The ground has officially been broken on a new student housing facility in downtown Prince George.
Faction Construction, a subsidiary of Faction Projects Inc. is starting construction on a new purpose built rental student housing project at 1404 Patricia Boulevard, located to the west of the Bob Harkins Branch of the Prince George Public Library.
The facility will be a six-storey, wood frame building with 205 self-contained ‘micro-units,’ which are less than 29 square metres, or 312 square feet. The project also took advantage of the city’s 10-year municipal tax exemption for eligible commercial and multi-family development in the downtown area.
Prince George Student Housing Ltd., a family-owned development company, owns the project which will be operated under the VEDA Living (VEDA) brand. All VEDA projects are property managed by Domus Inc.
The focus of VEDA is on developing quality student housing projects in Western Canada. In 2016, VEDA completed 251 exclusive student living units adjacent to UBC Okanagan in Kelowna which are fully leased. Subsequently, an additional 316 units on an adjacent property were completed and fully leased for the September 2018 intake.
The project at 1404 Patricia Boulevard will increase the number of student rental units developed by the VEDA/Faction/Domus team to 772 with plans to continue this type pf development throughout B.C.
Faction Projects Inc. is focused on real estate development and the provision of integrated development management, architecture and construction services throughout Western Canada.