Concert Properties

Concert Properties
Industry REIT - Retail
Headquarters 9th Floor, 1190 Hornby Street, Vancouver, British Columbia, Canada
Area served
 Canada
Key people
 Brian McCauley, Current President and CEO
Website

Concert Properties is a real estate company headquartered in Vancouver, British Columbia. It is owned by 26 union pension funds and Its commercial assets are valued at over $5 billion.[1][2][3] Concert is the largest developer of rental housing in Western canada.[4] Concert owns properties in the Greater Toronto Area, Metropolitan Vancouver and Victoria, British Columbia, including 7,600 homes, 500,000 square feet of commercial space and 18 Police facilities in Ontario and three Tapestry retirement communities.[5][6][7] The current CEO and president of the company is Brian McCauley.[8] The company has also built 22 schools in Alberta and 18 in Saskatchewan.[6]

History

Concert Properties was co-founded in 1989 by Jack W. Poole and David R. Podmore to develop economically priced rental housing in British Columbia under the company's original name, Vancouver Land Corporation, which was later changed to Greystone Properties, which was then changed to Concert Properties. The company was created jointly by the Provincial government, The City of Vancouver, and 26 union pension funds.[3][1][9][10]

Some media reports indicated that Jack Poole planned for Concert to bid on some of the Olympic infrastructure projects in 2005, but Poole abandoned these plans due to negative media coverage at the time. Poole later died of Cancer when he was 76.[9]

David Podmore stepped down as CEO in 2017 and was replaced by Brain McCauley. David Podmore still works at Concert.[3] In June 2017, Concert was given 50% interest in Toronto's oldest strip plaza, the Sunnybrook Plaza for $26.3 million by RioCan.[11] The two real estate companies will collaborate on redevelopment of the Plaza.[12]

In 2018, Concert Announced that they would be redeveloping Coquitlam Park into 8 buildings that would have up to 2,600 units in housing. The City of Coquitlam will cover half the costs. The buildings are excpected to be completed by 2021. Many People in Coquitlam have expressed concern over the proposal and want the park to "Stay the way it is".[13]

References

  1. 1 2 Quarter, Jack; Mook, Laurie; Armstrong, Ann (2009-11-07). Understanding the Social Economy: A Canadian Perspective. University of Toronto Press. p. 314. ISBN 9781442697218.
  2. ↑ Kochan, T. (2004-07-31). Unions in the 21st Century: An International Perspective. Springer. p. 111. ISBN 9780230524583.
  3. 1 2 3 Magazine, REM | Real Estate (2017-06-21). "Brian McCauley named president and CEO of Concert Real Estate Corporation | REM | Real Estate Magazine". REM | Real Estate Magazine. Retrieved 2018-04-29.
  4. ↑ Money on the Line: Workers' Capital in Canada. Canadian Centre for Policy Alternatives. ISBN 0886272874.
  5. ↑ "Learn more about Concert Properties & our history | CONCERT". www.concertproperties.com. Retrieved 2018-04-29.
  6. 1 2 "Changing of the guard at Concert Real Estate Corp". Real Estate News Exchange (RENX). 2017-05-30. Retrieved 2018-04-29.
  7. ↑ "Vancouver's Concert Properties is a developing story". Real Estate News Exchange (RENX). 2016-10-13. Retrieved 2018-05-09.
  8. ↑ "Concert Real Estate Corporation: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-29.
  9. 1 2 Lacharite, J. R.; Summerville, Tracy (2017-11-07). The Campbell Revolution?: Power, Politics, and Policy in British Columbia. McGill-Queen's Press - MQUP. ISBN 9780773552340.
  10. ↑ Berelowitz, Lance. Dream City: Vancouver and the Global Imagination.
  11. ↑ "Riocan, Concert partner on Sunnybrook Plaza project". Real Estate News Exchange (RENX). 2017-05-25. Retrieved 2018-04-30.
  12. ↑ "RioCan sells 50% of Sunnybrook Plaza to Vancouver firm". The South Bayview Bulldog. 2017-05-25. Retrieved 2018-05-09.
  13. ↑ "Affordable housing worries as huge Coquitlam development moves ahead".
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