Building C of the Briarwood Apartments, a contemporary and attractive 60 unit addition to the existing Briarwood property, is now underway and will be the first multi-family apartment building that Hyland has undertaken to build.
Ideally located at the base of the University of Northern BC, the property at Briarwood Apartments presents Hyland with exciting new opportunities for sustained development, partnerships and growth.
Hyland received the Briarwood Apartments in January 2019, which consists of 72 units in two fully occupied 3 storey buildings situated on the perimeter of a substantial 5 acre site. By rezoning the property and utilizing surplus land, Hyland is able to add an additional 60 units through Briarwood’s Phase One building and subsequently another 109 units in Building A and Building B for a total of 169 brand new units. The construction of these 3 new buildings will enable efficient use of the Briarwood property.
Hyland has engaged Lower Mainland based Yellowridge Construction. Together they have begun the preliminary work on the development of Briarwood Building C. Based on the current projected timeline, the project is expected to be completed by October 2023.
Meeting Housing Needs
The outcome of a recent housing needs study and report conducted by the City of Prince George has highlighted the significant shortfall of rental housing supply in the city. The housing purchase prices within the province have increased significantly over the past couple of years. This has caused a ripple effect on the rental market, and current and future housing needs within the city have drastically risen.
As the growing demand for rental accommodations within newer buildings in Prince George continues to increase, the development of the new Briarwood apartments will give Hyland the ability to meet a very significant housing need and add quality apartment stock to the current market.
Additionally, through using CMHC-insured financing, there is the opportunity for 8 of the 60 units to be significantly discounted from market rates. These subsidized units will extend an invitation to individuals and families in the community who otherwise would not be able to afford the rising cost of housing.
This project offers the distinctive opportunity to develop relationships with those who identify with MCC and Hyland's vision of legacy and stewardship, and are interested in coming alongside to lend their experience and expertise.
Within this project, Hyland has had the benefit of working with Lane Sweeting, an experienced developer from the Fraser Valley, who has connected with Hyland to advise on the development of the new Briarwood buildings and bring his extensive construction and management experience to the project. His heart for the mission of Hyland and MCC and comprehensive knowledge has made him an invaluable asset to the project.
Hyland is actively engaged in dialogue with like-minded organizations. Society of Hope, a non-profit organization located in Kelowna that owns and manages 700 subsidized housing units has offered their experience and resources in centralized apartment management and sustainable building and maintenance. With the knowledge shared by Society of Hope, Hyland will be able to efficiently build and manage sustainable apartment buildings that will endure well into the future.
Establishing relationships such as these are invaluable to Hyland and can be brought into other projects to help ensure successful outcomes.
Future Growth and Legacy
Hyland is now moving into the beginning stages of the design and planning of the subsequent Phase Two and Phase Three buildings. Ongoing feasibility analysis of the supply and demand of the rental market in Prince George will dictate the start times for these additional buildings. The goal for these Briarwood apartments is to deliver the most attractive and functional amenities for Hyland’s residents, add value to the current property and be a long-term, beneficial addition to Hyland portfolio.
Hyland’s directive is to steward the apartments and properties it’s been given by managing them in a way that will both add value to the surrounding community and generate a return that can then be invested in the work of MCC around the world. The Briarwood Apartment additions and future projects like it, will create a positive, contemporary and thriving community in the growing university hub of Prince George and bring continued support to MCC’s local and global missions.