After 1992, Concert Properties was re-organized, an event also marked by increased financial resources, as well as diversification of its real estate investments. Over the past decade, Concert continued to back construction and upgrading of rental housing stock, but also extended activity in multi-family and for-sale properties, as well as commercial and industrial real estate, in both urban and rural communities of British Columbia. This overall mandate is increasingly full-service, with Concert Properties supplying financing (i.e. loans and mortgages) and guiding projects across all phases of development. This includes comprehensive community planning for residential projects, such as has occurred in the Collingwood Village district of Vancouver. In 2000, Concert also entered the field of specialized seniors housing, starting with a 177-unit project of condominiums and rental apartments – the sixth of 7 projects in the master-planned neighbourhood of Arbutus Walk, on the city’s west side.

In early 2001, the portfolio of Concert Properties comprised 30 projects, totaling $260 million, with developments oriented to both rental and owner-occupied housing and commercial real estate.

Mortgage Fund One (MFO) was established in 1992, partly as a partner institution to Concert Properties, acting to finance between 30-50% of total loans behind the Concert portfolio, thereby reducing the latter’s reliance on other lenders. In addition, MFO provides loans underwritten by mortgages to its own investing in commercially-oriented constructions and renovations, also using 100% union labour, in British Columbia. Since inception, it has been engaged in 37 projects, totaling $270 million, with about half of the activity reflecting developments in offices, one-quarter in residential properties (e.g., rental apartment buildings) and one-fifth in industrial sites. Recently, MFO determined to advance its operation across the country, starting with real estate markets in Calgary, Toronto and Ottawa.

Collateral Benefits Achieved: According to Concert Properties, approximately 1,400 new rental housing units have been created by portfolio activity since the early 1990s. In addition, Concert has produced, on a cumulative basis, close to 8 million hours of work, while MFO reports generating 6.7 million hours.