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Recent Articles

Bayview Hospitality plans its second multifamily build

3 years ago

RENX   •   • 

Bayview Hospitality Group, which has primarily made its name in hotels, is planning its second and largest multifamily residential development in Ottawa’s Kanata neighbourhood. The Toronto-based firm proposes three 10-storey apartment buildings with approximately 600 units, plus 184 stacked three-storey units.

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After a year in which offices went virtual, and bricks-and-mortar stores were given up for dead, few people are excited about the potential of REITs. For value-hunting investors, the lack of attention could be an opportunity, according to CIBC analysts.

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Precision Nanosystems Inc. has ramped up plans to open a 40,000-square-foot bio-manufacturing centre capable of producing 240 million vaccine doses annually by 2023. “There is a crunch of life science space in the Metro Vancouver area,” said PNI CEO James Taylor.

RENX   •   • 

KingSett Capital and AIMCo have announced Scotiabank will remain the anchor tenant at the Scotia Plaza office complex in downtown Toronto, renewing a 560,000 square foot lease at the 40 King Street and 100 Yonge Street towers.

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There will be a noticeable increase in construction activity in Calgary’s east Victoria Park this year as major work gets underway on the $500-million expansion of the BMO Centre, a new $550-million downtown arena and a revamped Stampede CTrain station.

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Keltic Development‘s proposal to build 18 luxury residences on Vancouver’s historic Celtic Shipyards site and transfer half the property to the city was opposed by a staff report and city council. The developer will try again with a new proposal.

BIZ   •   • 

Allied Properties REIT (AP-UN-T) has taken significant steps recently in the Environmental, Social, Governance (ESG) sphere. It created a senior management position for sustainability, got its Green Financing Framework into place, and has been scored on its first GRESB report.

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Larco Investments’ latest and supposedly final design for a controversial addition to Ottawa’s Fairmont Château Laurier easily won the approval of the city’s planning planning committee Friday, despite receiving a lowly C+ from renowned architect Barry Padolsky.

Hersh Condos

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Exterminators have seen more calls lately about rat and mice infestations in office towers because, with humans home, they’re being taken over. Bill Dowd, Skedaddle Humane Wildlife Control owner, says calls and revenues have jumped about 30 per cent since COVID-19.

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The Ultraviolet C rays emitted by the new lights in the mailroom at Global Affairs’ Ottawa headquarters are carcinogenic, making them harmful to most living organisms including coronavirus. They’re the backbone of Lind Equipment’s Victory UV-C LED Decontamination System.

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The City of Brantford won’t be able to sell the Arrowdale golf course land while Know Your City Inc. continues to fight the decision in court. Elite M.D Developments made a $14-million offer for the 32 acres of land.

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Aegis Brands Inc. (AEG-T) says it has signed a deal to sell its Second Cup Coffee Co. operations to Quebec-based Foodtastic Inc. The company says the sale price includes $14 million in cash, plus a post-closing earn-out.

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Madison Group is seeking to increase the height of a proposed two-tower complex at 50 through 90 Eglinton Ave. W. The initial proposal was for 24 and 32 storeys. The revised proposal calls for towers of 34 and 39 storeys atop a three-storey mixed-use base building.

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When Hudson Yards opened in 2019 as the largest private development in American history, it aspired to transform Manhattan’s Far West Side with a  spread of ultraluxury condominiums, office towers for powerhouse companies and a mall with coveted brands and restaurants.

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Brookfield Property Partners LP (BPY-UN-T) has unveiled new interior renderings of its ongoing 660 Fifth Avenue renovation in Manhattan’s Plaza District. With construction underway since mid-2020, the $400-million, Kohn Pedersen Fox Associates-designed reboot is set to deliver in 2022.

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Starting out in 1994 as an online bookstore, Amazon morphed into a multitrillion-dollar company with Jeff Bezos, 57, as the ringleader of it all. Since then, he has amassed a gigantic real estate portfolio worth upward of $500 million, accounting for inflation.

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Trolleybus Urban Development has proposed replacing a stretch of homes in East York with a 15-storey apartment building and a new public park at 5 Cosburn Ave. The IBI Group-designed building would include 316 units:  207 one-bedrooms, 76 two-bedrooms and 33 three-bedroom units including 10 townhouses.

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BILD Alberta Association wants the province to introduce a renovation tax credit to help the industry recover losses from the COVID-19 pandemic. Executive director Scott Fash says a renovation tax credit would help boost the industry amid a sluggish economy.

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One of the latest trends in urban living is also very old. Metro Vancouverites are taking collaborative, creative approaches to home ownership — co-buying, co-housing and carving up single-family properties into several homes.

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In midtown Toronto, century-old houses are fetching astronomical prices as buyers bid on one property after another. “I see the same buyers going from house to house,” says real estate agent Andre Kutyan of Harvey Kalles Real Estate Ltd.

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