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Recent Articles

Concord’s CityPlace: End in sight for 25-year odyssey

3 years ago

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As the end of a quarter-century-long odyssey looms, Concord Pacific got a chance to reflect on the past, present and future of Toronto’s largest master-planned community, CityPlace, during a recent Urban Land Institute Toronto webinar.

RENX   •   • 

Three Dream entities have closed on the acquisitions of two Toronto apartment properties, comprising 912 apartments, for $378 million. The partners also have another Toronto acquisition under contract, comprising 228 additional units.

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KingSett Capital, which obtained approval for towers of 45 and 58 storeys in 2017, has proposed a redesign for towers of 75 and 78 storeys at 475 Yonge Street. The development would contain a total of 1,611 residential units, including 161 units of three bedrooms or more.

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Swedish clothing company H&M will be the sole tenant of a 716,646-square-foot industrial building being constructed at the GTA East Industrial Park in Ajax, just east of Toronto. The announcement was made during a groundbreaking ceremony Thursday afternoon.

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Marcus and Millichap’s Vancouver office is listing a Loblaw-owned Saanich property, describing it as a “rarely available large-scale development site.” Marketed as a mixed-use development opportunity, the 3.38-acre site does not include a price tag, but is assessed at $17.2 million.

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CBRE is marketing a property between the highly sought-after Toronto neighbourhoods of Yorkville and Rosedale. Currently, the site with a total lot area of 7,541 square feet, has three low-rise buildings on it, along with a surface parking with eight  spaces.

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Developer Joey Theberge has purchased Fisher Heights Plaza from the Leikin Group, an Ottawa firm run by Barbara Farber whose other holdings include College Square. The $16.5 million off-market deal for the nearly fully leased strip mall closed last week.

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Montreal has seen an influx of capital into the real estate market, gobbling up the last parcels of land for development. Big firms have also increasingly taken ownership of rental properties, including Stockholm-based Akelius, which owns 60 Montreal buildings.

Fengate Properties

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The Commercial Real Estate Women (CREW) Network has launched the CRE Pledge for Action to advance women and encourage diversity, equity and inclusion (DEI) in the commercial real estate industry.

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St Luke’s United Church proposes adding a 12-storey residential mid-rise with 100 units alongside the existing church at Toronto’s  355 Sherbourne St. The church is partnering with the United Property Resource Corporation and enlisted KPMB Architects for the design.

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Medline Canada on Thursday opened its new, state-of-the art distribution centre in Terrebonne, Que., to ensure efficient delivery of critical medical supplies and equipment. The new facility has 82 employees and covers 138,000 square feet.

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Second Century Ventures, the strategic investment arm of the  National Association of Realtors, announced Thursday the 10 companies selected for its 2022 REACH Canada program. These firms operate within a diverse range of market segments and specializations.

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WPT Industrial REIT (WIR.U-T) announced unitholders Thursday voted to approve the previously announced plan of arrangement pursuant to which an affiliate of Blackstone REIT will acquire all of the outstanding trust units for US$22.00 per unit.

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Montreal-based WSP Global Inc. (WSP-T) announce the acquisition of Englekirk Structural Engineers, a 90-employee consulting firm based in California serving both the private and public sectors. This transaction adds significant capabilities in structural engineering for the buildings sector.

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Brookfield Asset Management CEO Bruce Flatt and Blackstone Group president Jon Gray both said their companies have been motivated to sell U.S. assets after over a year of historically low interest rates and cash hoarding by major companies.

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China Evergrande Group offshore bondholders are concerned that it is close to defaulting on debt payment obligations and are demanding more information and transparency from the cash-strapped property developer, their advisers said.

Ottawa Real Estate Forum

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Some Ontario tenants have begun receiving notices of rent increases next year, now that the province’s year-long provincial rent freeze is set to expire on Jan. 1. Landlords of rent-controlled buildings will be allowed to raise rents up to 1.2 per cent.

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Maclean’s magazine’s May 1967 issue carried a detailed expose of the deteriorating state of housing affordability in Canada. “(The) idea of a separate house for every middle-class Canadian family is just about extinct. Suddenly, no one can afford it any more.”

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Things are heating up at The Erickson, a Yaletown condo building, where the strata has been wrangling with the owner of the penthouse  – Concord Pacific CEO Terry Hui – over who gets the use of a second-floor 6,000-square-foot space.

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As some Canadians are priced out of larger cities and look to move to smaller communities, insurance experts say homebuyers should be aware that life in a small town can often mean higher home insurance premiums.

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