Concert Properties

Concert Properties Ltd. (which is related to 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 $8 billion.

Concert Properties Ltd.
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
Managing Director, Concert Infrastructure: Derron Bain
Websitewww.concertproperties.com www. concertinfrastructure.com
Business park managed by Concert Properties

Concert Infrastructure Fund, a related entity, owned by 10 of the Concert Real Estate Corporation shareholders. Concert Infrastructure is an independent corporate entity.

Concert Properties 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, and three Tapestry retirement communities.[4][5][6]

The current Chair, President & Chief executive officer of Concert Properties is David R. Podmore.[1]

The executive lead of Concert Infrastructure is Derron Bain.

Concert Infrastructure Fund is the investor and manager of 10 P3 infrastructure projects across Canada including schools in Alberta and Saskatchewan, the BC Children's and BC Women's Teck Acute Care Hospital, the Iqaluit International Airport, 18 Ontario Provincial Police Stations, and the Ontario Forensic Services Corner Court facility. Concert Infrastructure is the largest developer, investor and manager of bundled, multi-site P3 projects, in North America.

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]

The Concert Infrastructure Fund was established in 2010 and is a leading Canadian investor, developer, and manager of social infrastructure public private partnership ('P3') projects.

In 2017, David Podmore stepped down as CEO of Concert and was replaced by Brian McCauley.[9] Podmore remain Board Chairman of Concert Real Estate Corporation and Concert Infrastructure Fund. 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]

In 2022, David Podmore returned to Concert Real Estate Corporation as President and CEO.

References
    1. "Senior Executive Team". Concert Properties. Archived from the original on 2017-08-13. 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. Archived from the original on 2011-11-23. 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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