Strategic Partnership to Develop Student Housing in Kingston

Introduction to the Project
In a significant move to address the growing demand for student accommodation, Manulife Investment Management (Manulife IM) and Cedar Podium Investment Management have announced a strategic partnership to develop a purpose-built student housing (PBSH) facility in downtown Kingston, Ontario. This initiative is timely, given the increasing influx of students into cities like Kingston which are known for their educational excellence, particularly with Queen’s University at its core.

Details of the Development
The proposed development, to be located at 283 Queen Street, is a 15-storey building comprised of 389 fully furnished bedrooms, organized into 178 units. Future residents can look forward to a suite of modern amenities that enhance student life, including a fitness centre, study areas, and a social lounge. Centralized laundry facilities will also be available, catering to the needs of busy students.

Commitment to Sustainability
Sustainability is a focal point of this development, with the design set to meet the Canada Green Building Council’s (CaGBC) Zero Carbon Design certification. Additionally, the project is targeting a 2-star Fitwel® rating, demonstrating a commitment to health and wellness in the living space. This reflects a growing trend towards environmentally conscious design in real estate development, especially for amenities that cater to younger generations.

A Collaboration with Purpose
This partnership marks the first collaboration between Cedar Podium and Manulife IM, laying the groundwork for a larger alliance aimed at tackling the critical shortage of student housing across Canada. As noted by Bernard Luttmer, CEO of Cedar Podium, this project signifies a collective commitment to sustainable, long-term solutions within the student housing sector.

Market Insights
Marc Feliciano, Global Head of Real Estate at Manulife Investment Management, emphasizes the rising demand for purpose-built student housing as a strategic investment opportunity. With a need for more student beds, this development is expected to influence the broader housing market positively. More availability can potentially ease pressure on conventional multifamily housing, as students transition into these dedicated residences.

Kingston: A Student-Friendly City
Kingston consistently ranks among Canada’s best cities for students, backed by its affordable living, high quality of life, and reputable institutions like Queen’s University. However, this positive outlook is threatened by a serious housing deficit. Research from the global advisory firm Bonard reveals that a lack of available student beds hampers institutional growth and Canada’s ability to attract international students.

Transforming the Student Housing Sector
The student housing market has historically been dominated by small-scale private landlords. Still, recent trends indicate a shift towards more professional, scalable solutions. The Kingston development aims to meet urgent demands by prioritizing sustainability, livability, and accessibility in its design, thus positioning itself as a modern solution to a historical challenge.

Project Timeline
Site preparation for the new residence is already underway, with construction expected to commence in the second quarter of 2025. The timeline envisions completion and occupancy for Fall 2027, marking a new chapter in student accommodation in Kingston.

About Manulife Wealth & Asset Management
Manulife Wealth & Asset Management operates under Manulife Financial Corporation, serving global clients across investment, financial advice, and retirement planning. With a strong intent to simplify and improve financial journeys, it offers comprehensive solutions tailored to client needs.

About Cedar Podium Investment Management
Cedar Podium Investment Management is dedicated to purpose-built student accommodation in Canada. The firm merges global financial expertise with local market insights, having invested heavily in the PBSA sector. Its commitment extends beyond building facilities; it aims to enhance student outcomes and contribute positively to educational institutions across the country.

This ongoing partnership represents more than just a real estate project; it is a commitment to fostering a vibrant academic community in Kingston, addressing current housing challenges, and paving the way for a sustainable future in student living.