GECC Wins Approval for 26-Storey Transit-Oriented GEC Langara Tower

Global Education Communities ( (TSE:GEC) ) has provided an update.

Global Education Communities has secured City of Vancouver approval to rezone its GEC Langara site from a single-house residential lot to a 26-storey rental apartment tower, allowing a maximum buildable area of 163,000 square feet—159% more density than its previous 10-storey design—and capacity for about 650 occupants. The roughly $150 million, transit-oriented project, located beside the Langara-49th Avenue Canada Line station and near Langara College, is expected to significantly increase potential rental revenues, benefit from tax and levy reductions, improve economies of scale across GECC’s portfolio, and enable the company to dedicate 20% of units to below-market rental housing, expanding its role in addressing housing affordability and student accommodation in Metro Vancouver.

The most recent analyst rating on (TSE:GEC) stock is a Buy with a C$1.00 price target. To see the full list of analyst forecasts on Global Education Communities stock, see the TSE:GEC Stock Forecast page.

More about Global Education Communities

Global Education Communities Corp. is a Canadian leader in education and student housing, operating 24 student housing apartments, campuses and offices that serve nearly 10,000 domestic and international students annually. Through its GEC Living brand, the company develops and manages off-campus, student-centric rental apartments and education super-centres in Metro Vancouver, supporting students from 95 schools and 79 countries, with a portfolio exceeding $1.3 billion. GECC also runs language and business colleges, including SSLC Language College, SSLC Business College and CIBT School of Business & Technology, and owns a student recruitment agency and a design and media communications firm.

Average Trading Volume: 35,831

Technical Sentiment Signal: Buy

Current Market Cap: C$25.78M

See more data about GEC stock on TipRanks’ Stock Analysis page.