Cornerstone Ceremony Celebrates Kingston’s First Large-Scale Geothermal Residential Building, “Geo”

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Designed to meet Fitwel® certification status, Geo paves the way for healthy, low-carbon buildings in Kingston

KINGSTON, Ontario, September 30, 2021– (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 the mayor of the city of Kingston, Bryan Paterson. The residential building is also the first in Kingston designed to achieve Fitwel certification status, promoting best-in-class occupant health and well-being.

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Podium Developments recently hosted a cornerstone ceremony for Geo, Kingston’s first large-scale geothermal residential building. The stone was laid by (left to right) the Mayor of the City of Kingston, Bryan Paterson and the CEOs of Podium Developments, Bernard Luttmer and Oskar Johansson. (Photo: Billy-Jack Kimmerly)

Kingston became the first municipality in Ontario to declare climate change an emergency in 2019, and the Geo took inspiration from the City’s declaration. Striving to improve energy efficiency and reduce reliance on fossil fuels, Geo will use geothermal energy to reduce building greenhouse gas emissions by more than 70%, which will also reduce utility costs for all of its future residents.

“As a city, we are committed to showing leadership on climate action, but we need all community members involved to have an impact. The Geo is a big step towards a low carbon future for Kingston and I am delighted to see this project completed, ”said Kingston City Mayor Bryan Paterson. “Podium is leading the way with this development and has set the bar for environmentally friendly new 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, as well as OPTrust, one of the largest defined benefit pension plans in Canada.

“Our team is focused on driving positive change for low carbon buildings. This is Kingston’s first large-scale geothermal building, but it won’t be the last, ”said Bernard Luttmer, Managing Director of Podium Developments. “Our portfolio of new multi-family projects planned in Kingston and across Ontario are all designed with innovative technologies to help us achieve a net zero carbon future. We were able to celebrate this work in progress at Geo this week.

The Geo will add 344 units of essential rental supply to the city. Twenty percent of the car parks will be equipped with electric vehicle charging capabilities and the building’s amenities include private outdoor terraces, a rooftop terrace, a two-story gym with a squash court and 344 dedicated bicycle parking spaces. .

“From the early stages of planning, we wanted the Geo to be the first Fitwel certified building in Kingston. The well-being of residents has always been a priority for us, but this pandemic has really amplified the importance of health and well-being in our buildings. “Luttmer added.

A redeveloped brownfield fill site, the Geo is located at 575 Princess Street, a short walk from Queen’s University and downtown Kingston. When completed, it will rise to 10 stories and include retail on the ground floor as well as corner parking on Princess and Frontenac streets.

The cornerstone ceremony at Geo was followed by the official grand opening of Unity Point, the first specially designed rental community by the project partnership in Kingston, which is currently fully leased and occupied.

For more information on the project and future rental opportunities at Geo, contact the following:

Residential rental opportunities: www.TheGeo.ca

Retail Rental Opportunities: 1-866-792-5553

Project information: [email protected]

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 of rezoning and developing sensitive urban infill locations. With 18 successful projects completed in Toronto, Oshawa, Barrie, Kingston and Guelph, and nine others currently under development in the United States and Canada, Podium Developments has demonstrated great expertise in the realization of new residential developments.

ABOUT BLUE VISTA CAPITAL MANAGEMENT (bluevistallc.com)

Blue Vista is a leading investment management firm focused on helping investors maximize returns through premier real estate strategies in student housing, mid-market equity and mid-market lending. Since 2003, Blue Vista has acquired and / or developed more than $ 3.0 billion in student housing, representing more than 37,800 beds on 56 college campuses across the United States. Across its three platforms, the company has invested more than $ 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 relational approach. and client-centric when it comes to real estate investing.

ABOUT OPTRUST (optrust.com)

With nearly $ 22 billion in net assets, OPTrust invests and manages one of the largest pension funds in Canada and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with more than 96,000 participants and retirees. OPTrust was created to give plan members and the Ontario government an equal voice in the administration of the plan and the investment of its assets through a joint trust. OPTrust is governed by a 10-member board of directors, five of whom are appointed by OPSEU and five by the government.

ABOUT SECURE CAPITAL (securecapital.ca)

Secure Capital is a Toronto-based real estate investment management and advisory firm, founded in 2001. The cycle-tested management team has extensive experience in a wide range of asset classes across North America. Executives have negotiated and managed more than $ 10 billion in industrial, commercial, office and residential assets. Secure Capital launched the Canadian Residential Investment Fund (CRIF) to welcome investors in residential development in Kingston.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20210930005316/en/

Contacts

Media:

Gea Koleva
Marketing and strategic communication specialist
McOuat Partnership
Cell: 416-702-1223
T: 905-472-2000 ext 247
[email protected]

Rachel roger
Public relations specialist
McOuat Partnership
Cell: 416-984-5524
[email protected]


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