WATERLOO, ONT. — Waterloo, Ont.-based developer and property manager Prica Global Enterprises (PGE) is gearing up for the completion of two rental developments in Waterloo that will relieve significant pressure on the overheated rental market in that city.
The Canada Mortgage and Housing Corporation reported the Waterloo rental market to be at record low vacancy rates in early 2023.
The development located at 308 King St. N is comprised of 340 rental units and 14 commercial rental spaces. Construction began in January 2022, with occupancy currently underway.
The 20-month construction timeframe stems from a unique three-phased construction. The lower levels of the building were completed and furnished first, then moving upwards towards completing higher storeys of the development until roof capping and completion, indicates a release.
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. Its orientation, windows and building envelope are based on the principles of phototropism or the way in which living things respond to light, the release explains.
298 Hemlock St. is a six-storey building comprising 92 rental units with office space on the ground level. It was constructed in 10 months. Making it unique is its design and orientation being centered on the Danish concept of hygge which uses space and one’s surroundings to establish feelings of joy, vitality and coziness, adds the release.
“The challenge in constructing any building, let alone projects that can be completed efficiently, is the time spent collaborating and coordinating multiple construction teams,” said Bruno Pinto, project manager at Prica Group Construction Management, in a statement. “Through our use of the most modern cloud technologies, integrating BIM 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.”
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