Gatineau council votes down Brigil’s $400M development
Gatineau city council passed a heritage designation for the city’s downtown Museum District late Tuesday night and in so doing blocked the development of controversial high-rise complex proposed for the area. The 12-7 vote followed nearly three hours of public statements of support for and opposition to the heritage designation, including one from Brigil president Gilles Desjardins, who wanted to build a 35- and 55-storey highrise complex on rue Laurier.
Brookfield bets malls have a future with GGP takeover
Brookfield Property Partners L.P. (BPY.UN-T) is betting against the retail apocalypse with its takeover of GGP (GGP-N), which closed Tuesday. The Toronto-based firm is paying about $15 billion for the second-largest mall owner in the U.S. as investors — and shoppers — shun brick-and-mortar retail. Brookfield, which already owned a third of GGP, was the only bidder that showed up when the company put itself on the block last year.
Toronto, GTA major focus for RioCan’s redevelopments
RioCan REIT (REI-UN-T) completed 119,000 square feet of development in the second quarter, and there’s plenty more to come over the next few years as it unlocks further value in its properties. “Overall, RioCan is focused on developing mixed-use, transit-orientated properties in Canada’s major markets,” said Terri Andrianopoulos, RioCan’s vice-president of marketing and communications.
Metcalfe Realty guts Ottawa office building for Nav Canada
A downtown Ottawa office building is getting a two-year makeover to accommodate a major new tenant, plus a re-allocation of some of the space on its lower levels. Nav Canada will move in to the Burnside Building at 151 Slater St., according to the Avison Young mid-2018 office report. Owned by Metcalfe Realty Company Ltd., the 12-storey, 147,000-square-foot class-B structure has been vacated of previous tenants and work is underway.
Supermarkets try to lure shoppers to linger longer
Cooks at T&T Supermarket’s first seafood bar in Vancouver stand ready to prepare spot prawns, clams and lobsters freshly ordered by grocery shoppers, as the Asian-focused chain ups the ante for Canadian grocers increasingly looking to the “grocerant” trend to get shoppers to linger longer and spend more. At a time of intense competition in the grocery business, chains increasingly blur the line between supermarkets and restaurants.
Why do we waste millions on sports stadiums?
When the owners of the Calgary Flames began negotiating with the city last year for a new downtown sports and entertainment complex, the dance followed a choreography perfected over many years by many professional sports leagues and their wealthy operators. The goal of the exercise is to persuade politicians to part with public money to cover a hefty chunk of the costs for state-of-the-art stadiums and arenas.
FNF makes $1.2-billion deal to acquire Stewart Title
Florida-based Fidelity National Financial (FNF) has made headway in its $1.2-billion acquisition of title insurance company Stewart Information Services Corp. FNF has announced it received a “no-action letter” from the Canadian Competition Bureau, which indicates the regulator does not intend to oppose completion of the deal. Although Stewart is based in Texas, it also operates as a title insurer in Canada as Stewart Title.
Architect reveals futuristic images of Oakridge Centre
Spectacular design details of Phase One of the new Oakridge Centre, Vancouver’s massive mixed residential and commercial masterplan, have been revealed in updated renderings. Like a futuristic Antoni Gaudi building, the architectural concept is one of “skin and bones,” according to the design rationale in developer Westbank‘s proposal for the first phase, submitted to the City of Vancouver.
Regina votes to restrict Wascana Centre development
Regina is one step closer to having the Wascana Centre protected from future commercial development. City councillors voted unanimously in favour of three recommendations to help restrict future commercial development in the centre, also referred to as Wascana Park. The recommendations include city council committing to protect Wascana Centre from “future commercial development that does not directly serve the needs of, or benefits those using the park.”
Downzoned and out of luck in Vancouver’s Chinatown
When he bought Golden Crown Centre in 2011, Steven Fast had high hopes. Providence Health Care was planning a new high-tech home for St. Paul’s Hospital to the south, and Vancouver was set to adopt new density and height provisions for the area. Better transit infrastructure and new residents created opportunities to redevelop a portion of the building’s parkade as office space and add a storey or two of residential.
New ideas sought to modernize Fort Mac’s ‘dated’ downtown
Steven Niehaus struggles to attract an evening crowd to his Fort McMurray sandwich, soup and coffee joint. He’s excited Wood Buffalo’s regional council has begun soliciting proposals from organizations, businesses and citizens on what to do with land that was purchased and expropriated by the city and is now used as a parking lot.
Canadian commercial real estate: An investor’s best-kept secret?
At a time when it appears politics is just another reality TV show, it seems too many people are willing to resort to hyperbole and make extravagant promises in bids to boost their egos. Few industries are immune from individuals who promise but don’t deliver, and that is true in all aspects of investing.
Artis REIT acquires Arizona office campus
Artis Real Estate Investment Trust (AX.UN-T) has acquired Stapley Center, a class-A office campus in Mesa, Ariz., from Invesco Real Estate. The firm purchased the campus in October 2002 from Denali National Trust for $34.4 million, according to Yardi Matrix. The property comprises three, two-storey buildings totalling 277,264 square feet.
Sears’ dying stores fuelling new fortune in U.S. real estate
A few blocks from the ocean, in the heart of Santa Monica, Calif., plans for “creative” offices are taking shape, tailored to the area’s burgeoning tech industry. In Hicksville, on Long Island, N.Y., a proposal for nearly 600 units would form the community’s largest apartment complex. And in Aventura, Fla., construction has started on a “luxurious” shopping centre with restaurants, water fountains and boulevards lined by palm trees.
Seattle startups show what may await an HQ2 region
If there’s anything entrepreneur Nadia Shouraboura learned in eight years working on chief executive Jeffrey P. Bezos’ senior team at Amazon, it’s to think of the customer before the technology. That type of knowledge helped her when she become part of Seattle’s burgeoning culture of startups run by former Amazon employees, a phenomenon that may play out in any region where the online retailer builds a second headquarters.
Record demand for U.S. hotels fuels Pebblebrook’s LaSalle bid
The bidding war heating up over the portfolio of LaSalle Hotel Properties, which has a new offer from rival real estate investment trust Pebblebrook Hotel Trust that’s higher than a Blackstone Group bid, reflects a new wave of demand for lodging as the industry generates more revenue. Growth in hotel industry demand has been unprecedented, with 100 consecutive months of revenue-per-available-room growth.
Cascades to close plants in Barrie and Peterborough
Cascades Inc. says it is closing two Ontario corrugated packaging plants as part of ongoing efforts to reorganize and optimize its operations. The closures to take place by year-end will affect about 65 workers in Barrie and Peterborough. The Quebec-based company says production will gradually be redeployed to its other Ontario facilities. Founded in 1964, Cascades employs 11,000 at more than 90 production facilities in North America and Europe.
Global Real Estate & E-Commerce Dividend Fund files IPO
Middlefield Group, on behalf of Global Real Estate and E-Commerce Dividend Fund, announced it has filed a preliminary prospectus in relation to an initial public offering of units at a price of $10.00 per unit. The fund’s investment objectives are to provide holders of units with: (i) stable monthly cash distributions, and (ii) enhanced long-term total return through capital appreciation of the Fund’s investment portfolio
Latest financial results:
The top three REITs available to retirees today
At a current price of $25 per share, Dream Office REIT (D-UN-T) investors are receiving assets that are close to that very amount. For investors seeking something that trades at a larger discount to tangible book value, shares of Slate Office REIT (SOT.UN-T) may be the best name available. Pure Multi-Family REIT LP (RUF-UN-X), after receiving a takeover offer, saw shares jump to more than $9.
DSW to close all Town Shoes stores in Canada
DSW Inc. says it will shutter its Town Shoes Ltd. brand and close all of its stores. The Ohio-based shoe retailer says increasing competition in the footwear market and “significant” operating losses are to blame. The company plans to close the 38 Town Shoes stores it operates in Canada by the end of its financial year in January. About 400 workers employed by Town Shoes are expected to be affected,
Best Buy shares take biggest dip in 11 months
Best Buy Co. is the latest retailer to be punished by investors concerned about future growth. Shares of the electronics retailer fell as much as 8.4 per cent on Tuesday, the most intraday in 11 months, as the company anticipates a period of slowdown for a key sales measure. Best Buy’s projections for profit in the current quarter also fell short of analysts’ estimates.
Gap shares tumble as flagship brand shows no sign of recovery
Shares of Gap Inc (GPS-N) fell eight per cent in premarket trading on Friday, a day after the company’s namesake brand posted another bigger-than-expected drop in comparable sales, raising concerns around the unit’s turnaround plan. Gap typically offers big discounts to entice shoppers to buy last season’s designs, but the company cut back on promotions as it prioritized profit margins over sales, leading to disappointing results.
Stoney Creek sports complex sold to pot company
There’ll be grass on the field at Players Paradise this winter — but definitely no kids playing ball. The Stoney Creek sports complex has been sold to a marijuana producer. “Players Paradise was approached by a real estate investment firm who has partnered with Green Relief, a medical cannabis company,” said Cheryl Willberg, spokesperson for Players Paradise.
Aphria to supply N.S.’s adult-use cannabis market
Aphria Inc. (APH-T) announced it has entered into a supply agreement with the Nova Scotia Liquor Corporation to provide a range of high-quality branded cannabis and cannabis derivative products for sale in Nova Scotia’s adult-use market starting on Oct. 17. To date, Aphria has supply agreements in place in British Columbia, Alberta, Manitoba, Ontario, Quebec, New Brunswick, Yukon and now Nova Scotia.
Canada’s Wonderland getting Hyatt hotel, to open in 2020
Starting in 2020, you’ll be able to stay overnight in Canada’s Wonderland — and it won’t even be against the park’s rules. That’s because the Vaughan amusement park will be home to its first hotel when the Hyatt Place-Hyatt House hotel opens for business. Representatives of the 38-year-old park’s parent company, Cedar Fair, announced the groundbreaking news the morning of Aug. 27.
Hydro wires to be buried in Elgin Street redesign
The City of Ottawa will bury hydro wires under Elgin Street as part of an ongoing project to redesign the bustling downtown strip. A 12-block stretch of Elgin Street is undergoing a dramatic overhaul, including improvements to its utility infrastructure, some of which dates back to 1874.
B.C.’s new rules for infrastructure projects challenged
The Independent Contractors and Business Association is asking the B.C. Supreme Court to strike down the provincial government’s new hiring model for taxpayer-funded construction projects. The association filed a petition Monday alongside several other building and trade organizations, as well as the BC Chamber of Commerce and two unions it says are not affiliated with the building trades: the Christian Labour Association of Canada and Canada West Construction Union.