Aimed at students, young professionals, and families, more than 400 units open to occupancy will ease the pain for residents searching for rental apartments in core areas
Waterloo, Ontario--(Newsfile Corp. - June 20, 2023) - Waterloo-based developer and property manager Prica Global Enterprises (PGE) is readying the completion of two unique rental developments in Waterloo.
Both developments were constructed in well below the average time for buildings of their size due to a unique phased approach to their construction and furnishing. The accelerated timeline was aided by the use of advanced cloud technologies in integrating construction partners and teams throughout the process.
"The challenge in constructing any building, let alone projects that can be completed efficiently, is the time spent collaborating and coordinating multiple construction teams," says Bruno Pinto, Project Manager at Prica Group Construction Management (PGCM). "Through our use of the most modern cloud technologies, integrating BIM [building information management] designs with construction teams occurred daily and in real-time. It made for faster and more effective construction for all, as did sourcing more local, Canadian materials, rather than relying on overseas distributors that might take far longer to deliver their products."
Both developments will relieve significant pressure on the overheated Waterloo rental market, which the Canadian Mortgage and Housing Corporation (CMHC) reported to be at record low vacancy rates in early 2023.
"We're proud to bring two developments to market so quickly after their shovels first went into the ground," says Dusan Dukanc, Project Manager for PGCM. "We're excited to help students, young professionals, and families find their homes in today's tough rental market," he adds.
308 King St. N is comprised of 340 rental units and 14 commercial rental spaces. Construction began in January 2022, with occupancy now underway. While the average construction time for a building of this size is approximately two to 3.5 years (42 months), the 20 month construction time stems from a unique three-phased construction, where the lower levels of the building were completed and furnished first, with attention then moving upwards towards completing higher storeys of the development until roof capping and completion. The building, with a rooftop amenity space and a park and garden on its east podium, is unique in that it is designed to resemble a tree in the midst of an urban landscape, and its orientation, windows, and building envelope, are based on the principles of phototropism - the way in which living things respond to light.
