Since 1989, a carefully orchestrated business strategy has led to Concert becoming one of BC’s top development companies
As seen in... Profiles of Excellence 2017
An unsuccessful redevelopment bid was the catalyst for one of the province’s top development and real estate companies. Concert was founded in 1989 by David Podmore, board chair and CEO, and the late Jack Poole. The two met as Expo 1986 was wrapping up, and one of their first business ventures was to bid on the redevelopment rights for the Expo lands at False Creek. The bid failed, but not all was lost.
“There were three planned bids at the time, one of which we unfortunately were unaware of,” says Podmore. “We became aware after the fact that the Telecommunications Workers Union Pension Plan and the City of Vancouver had considered bidding but ultimately did not submit.”
However, that spawned the idea for Concert. The concept of pension plans funding large scale development projects led to Podmore and Poole creating a company funded by pension plans and private investors including Poole and Podmore. Success soon followed. “Between 1989 and 1992, we grew exponentially,” he says. “By 1992, we converted Concert to a company 100 per cent wholly owned by Canadian management and union pension plans. Today, we are a pension fund real estate corporation that builds and acquires real estate across Canada.”
Over the years, the company has evolved from a residential developer to a diversified real estate owner and operator, creating thousands of rental and condominium homes and retirement communities across the country – many of which have become landmarks. Today, Concert specializes in developing rental, condominium and seniors housing, acquiring and developing commercial, industrial and infrastructure properties, and in property management.
As of 2016, the company has built close to 11,000 homes and has a portfolio of income properties that includes 12 million square feet of rental and seniors housing, as well as industrial and office properties.
One of its most memorable achievements, and there are many, is Collingwood Village – a multi-family residential community in East Vancouver. It was the first large scale, transit-oriented development in the city – a project he is especially proud of. Commencing in 1994, today this multi-phase project consists of 16 residential buildings with 12-highrise and eight-low rise developments.
Podmore went on to say that Collingwood Village is regarded as “an industry leading master planned community with 3,400 homes that has been touted by the community, its residents, and the City of Vancouver.” The development of this former industrial site was made possible by Concert undertaking three years of extensive planning and community consultation.
“It is an exceptional example of what could be achieved along a transit station for other high density communities along rapid transit corridors,” he says.
Today, Concert’s has several major projects in the planning stage or underway, including roughly 1,800 units of rental residential development and another 5,500 condominium units across the country.
Concert is also heavily investing in the health of the communities it serves. Corporate philanthropy has been at the cornerstone of its mission since its inception. Many non-profit organizations in B.C. rely heavily on the generosity of businesses. Instead of signing cheques, Concert typically offers its time and expertise.
“We are unique in that we can’t give a lot of money because we are dealing pension assets,” explains Podmore. “Having said that, we do provide monetary support for trades training and skills development related to the construction industry through our annual golf tournament.”
Through its partnerships with BCIT and George Brown College, the company has provided $2.7 million over 27 years to the BCIT Trades Discovery Program and other training initiatives. Over the years, Concert has also donated countless hours in project management services on such important projects like the Djavad Mowafaghian Child Care Centre at BC Children’s Hospital, Vancouver’s Cottage Hospice, a 10-bed hospice for the terminally ill, as well as donating more than $750,000 in time and expertise for the British Columbia's Professional Fire Fighters’ Burn Fund Building project, which opened in March of 2016.
“Our staff were excited to volunteer their time and expertise to be part of the Burn Fund Building and the project was a perfect fit with what Concert is as a company,” adds Podmore.
Last year, Concert provided low-rent housing in one of its Coquitlam apartment buildings for 17 families of Syrian refugees.
“Giving back to the community and caring about people is part of the fabric of Concert,” he adds. “We are always trying to align with new projects that can make society better.”
Contact
- 604-688-9460
- webgeneral@concertproperties.com
- www.concertproperties.com
Company established: 1989 Company owners: Canadian union and management pension plans
Number of offices and divisions: Vancouver and Toronto; lines of business [residential condominium and rental, office and industrial, seniors housing, infrastructure]
Number of employees: 200+
Most notable awards: Several Canadian Home Builders Association (CHBA) Georgie Awards over the years, including: 2014 and 2011 Customer Choice and 2013 Platinum Georgie Award. BC Business Magazine’s 2009 Best Companies to Work for in B.C. and 2006 Top 25 Best Companies to Work for in B.C.
Assets: $2.6 billion