SURREY STUDENT DISTRICT
SURREY, BRITISH COLUMBIA
The development site is approximately 9 acres and is located in downtown Surrey, right near train stations and other public transportation corridors. It is also within minutes of Simon Fraser University and other colleges and institutions. The accessibility to the site, including pedestrian, vehicular, and public transport, is outstanding. The amenities nearby include the Gateway Sky Train Station and Shopping Centre,
Olympic Training Centre, BC Lions Training Field, Professional Soccer Field, New Surrey Civic Centre, Surrey Central SkyTrain Station with underground commercial hub, and Central City shopping centre. The City of Surrey has made public commitments to turn this area into the commercial and civic heart of Surrey. The total project encompasses 4 individual high-rise towers and will be executed in three potentially overlapping phases.
One 28-story high-rise tower, with 249 individual condominium units and 40,000 sqft of CRU space. The end objective is to sell each individual unit to owners or individual investors looking to rent their units to students. The high prices in Vancouver have pushed many condo buyers to Surrey and Burnaby.
Two high-rise towers, with mixed student housing and residential rental usage. The units will be built as traditional bachelor, one-bedroom, and two-bedroom units. The student housing units will have sound-resistant temporary demising walls installed to increase the density of each unit by one occupant. There will also be an 80,000 sqft commercial mall separating the two towers, with the SkyTrain running right through the. The design plan calls for 580 underground parking stalls.
The third phase will consist of one high-rise tower, similar in structure to the tower in Phase 1, however this tower will also be mixed student housing and regular rentals.
Student Housing Model: Everest's student housing model for the Student Horizon Towers Surrey project has several competitive advantages:
Building Design. Everest will be controlling access to different floors using the elevator and pass card system. This means that the students and the regular residential rentals/condo owners will be physically separated in the building. This both controls operational costs and is also positive for the non-student rentals, as many tenants may not want to be on the same floor as students. The building is also flexible in that we may change how many floors are designated student and how many are designated regular residential based on changing market demand.
Student Unit Design. Each regular unit will be subdivided using temporary demising walls to increase occupancy by one occupant. This means a traditional bachelor unit will be able to house two students, a one-bedroom will be able to house two students, and a two-bedroom will house three or even four students. This will allow us to meet two crucial criteria: we will be able to offer the lowest price per unit to students and we will be the most profitable per square foot. Currently, students are forced into the residential rental market. Other student housing investment models involve investor purchases of condo units. By keeping the building as residential, it will control costs. Furthermore, many students do not want to pay or can't afford to pay residential rates. They would rather pay a lower monthly rent and have less space. Our design allows us to meet this market need and be more profitable per square foot. The temporary walls are easily removed and the units can be reverted back to traditional size for regular residential rentals or for sale as condos.
Residential and Student Housing Experience. Everest has a successful track record in both residential construction and the student housing market in the Greater Vancouver Area. Everest understands the needs and challenges of the student housing market and how it relates to the opportunities available to the educational institutions.