Living systems,
underwritten.
Collegium builds housing and mixed-use districts in Alberta and British Columbia. Every ecological and community feature we design has to earn its place in operating income, lifecycle capital or risk.
River's Edge, Okotoks. Concept site plan.
One rule decides what we build
A living-systems project treats the site, the buildings, the landscape and the operating model as one system. That is good design. It is also how we protect stabilized NOI and long-term asset value, which is why the design team and the finance team work from the same test.
A measure goes into a Collegium project when it does at least one of these:
- Raises stabilized net operating income
- Reduces lifecycle capital spending
- Reduces a material physical or leasing risk
- Speeds up permits and approvals
- Creates a defined placemaking or entitlement benefit
Features that pass none of these are treated as separate strategic decisions. We don't fund them with rent or cap-rate assumptions the market hasn't shown us yet.
How we carry it in the pro forma
Asset value is roughly stabilized NOI divided by the market cap rate. We underwrite the numerator. Cap-rate compression from better-performing buildings may well be real, but it stays in the upside case until local transactions or an appraiser support it.
| Assumption | Our treatment at concept stage |
|---|---|
| Premium allowance | 10.0% of hard cost, about 6.75% of total development cost when hard cost is 65 to 70% of TDC |
| Target after integrated design | 5.0% of hard cost, reached through early integration, right-sizing, substitution, grants and incentives |
| NOI benefits | Only what energy and water models, lease structure, operating benchmarks or market evidence support |
| Cap rate | No compression in the base case |
| Resilience | Modelled as expected-loss reduction, avoided downtime, insurance effect or future capital avoided |
| Lifecycle capital | Avoided replacement and retrofit costs go into the DCF, not forced into annual NOI |
| Renewables | Sized after demand is reduced; degradation, replacement and who keeps the savings modelled separately |
Where the money goes first
Our ranking of living-systems investments by near-term NOI impact, long-term value protection, strength of evidence and execution risk. We adjust it for asset class, climate, lease structure and local demand.
| Rank | Investment | Near-term NOI | Long-term value protection | How it pays |
|---|
Ranks 8 to 10 are added where site economics, tenant research and operating capability support them.
How the premium is split
Share of incremental living-systems capital by category. The heaviest spending goes to the unglamorous fundamentals.
Six stages, one register
The premium is lowest when the work starts at acquisition. Every measure sits in an investment register with a named owner, its cost and the scope it replaces, its effect on revenue, expenses and lifecycle capital, how it will be measured, and a downside case.
- 1
Site and acquisition
Climate, water, ecology, access, infrastructure, community and regulatory conditions.
Opportunity and risk brief - 2
Concept and underwriting
Measurable energy, water, resilience, leasing and public-realm targets. Premium allowance carried.
Baseline pro forma and investment register - 3
Integrated design
Architecture, landscape, structure, MEP, civil, operations, leasing and construction at one table.
Right-sized systems, updated costs - 4
Procurement and construction
Performance requirements protected, systems commissioned, substitutions managed.
Commissioning record, operator training - 5
Lease-up and operations
Utilities metered, landscape and public realm maintained, systems tuned.
Stabilized performance report - 6
Refinance or sale
Verified NOI, risk and lifecycle results packaged for lenders, appraisers and buyers.
Green due-diligence file
Current pipeline
Four projects in Penticton, British Columbia and Okotoks, Alberta. Both are growing communities with strong housing demand and local partners willing to do things differently.
4projects
2communities, AB and BC
~$509Mcombined indicative project value
Riverside
Homes, commercial space and a public plaza on a terraced mass-timber scheme by the river.
- Location
- Penticton, BC
- Indicative value
- $232M
- Stage
- To be confirmed
River's Edge
A mixed-use riverside district with shared public space beside Okotoks' historic downtown.
- Location
- Okotoks, AB
- Indicative value
- $145M
- Stage
- To be confirmed
Lakeshore
Hotel and residences across the road from the beach.
- Location
- Penticton, BC
- Indicative value
- $109M
- Stage
- To be confirmed
Sage Way
Affordable rental housing on a residential street.
- Location
- Okotoks, AB
- Indicative value
- $23M
- Stage
- To be confirmed
Project values are indicative estimates of total project cost at completion, shown for illustration only. Projects are at different stages of planning and approval. Scope, timing and value may change, and some projects may not proceed. Renderings are conceptual.
Design, construction and finance at one table
The playbook only works if the people setting targets and the people underwriting them sit together from the first site visit. Our founding team covers both.
Greg Hart
Chief Executive Officer and Chair · Calgary
Thirty years of behaviour-based and living-systems design across nearly 200 settings, from software and manufacturing to streets and public spaces. Greg leads Collegium's regenerative design work.
Background
- Future Fit Cities, CEO
- Thin Air Labs, Founding Partner
- University of Calgary SAPL, co-lead of the Doctor of Design program
- InceptionU, Co-founder
- Breda University, 15-year partnership
- Bear St shared space (Banff), River's Edge (Okotoks), 1st Ave NE (Calgary)
- Vision Zero YYC, founding team
Luke West, MBA
Chief Development Officer · Calgary
More than 25 years leading real estate development, engineering, asset management and technology, with billions of dollars of complex projects delivered across North America. Luke leads investment strategy, acquisitions and project execution.
Background
- Collegium Technologies, Founder and CEO
- WSP Canada, National Director of Operations; $265M P&L for the buildings unit
- Parliament Buildings, Ottawa: P&L oversight on a $5B program
- Steinway Tower, New York: executive lead for WSP
- ATCO Structures, Senior Operations and Asset Manager
- Calgary Technology Top 10, 2023
- MBA, University of Calgary; Electrical Engineering Technology, BCIT
Bob Tomes, CPA
Chief Financial Officer · Nanaimo
Over 45 years of financial leadership as a public-company CFO and in capital markets, treasury, fund management and real estate development finance. Six CFO roles, two of them public.
Background
- Kelman Technologies (TSE), CFO
- WellPoint Systems (TSX-V), CFO
- TELUS, four senior roles including the $750M Alberta IPO
- MERBANCO, VP Finance, $25M venture fund
- Tripeze.com, scaled to $10M revenue
- Richardson Greenshields, VP Financial Administration
- $25M+ equity raised; $500M+ credit facilities managed
Duncan Findlay, PhD
Chief Operations Officer · Calgary
Full-stack engineer and data scientist with 15 years in construction technology, energy and geoscience. Duncan built the platform that turns building models into procurement and financial workflows, which is how a project's register stays current.
Background
- Collegium Technologies: built the production proptech platform
- CNRL, Lead Geomodelling
- Devon Canada, Geologist
- Suncor Energy, Senior Geologist
- PhD Geology, McMaster University
Board of directors: Greg Hart (Chair), Luke West, Duncan Findlay and Bob Tomes. Advisors to be announced.
For investors
We work with institutional investors, family offices, foundations and other qualified partners who want durable income from better-performing buildings.
Why now
- Persistent housing shortages in growing Western Canadian communities
- Federal, provincial and municipal programs that reward affordability, energy performance and accessibility, which are outcomes our approach already targets
- A delivery model built to cut construction cost, schedule and operating risk
- Measured results on every project, building a record that lenders, appraisers and buyers can rely on
How to engage
- Introductory conversations with the leadership team
- Detailed materials shared with eligible investors under confidentiality, once suitability is confirmed
- Project-level partnership discussions with landowners and municipalities
START A CONVERSATION
Request a meeting with the team.
investors@collegium.exampleEmail TBCCalgary, Alberta · Nanaimo, British Columbia