Rize Properties launches construction division
By Adam FreillCommercial Construction Institutional Residential
Hovercraft Builders is a standalone, full-service construction division.
Rize Properties has launched its standalone, full-service construction division, Hovercraft Builders. Hovercraft will provide construction management services as well as access to a suite of development support services, including customer care and financial services, to other progressive developers in Metro Vancouver.
“In the current environment of ever-increasing construction costs, having an experienced construction team has never been more important for a developer,” says Simone Mandarino, vice-president of construction at Hovercraft. “Hovercraft will provide a streamlined approach to the construction process and help our partners build lighter.”
The announcement comes as Rize marks its 30th year of building in Metro Vancouver. The new division broadens Rize Properties’ existing business portfolio and builds on the launch of its rental division, Comma Properties, in September of 2021.
Hovercraft has helped build 3 million square feet of completed, active or planned construction for Rize, including 3,200 homes and over 370,000 square feet of commercial retail space. The division is also launching with four new constructions projects for other developer partners:
- CIBT’s Global Education Mega Centre: a mixed-use 50-storey commercial, residential condo and rental housing for the academic sector, southeast of Surrey City Centre SkyTrain Station.
- UBC’s Carey College: a four-storey mixed-use institutional and residential building and a seven-storey residential building, providing more student housing and amenity spaces on campus.
- Averra Development’s 1551 Grant Street project: a five-storey, 35-unit secured market rental building slated for the 1500-block of Grant Street near Commercial Drive.
- 810 Kingsway: a six-storey, 108-unit purpose-built rental project developed by Rize in partnership with and managed by Minto Properties located in Kensington-Cedar Cottage.
“We are looking to partner with other like-minded developers who want to build meaningful projects that benefit our communities,” says Mandarino. “Collaborations with progressive development groups can only bring more vibrancy to our cities, and with the expertise of the Hovercraft team, we are well-positioned to deliver high quality projects at scale.”
Hovercraft’s collective expertise includes multi-unit residential, commercial retail, commercial office, and institutional projects with a diversity of construction methods including concrete, wood frame, steel and mass timber.