Business in Vancouver – Robert Fung Makes 2005 Top 40 Under 40 List.
January 3-9, 2006
President, The Salient Group
When it comes to revitalizing Vancouver’s heritage buildings and the neighborhoods that surround them, Robert Fung is wagering that boutique residential and office space developments are the key to healthy and interesting communities.
Fung’s development company, The Salient Group, may have been founded in 2000, but Fung’s eight years of experience with Concord Pacific developing False Creek North, followed by his years heading the development arm of Narland Properties, have provided him with a unique sense of purpose.
“It’s the classic 15-year overnight success,” said Fung. “But really it’s just a very sincere appreciation of Vancouver, its heritage buildings and resurrecting them in a way that accommodates demand but is also very quality oriented.”
Salient’s financed project values have grown from around $8 million in 2003 to about $110 million currently, according to Fung. The company has also grown to eight staff.
Salient’s projects include the development of the Taylor Building in Gastown, the redevelopment of the Flack Block at Hastings and Cambie Streets and the Bowman Block, formerly the Marquise Block, near the Sun Tower building. Salient is also developing two residential projects in Point Grey Village.
“This is probably the biggest growth year we’ve had in terms of getting projects financed. Next year is going to be our biggest in terms of bringing the product to the market,” said Fung. “We’re probably looking at bringing 150 to 200 condo and apartment suites into the market and a lot of office space.”
Fung also plans to roll out a non-profit component to Salient in 2006, which donates storefront retail space to artists to display their works.
Profession you would like to try: F1 driver
Favourite movie: Apocalypse Now
Favourite restaurant: En
Mentor: Milton Wong, Paul Lee and Stanley Kwok
Currently reading: Global City Blues by Daniel Solomon
Toughest decision: How much to give away and what does it cost?
Car or chosen mode of transport: Land Rover
Birthplace: Toronto, Ont.
Last CD bought or music downloaded: Ray Charles: Anthology and Pearl Jam: Live at Benaroya Hall
Education: BA in Anthropology, University of Western Ontario
What’s left to do: Everything else
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