Concert Real Estate Corporation and Peterson announced today a strategic partnership which provides for joint ownership of the Oakridge area’s Langara Gardens site. Peterson, currently the sole owners, will enter into a 50:50 partnership with Concert, establishing a strong foothold for both organizations within the evolving Cambie corridor.
Located on 20.83 acres at the intersection of Cambie Street and West 57th Avenue, Langara Gardens is a residential community which encompasses rental housing, retail and community amenities – including a fitness facility, four swimming pools and library – that has long led this central location to be touted as one of the most sought-after residential communities in Vancouver. Four 18-storey residential rental highrises with 335 suites and retail at grade occupy the southeast quadrant, while the remainder of the site comprises garden apartments and townhomes totalling 270 suites.
Of the partnership with Peterson, and taking half-ownership of Langara Gardens, David Podmore, Chairman and CEO of Concert, elaborates, “Peterson has over 35 years of experience in the real estate and property management industry and shares our commitment to building creative, vibrant communities. Not only that, but the company’s values are based on a foundation of integrity and respect; values that are also of the utmost importance to us at Concert.”
“The Oakridge area has seen incredible growth over the last few years and as it continues to evolve, we are looking forward to the opportunity to have a presence here within Langara Gardens, and working with Peterson to ensure it stands the test of time,” adds Podmore.
For Peterson, the partnership with Concert reflects the company’s deep-rooted commitment to developing and managing innovative and sustainable urban communities. Ben Yeung, Executive Chair and CEO of Peterson adds, “We are an organization built on relationships and this partnership with Concert will provide the opportunity to collaborate with a like-minded team, who share business practices that are aligned with our own. Concert has a long and distinguished track-record of building desirable and well-designed communities, and we are pleased to be working together to leverage our respective strengths for the benefit of the community.”
Langara Gardens is currently situated in an area now commonly known as the Cambie Corridor, which stretches from 16th Avenue to the Fraser River. The site is in close proximity to Oakridge Centre, Queen Elizabeth Park, Langara Golf Course and other amenities. It is within walking distance to Sir Winston Churchill Secondary School, Langara College and various elementary schools. The community also benefits from nearby access to BC Children’s and Women’s Hospitals and St. Vincent’s Hospital.