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Recent Articles

‘Strong’ buyer interest in Toronto Don Valley Hotel and Suites

5 years ago

RENX   •   • 

There’s been strong interest in the Toronto Don Valley Hotel and Suites and adjacent development lands since Allied Hotel Properties (AHP-X) hung out a “for sale” sign. “Traditional residential developers” and “substantial hotel owners” are interested, CBRE‘s Bill Stone said.

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Google affiliate Sidewalk Labs unveiled a blueprint to spend more than $1.3 billion over the next 20 years to plan and partly build a 190-acre “IDEA district” on Toronto’s eastern waterfront, outlining a vision for a vast technology-driven neighbourhood.

RENX   •   • 

Purolator says it will construct a state-of-the-art, $330-million “national super hub” on a 60-acre site in Toronto which will triple its capacity, as part of a $1-billion investment due to record volume and the growth of e-commerce.

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The Canada Infrastructure Bank (CIB) is providing $71 million to Via Rail to help it in its plan to build dedicated tracks for faster, more frequent service in Ontario and Quebec and ensure trains can seamlessly move between Montreal and Toronto.

Marcus & Millichap

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Ottawa’s 13-stop, 12.5-kilometre Confederation Line has been under construction for more than six years and has missed four deadlines. More than 50 years ago, Montreal built a complex, 26-stop subway system in less than five years, on time and on budget.

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A grader scrapes at the granular surface of what will soon be a new roadway. In the cab, an operator watches a screen, checking the grade and material compaction. A worker wearing a powered exoskeleton suit is moving heavy rocks.

RENX   •   • 

Torontonians and downtown visitors can glimpse the skyline of their future for the next seven days during the free Toronto of the Future Showcase at Metro Hall. The event opened this morning (June 25) and continues through July 1.

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Investors who provided $53-million in syndicated mortgage financing for one of the largest projects being developed by Fortress Real Developments – the Collier Centre condominium and commercial site in downtown Barrie – have been notified they will recover nothing on their investment.

CBRE Land Services

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BTB REIT (BTB-UN-T) today announced the acquisition of two properties on the South Shore of Montréal. The $62.6-million transaction, excluding transaction fees, brings to 67 the number of properties owned by the trust and its rentable area to 5.7 million square feet.

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The owner of the 201 Portage Ave. office tower is past the first hurdle to redevelop its portion of the corner of Main and Portage. Harvard Developments‘ plans include converting the covered walkway — formally the arcade — for a prime tenant.

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Downtown office workers who travel Calgary’s Plus 15 network say the quiet pedways are punctuated these days by more and more blank walls: shuttered retailers whose storefronts have been drywalled over by landlords unable to find tenants.

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Boardwalk Real Estate Investment Trust (BEI-UN-T) announced it was awarded the 2019 Best Renovation of the Year by Calgary’s Residential Rental Association (CRRA) for its Broadway Centre community. Boardwalk also won in 2018 for its Centre Pointe West community renovation.

Real Trends - 2019

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In the latest group of projects mixing heritage architecture with modern builds Toronto’s Liberty Village, an existing factory complex at 40 Hanna Street is being repurposed and intensified to become an office and retail block known as 99 Atlantic Avenue.

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Attention is now turning to King’s Landing, the next phase of Concord Adex’s second Toronto neighbourhood — known as Concord Park Place. The DIALOG plan calls for the three buildings to be anchored by a six-storey podium in an L-shaped formation.

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Activist fund manager Catalyst Capital Group Inc. acquired a minority stake in Hudson’s Bay Co. (HBC-T) last week and plans to oppose a $1-billion buyout offer for the retailer led by its executive chairman, Richard Baker.

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Corporate Office Properties Trust (OFC-N) has formed a joint venture with Blackstone Real Estate Income Trust Inc. for the purchase of seven of COPT’s data centre shell properties at a value of approximately $265 million. The facilities encompasses 1.2 million square feet.

CoStar

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Cash bonuses of up to $100,000 for realtors; free flights, skis and golf; free strata fees for life and 8% interest paid on deposits for buyers are among the tempting incentives being dangled by Metro Vancouver condo developers.

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In False Creek South, where about 80 per cent of the land is owned by the City of Vancouver, there’s a growing sense of unease among  residents about their leases, the earliest of which are to expire in 2022 and 2023.

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After enacting rules that prevent commercial operators from listing apartments on Airbnb and other short-term rental sites, Vancouver city councillors are exploring ideas that could partially reopen the door.

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The owner of a Point Grey home is fighting a $249,000 empty homes tax bill she was ordered to pay by the City of Vancouver.  Yi Ju said she was getting the aging home rebuilt and therefore qualified for an exemption.

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