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Nicola Wealth Management Developing Canada's First Net-Zero-Certified Self-Storage Facility

January 29, 2024

2 Min Read

Nicola Wealth Management, which operates eight Advanced Self Storage facilities in British Columbia, Canada, is aiming to develop the country’s first net-zero-certified self-storage building. Its most recent design earned net-zero recognition from the Canada Green Building Council (CGBC) last month by eliminating the use of fossil fuels, integrating solar panels and optimizing energy efficiency, according to the source.

Construction on the three-story structure at 11985 203rd St. began in July. Expected to open this summer, the facility will comprise 80,000 square feet in 638 units. The company can apply for CAGBC Zero Carbon Building – Design Standard certification a year after opening and calculation of its energy consumption is complete.

“Pursuing the certification comes down to, as a company, we want to build sustainable buildings. What we always want to consider is, what are the regulatory targets in terms of sustainability in the coming years?” said Nathan Ma, senior development manager.

Nicola Wealth purchased the property on 203rd Street in 2004. The parcel already contains three buildings, the third of which was constructed in 2019. To develop this fourth structure, it assembled a team of engineers, sustainability consultants and architects.

The new building will include all-electric systems, air-source heat pumps, LED lighting and rooftop solar panels that’ll provide 100% of its operational energy. The company expects to save $55,000 per year in energy costs. The upgrades cost $550,000, which increased building valuation by $1 million, Ma said. “We thought those savings were recognized almost immediately,” he added.

Nicola Wealth plans to develop two additional net-zero self-storage projects including a 200,000-square-foot facility on Vancouver Island and another in Fraser Valley, British Columbia, comprising 250,000 square feet. Both are in the design phase.

Founded in 1994 by John Nicola and headquartered in Vancouver, Nicola Wealth owns more than 300 North American properties across the multi-family, office, industrial and self-storage sectors. It has $14.4 billion in assets under management.

Source: Sustainable Biz, Canada's First Net-Zero Self-Storage Building a First Step for Nicola

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