Developer to restart Edmonton’s Century Park

Developer to restart Edmonton’s Century Park

Construction of the long-stalled Century Park a development led by Procura could resume next year under a new plan that would see the site become one of Edmonton’s largest transit-oriented housing projects. The first condos on the site sold ten years ago but two years later the real estate market crashed and only about 400 of a scheduled 2,900 units were built.

Edmonton Journal

Amazon retail store eliminates checkout line

Amazon.com Inc. unveiled technology that will let shoppers grab groceries without having to scan and pay for them — in one stroke eliminating the checkout line. The company is testing the new system at what it’s calling an Amazon Go store in Seattle, which will open to the public early next year. Customers will be able to scan their phones at the entrance using a new Amazon Go mobile app.

Financial Post – The Chronicle Herald – Reuters

Mayor Tory asks private sector to help at Forum

Even with all of this development occurring, Tory said that affordable housing and public transit are the two biggest issues that major cities must face to ensure they can cope with current and future growth and remain livable. Many people are becoming marginalized and don’t have access to adequate housing and economic opportunities, and many can’t afford to live near where they work.

Property Biz Canada

Halifax buildings may be in private hands next year

After years of sitting idle and as a potential hazard, the Nova Scotia government is hoping to sell the historic Dennis Building in downtown Halifax to a developer in the new year. The tender call would include selling the neighbouring Acadian Recorder building on Granville Street and the parking lot between it and the Dennis Building

CBC

Deal for May Wah Hotel collapses, back on market

Two weeks ago it looked like the Vancouver Chinatown Foundation was on the cusp of buying the historic May Wah Hotel. But the deal has collapsed, leaving the future of the 103-year-old Chinatown landmark up in the air. The hotel is now back on the market for $12 million, which is $2 million more than when it was put up for sale in June.

Vancouver Sun

Judicial sales on the rise in Calgary

While David Campbell has worked in Calgary commercial real estate for more than 25 years, the broker/owner of D.C. & Associates Realty became involved with a new specialization in 2010: judicial sales.

Property Biz Canada

Humaniti, a first-of-its-kind mixed use development

Cogir and the Fonds immobilier de solidarité FTQ are teaming up to develop a more than $200 million mixed-use project in downtown Montreal that they hope will attract a wide cross-section of the city’s humanity.

Property Biz Canada

Katz Group makes donation in exchange for parking lot

The Katz Group has negotiated city staff support for its contentious parking application north of Rogers Place. It shrunk the size, committed to a shorter timeline for construction and promised $150,000 for the Central McDougall Community League. 

Edmonton Journal

Rogers Place attendance has exceeds expectations: design firm

The architectural firm that designed Rogers Place says attendance, now pegged at 500,000, has exceeded expectations since the arena opened in September. Rogers Place has sold out 45 home games for the Edmonton Oilers, while the Edmonton Oil Kings had their largest attendance on opening night.

Edmonton Journal

Asian retail giant Muji likely to enter Vancouver next year

With Vancouver’s retail sector continuing to outperform other Canadian markets, one industry observer says the city can expect an explosion of new brands, both international and domestic, in the coming year, with a prominent Asian retailer leading the way. That would be Japanese clothing and accessories brand Muji, which is expected to come to Vancouver in 2017.

The Province

Second Cup signs deal after reviewing strategic options

The Second Cup Ltd. has signed a deal for a four-year, $8-million secured term loan from an affiliate of Serruya Private Equity following a review of its strategic options. The company says proceeds from the loan will be used to repay its existing $6-million credit facility and for general corporate purposes.

Globe and Mail

Nike signs blockbuster lease on Fifth Avenue

The sports apparel giant, Nike is set to open a huge flagship store on the southwest corner of West 52 Street, across from Cartier and Olympic Tower. New York—SL Green Realty Corp. last week secured one of the most expensive retail leases in the world’s most expensive retail corridor, in a 50-50 joint venture with Wharton Properties’ Jeff Sutton.

CP Executive

Timbercreek U.S. fund in U.S. sells building

Timbercreek U.S. Multi-Residential Opportunity Fund #1 has completed the sale of Lake Ellenor, located in Orlando, Florida, for a total consideration of USD 26.2 million. Lake Ellenor was purchased for USD 18.7 million in November 2013.

Marketwired

Canadian architect design Baha’i temple in Chile

Canadian architect Siamak Hariri spent a lifetime hoping to unite religion and technology – and realized his dream in a Baha’i temple in Chile. Alex Bozikovic reports from Santiago on one of architecture’s most ambitious undertakings. The security guard at the Yale Center for British Art in Connecticut stroked his hand along the concrete wall.

Globe and Mail

Global Logistic Properties undertakes strategic review

The huge distribution center portfolio of Global Logistic Properties Ltd. (MC0-SGX), one of the largest owners of industrial properties in the U.S., may be in play after the Singapore-based firm announced it has appointed JP Morgan (SEA) Ltd. as its financial advisor and constituted a special committee to review options to enhance shareholder value.

CoStar Group

Market Trends and Research

Calgary councillors want to ensure BIA’s have reliable funding

Across Calgary, nearly a dozen different Business Improvement Areas (BIAs) are packed with one-of-a-kind shops and restaurants you just won’t find in suburban shopping malls. Typically headed by an executive director and governed by a volunteer board of directors, BIAs in popular Calgary hangouts like Kensington, Inglewood, Marda Loop, 4th Street, or International Avenue.

Calgary Herald

Office design spur jump in corporate art collection auctions

When Xerox Canada moved its Toronto headquarters into a 33,500-square-foot building in North York in August, it just couldn’t find a place for Dance of the Owl,  square stonecut-and-stencil print of an Inuit child playing with a lively owl was made in 1978 by artist Kenojuak Ashevak.  But the company’s new office design forced it to choose a “minimal” number of works from its corporate art collection.

Calgary Herald

REOC Financial Reports

Syndicate mortgage lenders exit Toronto condo development

Building and Development Mortgages Canada Inc. (BDMC) announced today that lenders in a syndicate mortgage that funded King Charlotte, a Lamb Development Corp. (LDC) and Fortress Real Developments Inc. (Fortress) project in Toronto, received their principal back in full that was completed and occupied in 2015.

Canada Newswire

Real Estate Investment Trusts

Dilawri, OpenRoad partner to build new dealership in Richmond

Dilawri Group of Companies and OpenRoad Auto Group are proud to announce a new partnership to build and operate a flagship Porsche Centre in the Richmond Auto Mall. Construction of the new state-of-the-art dealership is set to start in 2018, with plans for completion in 2019. While this joint venture is new, it will be the second Porsche dealership for each company.

Canada Newswire

Restaurants and Eateries

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New Development

Residents concerned about parking development at St. John’s airport

A lot has changed at the St. John’s International Airport in the past few decades, but one resident in the area is troubled about a new, potentially very large, parking development. $40M being invested this year in St. John’s International Airport upgrades Clayton Hospitality Inc. has applied for zoning to build a stand-alone 2.5 hectare, 625-space parking lot at 53 Radio Range Rd.

CBC

Sports Venues

Four of Alberta’s best ‘front country’ lodges

To get to many of the most rustic and idyllic fire-warmed lodges in the Rockies, a little sweat equity is often required. Skiing for hours can be a prerequisite. Or, perhaps, an expensive helicopter ride is your only ticket to the “pot of gold.” But fortunately, if your time, energy, budget or backcountry know-how is at minimal level, driving to many of the best lodges on both sides of the Rockies is easy.

Calgary Herald

Renovation and Restoration

About Calgary’s Chinatown

As Calgary’s city council is poised to debate the future of development in Chinatown a look back at the history of Calgary’s community revealed Calgary’s first Chinese labourers arrived in the pioneer town to work on the Canadian Pacific Railway in the early 1800s. When the last spike was driven in 1885, some of those workers travelled back across the Rockies to look for work in Calgary.

Calgary Herald

Infrastructure

Nova Scotia court blocks claim on Halifax bridge

The Nova Scotia Supreme Court has refused to allow a bankrupt subcontractor to register a lien against the Macdonald bridge spanning Halifax harbour. The $400,000 claim against American Bridge, which had been hired to fabricate replacement deck panels on the bridge, was made by the trustee of Certified Coating Specialists, whom American had hired to coat the panels.

Financial Post

Bid-rigging prevention to protect federal infrastructure cash

The Competition Bureau of Canada says its efforts to identify and prevent bid rigging in construction contracts this year has already turned up potential criminal activity, just as new federal infrastructure money begins to flow. Pierre-Yves Guay, the bureau’s assistant deputy commissioner, said some of the educational outreach the bureau has delivered since April has resulted in illegal activities being uncovered and inquiries being launched.

Ottawa Business Journal

Pickering pedestrian bridge ran into trouble early on

It began as a lofty venture to give pedestrians a walkway above 14 lanes of highway, linking the GO station south of Hwy. 401 to downtown Pickering north of the highway. The pedestrian bridge was supposed to be a sleek statement for Pickering, a functional and beautiful bridge that would glow at night with LED lighting.

Toronto Star

International

A U.S. economist’s view: How long can this go on?

We continue to monitor the U.S. economic cycle, using both a wide variety of economic statistics as well as what we’ll call qualitative “canaries.” Taken as a whole, these analyses suggest we are in the bottom of the sixth inning, with no recession expected until 2019. However, as in baseball, the remaining innings will not all be pure successes. There will be setbacks, but we expect that more good is ahead than bad.

CP Executive

Sustainability

Greenhouse gas emissions slashed through ride-sharing

More than 588,000 tonnes of greenhouse gas emissions could be eliminated in the Greater Toronto and Hamilton Area over the next five years, according to a new report by MaRS and The Atmospheric Fund.  That’s the equivalent of taking 25,000 passenger cars off the road for five years, according to Sasha Sud, a senior manager at MaRS Data Catalyst who led the development of the report.

Toronto Star

Other

Struggling West Edmonton Mall chapel gets a new start

Marketplace Chapel has quietly served shoppers and staff in West Edmonton Mall for 30 years, relying on financial support from other Christian churches and donors. But as the economy worsened and the chapel received less and less money, closing seemed inevitable. In fact, it was going to happen.

Edmonton Journal

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