Emily Carr University and Applied Arts Partners complete financial close

Date February 16, 2015
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Emily Carr University and Applied Arts Partners complete financial close

The Canadian Emily Carr University and Applied Arts Team have completed financial close for the Emily Carr University of Art + Design campus redevelopment PPP project.

Applied Arts Team is composed by: Brookfield Financial Corporation, EllisDon Corporation, EllisDon Capital Inc., Fengate Capital Management Ltd., Diamond and Schmitt Architects Incorporated, Chernoff Thompson Architects, and Johnson Controls Inc.

The signing of the contract signals the end of negotiations and the finalization of a fixed-price, performance-based partnership agreement with Applied Arts Partners to design, build, finance and maintain the new university campus. Applied Arts Partners will maintain the new campus for 30 years as part of the contract.
Emily Carr University of Art + Design has outgrown its current Granville Island campus due to increased student demand and the need to accommodate current and emerging program areas. The new campus at Great Northern Way will accommodate 1,800 students and provide modern, spacious facilities that will attract national and international students. The new facility will be designed to achieve LEED Gold Certification and will comply with the Wood First Act.
Construction is expected to begin this spring. More details about the design of the building will be revealed at that time. The new campus is expected to be completed in March 2017 and will create an estimated 1,000 jobs during construction.
The capital cost of the project is budgeted at up to CAD$122.65 million (US$98.7 million), including a provincial investment of up to CAD$101.65 million, with CAD$21 million to be raised through the university's current capital campaign THE BIG IDEA.

Founded as Vancouver School of Art in 1925, Emily Carr is the only specialized post-secondary institution in B.C. offering programs in visual arts, media arts and design exclusively. Emily Carr is one of only four such institutions in Canada and is consistently recognized nationally and internationally for the excellence of its faculty, students and alumni.

Emily Carr has outgrown its current Granville Island campus due to increased student demand and the need to accommodate current and emerging program areas. International student applications to the university have grown by 46% over the last five years and currently 19% of FTE students come from outside Canada.

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