CENTRA TOWER SURREY
SURREY, BRITISH COLUMBIA
Centra Tower Surrey is a residential high rise of 144,310 square feet, comprising 167 total units of residential development over 24 floors. Since Surrey City Centre is becoming the largest hub for local students and those from abroad, management is prepared to operate the project for student housing. This decision comes after assessing the local market and the current and future demand for student housing product.
Management assessed the best use will still be to build the project as a stratified condominium but operate as a student housing building. This is the highest and best use of the property and the strategy to maximize the revenue during the property hold phase. Site works and surveying for construction has already started for the tower and expected completion is by June 2020 in time for the start of the school year in 2020.