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2026 Canadian Transactions of the Year
Western Canada
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Harrison Street’s Symposia Development Deal Fills a Student-Housing Gap at SFU
A development agreement between Harrison Street Asset Management and Mosaic is a strong example of how creative dealmaking can keep a struggling project going – in a new direction.
The Symposia purpose-built student-housing project at the gateway to the Simon Fraser University campus in Burnaby, B.C., was originally planned as a condominium development. But the fully entitled Burnaby Mountain development site faced significant headwinds as the condo market softened, leaving developer-owner Mosaic with mounting pre-construction costs and limited buyer demand. Rather than delay further, the project team pivoted to a new strategy: converting the planned development into purpose-built student housing.
Jonathan Turbull, head of Harrison Street’s Canadian business, identified a clear opportunity driven by strong unmet demand and additional, unmet demand as the company’s nearby first student-housing development project, Koto (formerly Comma University) was nearing completion.
The revised plan required adjustments to building design, co-ordination with the City of Burnaby and SFU administration, and alignment between all stakeholders. The result was a restructured partnership in which Harrison Street became the project’s sole owner and Mosaic transitioned into a development-manager role, enabling the venture to move forward toward construction with a viable and profitable path.
SFU is one of Canada’s top universities, but students face limited access to residences near campus. By developing, now, two high-quality student-housing projects, Harrison Street is filling a critical gap while expanding the company’s presence with the largest student-residence portfolio serving the university.
Symposia has been designed to include a range of one-bed, two-bed and three-bed units and a thoughtful amenity package tailored to the desires of SFU students. The project is Mosaic’s fifth, final and flagship building at SFU, completing the post-secondary institution’s UniverCity neighbourhood in which the company has been active for 18 years.
These are some of the reasons why Harrison Street’s Jonathan Turnbull has been honoured with a Connect Canadian Transactions of the Year Award for completing the agreement to develop Symposia at SFU. The awards highlight deals and closings impacting Canada’s commercial real estate sector.