People power behind Lakeview site redevelopment

People power behind Lakeview site redevelopment

Call it a victory for the little guy. Saturday’s historic announcement to kickoff Mississauga’s monumental Inspiration Lakeview project, with 26 hectares of newly created conservation land connected to a 100-hectare mixed-use community to house 20,000 residents next to the city’s waterfront, should never have happened.

Toronto Star

Legislation nation: U.S. CRE priorities in an election year

Leading CRE industry groups name their top legislative priorities for the new session. In a presidential election year, especially one as contentious as this, most real estate leaders have only slight hope that significant legislation will be passed by the end of 2016.

CP Executive

Avison Young’s Mark Rose confident about future

Chief executive officer Mark Rose describes Avison Young as a “disruptive company” in the commercial real estate industry due to its methods of doing business and unprecedented pace of growth over the past eight years. That growth is being discussed at the company’s annual general meeting in Toronto this week.

Property Biz Canada

Vancouvers Empire Landmark Hotel to be demolished for condo

The Empire Landmark hotel has been a West End icon since it went up in 1973. It’s tall (42 storeys, 120 metres), thin, and has a nifty revolving restaurant/bar on top that offers breathtaking views. But it also sits on a full block in the 1400-block Robson, in the middle of a neighbourhood that’s being transformed into a forest of luxury highrises.

Vancouver Sun

Four Seasons hotel will open in Montreal in 2018

A new 163-room Four Seasons hotel is going up on de la Montagne St. according to Quebec property developer Carbonleo. The $250-million project, under construction on the long-vacant site, will include 18 “exclusive private residences,” three restaurants and a 6,000-square-foot ballroom and be directly connected to a rebranded Ogilvy department store on Ste-Catherine St..

Montreal Gazette

The Reach is up for grabs in Kamloops

The Reach at Thompson Rivers University (TRU) in Kamloops will be the first planned community on a campus in British Columbia’s interior, and there’s healthy interest from developers to build its first phase. TRUCT was created five years ago to manage development on TRU property that will transform university land assets into a source of dedicated university funding. 

Property Biz Canada

Canadian developer secures financing to complete N.J. mall

New Jersey is on the brink of realizing the American Dream — if the definition is a mega-mall in the middle of a marsh. A state agency approved $1.2 billion of tax-exempt municipal bonds for Canadian developers Triple Five Worldwide in order to complete a partially built “world-class destination” of shops, restaurants and entertainment attractions in the Meadowlands, 10 miles west of Manhattan.

Bloomberg

Procurement Ombudsman works to raise awareness

It’s not used very often — even with some 100 federal agencies doling out over $18 billion in federal contracts each year, the office received only 399 contacts in the 2015-2016 reporting year. The Interim Procurement Ombudsman (PO), Lorenzo Ieraci, explaining what the office does in a recent interview subsequent to the publication of the office’s 2015-2016 report, admits it has an awareness problem.

Daily Commercial News

OSFI revising capital requirements for mortgage insurers

Canada’s top financial regulator is beefing up capital requirements for mortgage insurers to make sure they are adequately accounting for the creditworthiness of borrowers and fast-rising real estate markets. The Office of the Superintendent of Financial Institutions published a draft advisory for public consultation Friday that would force mortgage insurers to incorporate additional risk attributes.

Financial Post

U.S. crowdfunding reaches new heights

While crowdfunding for real estate deals has become more mainstream, the fast-growing fundraising platform comes with its challenges. Origin Investments purchased the Denver Corporate Center I office building partially through use of crowdfunding. Four years after the Jumpstart our Business Startups (JOBS) Act opened the door to crowdfunding for real estate deals.

CP Executive

REIT capital access split between ‘haves’ & ‘have less’

By Britton Costa, Director, U.S. REITs, Fitch Ratings: Why larger issuance sizes are needed to attract public bond investors in today’s market. U.S. REIT capital markets access is more nuanced than headline issuance and liquidity trends suggest. Unsecured debt capital markets access remains bifurcated between the “haves” and “have less,” but for different reasons than a year ago.

CP Executive

The crooked heart of Calgary: A quirk of history

You’ve probably never noticed, but Calgary is crooked. Geographically crooked, that is. Ever wondered why 16th Avenue SW mysteriously vanishes east of Seventh Street? Seriously, it does. Pull out a map and check.

CBC

Province considering 600 requests to remove Greenbelt land

The province is considering more than 600 applications to remove land from the official Greenbelt, prompting worries from environmentalists that parts of the protected area might be opened for development. The government has received these “site-specific requests” over the past 10 years, and is now assessing them as part of an ongoing review of the Greenbelt Plan, which was created in 2005.

Toronto Star

Helsinki to build landmark bridge for public transportation

The Crown Bridges will be a series of three bridges in Helsinki for a new streetcar line linking the city center with eastern suburbs across a central Helsinki water body. The bridges will also serve cyclists and pedestrians. The Helsinki City Council gave the green light to the project at the end of August.  It is to be completed in 2026.

Marketwired

How Chinese investors pump billions into the US West Coast

From real estate, to high-tech firms to entertainment giants, Chinese investments in the US, notably California, are moving at a dizzying pace and are on course to smash records again this year.  Chinese companies shelled out a record US$15 billion last year in the US and that figure could more than double in 2016.

SCMP

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Market Trends and Research

Fitch assigns final ratings to REAL-T Series 2016-2

Fitch Ratings has assigned ratings to the Real Estate Asset Liquidity Trust’s (REAL-T) commercial mortgage pass-through certificates series 2016-2. The certificates represent the beneficial ownership in the trust,  47 loans secured by 72 commercial properties located in Canada having an aggregate principal balance of approximately $421.5 million as of the cutoff date.

Business Wire

Funding limbo as Manitoba PC government reviews projects

Dozens of organizations in Manitoba are waiting to find out if hundreds of millions of dollars promised for projects by the previous NDP government will be honoured by the Progressive Conservatives.  From education to health to arts, the PC government is reviewing what Premier Brian Pallister identified as more than $600 million in promises made by the NDP.

CBC

Worst economic outlook in 6 months drags down Canadian sentiment

Canadian household confidence fell as views of the country’s economic prospects hit the lowest in six months, telephone polling showed. The Bloomberg Nanos Confidence Index declined to 56.5 in the week ended Sept. 23, the lowest level since April and down from 56.7 in the prior period. It was the gauge’s fifth straight decline.

Bloomberg

Five trends affecting commercial real estate in 2017

The U.S. property market landscape in 2017 will be characterized by continued strong fundamentals, increased investor flows and high transaction volume. As for the economic landscape, the U.S. continues to grow moderately and add jobs.

NREI Online

Real Estate Companies

Invest Ottawa CEO announces new gig at Regional Group

When he stepped down as head of the city’s main economic development agency in late June, Bruce Lazenby vowed he wouldn’t be “retired” for long. The former CEO of Invest Ottawa and tech firm FreeBalance launched the next – and perhaps final – stage of his public career Wednesday morning as the new head of business development at the Regional Group.

Ottawa Business Journal

Ecotex and Fengate buy Booth Centennial Healthcare Linen Services

Ecotex Service Corporation in partnership with Fengate Capital Management, on behalf of the investment funds under its management, are pleased to announce that they have completed the purchase of Booth Centennial Healthcare Linen Services. Booth is the largest single-site healthcare laundry facility in North America, which processes more than 35 million kilograms (78 million pounds) of medical linens annually. 

Canada Newswire

Hotel Bonaventure workers locked out, union says

The union for striking workers at Montreal’s Bonaventure Hotel says its employees have been locked out. The employees went on a 36-hour strike Saturday. Monday morning, the union said the hotel’s owner had locked them out. One of the hotel’s general managers was seen Monday working as a concierge and hailing cabs for guests.

CBC

REOC Financial Reports

	REITs & REOCs – Second-quarter 2016 report
	RENX has prepared a table with a convenient list of the companies and a summary of links to their second-quarter 2016 results. Have we missed any?  Canadian REITs & REOCs – Second-quarter 2016 report

 

New Development

Birchwood builds on success with Ezra at Riley Park

Birchwood Properties built homes throughout Calgary for 20 years before executive chairman Carl Cheverie and his son Jeff, the company’s president and CEO decided in 2012 to fully concentrate on multi-family residences. Focusing all their efforts on the development of for sale and purpose-built rental properties has evolved into their latest offering — Ezra on Riley Park.

Calgary Herald

New Vancouver home for reserve units officially opened

The official opening of the Seaforth Armouries was held on Saturday, providing a new home to the Seaforth Highlanders and headquarters of 39 Canadian Brigade Group. The building in Vancouver is reinforced to withstand a substantial earthquake and designed to provide all necessary accommodation, equipment and vehicle storage to support a training activities and domestic operations.

Ottawa Citizen

Montreal reveals full plans for Viger Square makeover

The City of Montreal unveiled the full scope of its plans for a revamped Viger Square on Sunday as part of a public information session on its long-term strategy for downtown Montreal. Work began in 2015 on phase one of the $28-million project and is scheduled for completion for spring 2017 in time for Montreal’s 375th anniversary celebrations.

CBC

Public consultation for new Ottawa Civic hospital begins

After nearly two years of controversy over the site of a new $2-billion Civic hospital, the National Capital Commission asked members of the public for advice Thursday on how to select a location from 12 available federal sites. The new process is needed to get “social licence” for the project, said NCC CEO Mark Kristmanson.

Ottawa Citizen

First Nations members claim lack of consultation on Vancouver land deal

First Nations leaders and federal government representatives announced the redevelopment of a mostly empty piece of former crown land in Vancouver Saturday, but members of the Squamish Nation say they weren’t adequately consulted over the multi-million purchase. In 2014, Canada Lands entered into a 50 per cent partnership with a coalition of local First Nations to purchase the Heather Street lands from the federal government.

CBC

Resorts

Vail, Whistler receives competition bureau clearance

Vail and Whistler Blackcomb announce Canadian Competition Bureau has issued a no-action letter under the Competition Act (Canada) indicating that it does not intend to challenge the proposed strategic business combination joining Whistler Blackcomb with Vail Resorts.

Canada Newswire

Renovation and Restoration

Heritage buildings on Winnipeg’s Main Street get makeover

The $4-million restoration of two rundown heritage buildings on south Main Street in Winnipeg to their original early-1880s glory, complete with windows consistent with that time period is underway. Scaffolding and protective netting went up about two weeks ago on the St. Mary Avenue side of the Fortune Building on the southwest corner of Main and St. Mary.

Winnipeg FreePress

International

Optimism in Britain’s finance industry hits financial crisis low

Optimism about the outlook for Britain’s financial services sector is at its lowest point since the financial crisis, a survey of finance firms showed on Monday. The latest survey of 115 financial services firms by business lobby CBI and consultancy PwC found that optimism fell during the three months to September, the third quarter in a row that it has dropped.

Yahoo Finance

Other

MSV University and Homburg teaming up for real estate program

Mount Saint Vincent University is ramping up its distance learning offering with the launch of a new real estate development qualification in partnership with the Homburg Institute Canada. The executive certificate in real estate development in 2017, is a one-year qualification aimed at new commercial real estate professionals, aspiring developers, and professionals working related fields.

The Chronicle Herald

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