Concert Properties

Concert Properties (also known as Concert Real Estate Corporation[2]) is a Canadian real estate company based in Vancouver, British Columbia. It is owned by 19 union and management pension funds and its commercial assets are valued at over $5 billion.

Concert Properties
IndustryReal Estate and Infrastructure
Founded1989
Founders
  • Jack W. Poole
  • David R. Podmore
Headquarters
Vancouver, British Columbia
,
Canada
Area served
Canada (British Columbia, Alberta and Ontario)
Key people
Websitewww.concertproperties.com
Business park managed by Concert Properties

It is the largest developer of rental housing in Western Canada,[3] with properties in the Greater Toronto Area, Metropolitan Vancouver and Victoria, British Columbia, including 7,600 homes, 500,000 square feet of commercial space, 18 police facilities in Ontario, and three Tapestry retirement communities.[4][5][6] It has also built 22 schools in Alberta and 18 in Saskatchewan.[5]

The current Chief executive officer and President of Concert Properties is Brian McCauley.[1]

History

The Vancouver Land Corporation was co-founded in 1989 by Jack W. Poole and David R. Podmore to develop economically priced rental housing in British Columbia. The company's name was later changed to Greystone Properties, and then to its current name, Concert Properties. The company was created jointly by the Provincial government, the City of Vancouver, and 26 union pension funds.[7][8]

Some media reports in 2005 indicated that Jack Poole planned for Concert to bid on some of the Olympic Games infrastructure projects, but Poole abandoned these plans due to negative media coverage.[7] He later died of cancer at the age of 76.[7]

David Podmore stepped down as CEO of Concert in 2017 and was replaced by Brian McCauley.[9] Podmore still works at Concert.[9] In June 2017, Concert paid RioCan, another real estate company, $26.3 million for a 50% interest in Toronto's oldest strip plaza, the Sunnybrook Plaza.[10] The two companies will collaborate on its redevelopment.[11]

In 2018, Concert announced they would be redeveloping Coquitlam Park into 8 buildings comprising up to 2,600 housing units. The City of Coquitlam will cover half the costs, and the buildings are expected to be completed by 2021. Many Coquitlam residents have expressed concern over the project and want the park to remain unchanged.[12]

References
  1. "Senior Executive Team". Concert Properties. Retrieved 2021-01-10.
  2. "Concert Real Estate Corporation: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-29.
  3. Money on the Line: Workers' Capital in Canada. Canadian Centre for Policy Alternatives. 2003. pp. 143. ISBN 0886272874. book:Money on the Line: Workers' Capital in Canada.
  4. "Learn more about Concert Properties & our history | CONCERT". Concert Properties. Retrieved 2018-04-29.
  5. "Changing of the guard at Concert Real Estate Corp". Real Estate News Exchange (RENX). 2017-05-30. Retrieved 2018-04-29.
  6. "Vancouver's Concert Properties is a developing story". Real Estate News Exchange (RENX). 2016-10-13. Retrieved 2018-05-09.
  7. 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.
  8. Berelowitz, Lance. Dream City: Vancouver and the Global Imagination.
  9. 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.
  10. "Riocan, Concert partner on Sunnybrook Plaza project". Real Estate News Exchange (RENX). 2017-05-25. Retrieved 2018-04-30.
  11. "RioCan sells 50% of Sunnybrook Plaza to Vancouver firm". The South Bayview Bulldog. 2017-05-25. Retrieved 2018-05-09.
  12. McKenna, Gary (2018-03-16). "Affordable housing worries as huge Coquitlam development moves ahead". Vancouver Courier.
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