CIBT's Education Mega Center Receives ADP Approval
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announced conditional approval for its GEC® Education Mega Center in Surrey, BC, from the Advisory Design Panel on November 19, 2020. This approval is subject to minor design adjustments and paves the way for future council hearings in early 2021. Additionally, Surrey City Development Corp. is expanding with Simon Fraser University, creating a new office hub that may increase local employment. The EMC will be a 49-storey building with a budget of approximately $270 million, aiming to boost education and business opportunities in Surrey.
- Conditional approval received for GEC® Education Mega Center, signaling progress.
- Surrey City Development Corp.'s expansion with Simon Fraser University may enhance local employment and educational opportunities.
- The GEC® project budget is approximately $270 million, indicating significant investment in the area.
- Approval conditions require further design adjustments, which may delay project timelines.
VANCOUVER, BC / ACCESSWIRE / December 2, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that one of its flagship projects, GEC® Education Mega Center ("EMC") in Surrey, British Columbia has received conditional approval at the Advisory Design Panel public hearing on November 19th, 2020. Such approval is subject to the satisfaction of specific recommendations to enhance the design of EMC and complete other minor adjustments. None of the conditions are material. The planning department will schedule the first, second, and third council hearings following the ordinary course of the rezoning process. These hearings are expected to take place in early 2021.
The Company is also pleased to learn of Surrey City Development Corp.'s urban redevelopment and expansion plan with Simon Fraser University announced on November 19th, 2020. Under the development plan, 1.5 million square feet of office, commercial and retail space will be built across the street from EMC, less than 30 metres away. As a result, a new centralized office hub will be established at the Surrey Central Station, which will employ roughly 10,000 people. The news is available at https://dailyhive.com/vancouver/surrey-central-station-centre-block-redevelopment.
"The approval from the Advisory Design Panel at the public hearing represents a major milestone to our plan to build the first education super centre in North America," commented Toby Chu, Chairman, President and Chief Executive Officer of CIBT Education Group. "We will now move expeditiously to finalize the remaining approval process so that we can commence construction of our flagship project as soon as feasible. Moreover, we anticipate Simon Fraser University's expansion plan, once completed, will increase the number of working professionals and students in the area surrounding the GEC® Education Mega Center. Assuming the SFU expansion moves forward, such development will create a new bustling hub for businesses and schools near the EMC, and therefore add tremendous value to the EMC project."
About GEC® Education Mega Center:
GEC® Education Mega Center has been under the planning phase for nearly three years. The latest design is a 49 storey concrete structure, which stands 542 feet, making it one of the top ten tallest buildings in British Columbia when built. EMC will have six floors of mixed retail, commercial and offices for schools, technology companies and education-related services. Supported by two amenity floors, 27 floors of market rental apartments, and 14 floors of presale condos at the top section of the structure makes EMC a unique proposition for the urban population of young working professionals and students living at the city-centre of Surrey. Total gross buildable square footage is approximately 420,000 square feet with a construction budget of approximately
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 47 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. The total annual enrollment for the group in 2019 exceeds 12,000 students.
CIBT owns Global Education City Holdings Inc. ("Global Holdings"), an investment holding and development company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC®® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC®® brand exceeds
CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design").GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.
For more information, contact:
Toby Chu
Chairman, President & CEO
CIBT Education Group, Inc.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@cibt.net
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT Education Group Inc. and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include (without limitation) the expectation that the City of Surrey first, second and third council hearings concerning the EMC project will be held in early 2021, the expectation that the Surrey City Development Corp.'s urban redevelopment and expansion plan with Simon Fraser University will be completed and that this will add tremendous value to the EMC project. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause CIBT's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements, including but not limited to usual construction risks, obtaining all necessary regulatory approvals, and the ability of the relevant limited partnership to raise further funds as they are needed. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT's management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
SOURCE: CIBT Education Group Inc.
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FAQ
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