KINGSTON, Ontario--(BUSINESS WIRE)--Podium Developments, in partnership with Secure Capital Partners Inc., Blue Vista Capital Management LLC, Vestcor Inc., and OPTrust, is thrilled to announce the grand opening of its newest rental building, GEOcentral, located at 575 Princess Street in Kingston.
This 10-storey residential building in Kingston sets a new benchmark for sustainable urban living, being the first residential building in the city to utilize a geo-exchange system for heating and cooling the entire property. This innovative development marks a significant step forward in eco-friendly construction and is aligned with Kingston’s Climate Action Plan.
The building features over 250,000 square feet of residential space and over 10,500 square feet of commercial area, combining practicality and sustainability in a single development, with 344 units ranging from studio to four-bedroom apartments, and seven retail units that open onto a beautifully landscaped boulevard on Princess Street. The project has received a 2-Star Fitwel rating, recognizing its design for enhancing health and wellbeing. Additionally, GEOcentral includes a public parkette, 218 parking spaces (with charging stations for up to 40 electric vehicles), and a variety of modern amenities such as lounges, work/study rooms, rooftop terraces, and a state-of-the-art two-storey gym featuring a regulation-size squash court. This project is part of Podium Developments’ larger initiative to bring sustainable and innovative housing solutions to Kingston that keep occupant enjoyment and well being top of mind. The next 2-Start Fitwel rated geo-exchange project, GEOpark, is already underway across the street at 485 Albert Street.
The grand opening event, held on Tuesday, September 24, 2024, featured a ribbon-cutting ceremony, guided property tours, and light refreshments. The development represented a significant milestone for Kingston's rental market and the city’s commitment to environmentally friendly building practices.
“This project is more than just a building; it’s a step forward in sustainable, modern living for Kingston,” said Bernard Luttmer, Managing Director at Podium Developments. "Kingston’s geology is ideally suited for geo-exchange systems, making this project the first of many to come. Podium’s next geo-exchange building, GEOpark, is set to become Kingston’s first residential development to achieve CaGBC Zero Carbon Design certification, further advancing the city's commitment to sustainable living."
ABOUT PROJECT PARTNERS
PODIUM | BUILT WELL. BE WELL.
Founded in 2004, Podium Developments is a distinguished developer, builder, and asset manager in Ontario, known for creating exceptional rental communities that prioritize sustainability and resident well-being. With a proven track record exceeding $2 billion in residential development, Podium is proud to have forged strong partnerships with both private and institutional investors.
SECURE CAPITAL
Secure Capital is a disciplined real estate investment manager and advisor based in Toronto, Ontario 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.
BLUE VISTA CAPITAL MANAGEMENT
Blue Vista is a Chicago-based investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $13.0 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, please visit https://bluevistallc.com/.
VESTCOR INC.
Vestcor Inc. is an organization made up of more than 140 New Brunswick-based service professionals who provide innovative, cost-effective investment management and pension and employee benefits administration service solutions that meet the requirements of over 100,000 pension plan and benefit program members and more than 140 employer groups.
OPTRUST
With net assets of $25 billion, OPTrust invests and manages one of Canada's largest pension funds on behalf of over 111,000 members. OPTrust is a global investor in a broad range of asset classes including Canadian and foreign equities, fixed income, real estate, infrastructure, and private markets, and has a team of highly experienced investment professionals located in Toronto, London and Sydney.
