, it will rise to 10-storeys and feature ground-floor retail as well as a corner parkette at Princess St. and Frontenac St.
The Cornerstone Ceremony at the Geo was followed by the Official Grand Opening of Unity Point, the Project Partnership’s first purpose-built rental community in Kingston, which is currently fully leased and occupied.
For additional project information and future leasing opportunities at Geo, contact the following:
Residential Leasing Opportunities: www.TheGeo.ca
Retail Leasing Opportunities: 1-866-792-5553
Project Information: info@podiumdevelopments.com
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 18 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 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 $3.0 billion in student housing properties, representing over 37,800 beds at 56 college campuses across the United States. Across its three platforms, the firm has invested over $11.2 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 $22 billion, OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with over 96,000 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.
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.
