Podium Developments has just announced the completion of geothermal drilling on its newest Kingston development at 575 Princess Street. The development will be the first large multifamily residential building in Kingston to utilize a geothermal energy source, lowering the building’s carbon footprint, increasing energy efficiency, and further advancing the City’s commitment to sustainability.
“At Podium, developing high-quality buildings that benefit the residents, the environment and the community we build within has always been one of our company’s goals. Creating viable housing solutions through innovative problem solving is a key part of this goal-oriented strategy,” said Oskar Johansson, President of Podium Developments.
“Together with our partners Podium, Blue Vista Capital Management and OPTrust, we are proud to be invested in the first large multifamily residential building in Kingston utilizing geothermal energy. The completion of the geothermal drilling on-site by Diverso Energy is the first step in honouring our commitment to produce more cost-effective, energy-efficient suites for 575 Princess’ residents and supporting the City’s sustainability goals as outlined in Kingston’s 2040 Climate Plan,” said David Ogden, President of Secure Capital.
According to a report by the Ontario Geothermal Association, geothermal can provide space heating and cooling of an Ontario building at a typical efficiency of 400 per cent for heating, and 800 per cent for cooling. The potential energy and emissions savings of switching from a traditional HVAC system to a geothermal heat pump system have been shown to result in up to a 33 per cent decrease in annual energy use and a 47 per cent decrease in greenhouse gas (GHG) emissions.
“Creating successful real estate investment solutions requires asset managers who are able to implement innovative new building practices, and a city with both the potential and desire to see these innovations prosper,” said Patrick Flaherty, Senior Vice President at Blue Vista Management. “575 Princess is the rare culmination of both these factors. The City of Kingston, with its enormous potential for growth and a desire to become a leading city in sustainability, is the perfect place for this unique construction design to take place. 575 Princess is an incredible project and we are happy to be a long-term partner and investor facilitating its development,” Flaherty added.
Podium believes climate change is the most significant long-term global threat facing the planet. The actions taken today by current generations will directly affect the quality of life for all future generations to come. Their social, economic, cultural and environmental well-being hinges on our ability to act now in whatever capacity is available to us. Reducing greenhouse gas (GHG) emissions and transitioning to a low carbon economy is one of the best ways we can help reduce our environmental impact on the planet and leave a better world for future generations to come.
“Kingston City Council is committed to demonstrating leadership on climate action and has set an ambitious target of becoming carbon neutral no later than 2040. Meeting these goals and tackling the global threat of climate change will require action and investment from both the public and private sectors,” said Mayor of Kingston, Bryan Paterson. “I’m thrilled to see Podium Developments’ commitment to sustainability and to addressing climate change demonstrated through the use of innovative technology to implement geothermal energy at 575 Princess St. Every action matters as we work to reduce GHG emissions and make our community and planet a better place for our children,” added Mayor Paterson.
“We are proud to once again partner with Blue Vista Management, Secure and Podium on this new development, demonstrating OPTrust’s ongoing commitment to direct investment in sustainable real estate practices,” said Jim Wong, Senior Portfolio Manager, Real Estate Group, OPTrust.
Once completed, 575 Princess will rise to 10-storeys housing 343-units ranging from studio to three-bedroom suite configurations. Optimally located within walking distance to Queen’s University and downtown Kingston, the project will include approximately 10,000 sq. ft. of grade-related commercial and the addition of a new public park at the corner of Frontenac and Princess Streets.