Morguard plans major redevelopment for Edmonton mall

Morguard plans major redevelopment for Edmonton mall

Edmonton’s Bonnie Doon Shopping Centre is facing a major overhaul that will include building high-density housing, shops and improved connections to a nearby Valley Line LRT station. While few details about the proposal have been released, a rezoning document submitted to the city in December by facility owner Morguard Investments Ltd. (MRC-T) says development of the 12-hectare site will help Edmonton’s plans for more sustainable growth. 

Edmonton Journal – Property Biz Canada

Starlight to invest more than $1B in U.S. in 2018

When Toronto-based Starlight Investments (SUVA-A-X) made its first foray into the U.S. in 2012, the country’s economy was still very much making its way back from the depths of the Great Recession and suffered an unemployment rate around eight per cent for most of the year. But Starlight, which now controls $7.5 billion in assets and roughly 11,000 apartments in the U.S., saw an opportunity. 

Multifamily Executive – Property Biz Canada – Property Biz Canada – Property Biz Canada

2017 a strong year for Canadian shopping centres

Canadian shopping centre owners have spent billions on expansions and improvements to their top properties in recent years, and they continue to outperform their American counterparts despite ongoing challenges. “The best malls are getting better,” said Craig Patterson, a retail analyst and founder and editor-in-chief of Retail Insider who authored the new Canadian Shopping Centre Study 2017 for the Retail Council of Canada.

Property Biz Canada – Property Biz Canada

Green Building Initiative buys Canadian rights to Green Globes

U.S.-based Green Building Initiative (GBI) has purchased the global rights to the Green Globes sustainable property ratings system from commercial real estate firm Jones Lang LaSalle (JLL). GBI’s acquisition from JLL allows it to support existing Green Globes users in Canada and to expand the reach of the rating system globally, said Vicki Worden, president and CEO of the non-profit GBI.

Sustainable Biz Canada

Ericsson sells Vaudreuil data centre to GI Partners

Ericsson’s $1.3-billion data centre in Vaudreuil-Dorion, which opened in December 2016 and was scheduled to close this year, has been acquired. GI Partners, a private investment firm that owns and operates a network of data centres, said Tuesday it has purchased the facility from Ericsson (ERIC-Q). Ericsson had planned to close the facility as a cost-cutting measure. 

Montreal Gazette

Chinese bitcoin miners eye sites in Quebec, Manitoba

China’s Bitmain Technologies is eyeing bitcoin mining sites (data centres) in Quebec, a company spokesperson told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich province an attractive alternative. Bitcoin mining consumes large quantities of energy because it uses computers to solve complex math puzzles to validate transactions in the cryptocurrency.

CBC – Reuters

School, daycare campus will serve TO’s skyrise neighbourhood

In less than two decades, Toronto’s Railway Lands district has transformed from an industrial waterfront railway yard into a city within a city, aptly named CityPlace. More than 20,000 call CityPlace home. Most reside in a collection of residential and mixed-use towers. While the district’s vertical living lifestyle is geared for young singles and empty nesters, CityPlace has attracted a surprising number of families.

Building Design & Construction

U of T may have Toronto’s best architecture

Forceful, mannered and aloof, “Fort Book” is a love-it-or-hate-it proposition, but in its fifth decade it has acquired a fan base among younger architects and aficionados. In the building craze leading up to Canada’s 1967 centennial, the University of Toronto under president Claude Bissell set out to build a badly needed new library – and to do so in a dramatic way.

Globe and Mail

Fotenn’s Ottawa planning gurus map path to success

In the early 1990s, Ted Fobert left  his comfy management-level position with the City of Ottawa. Likewise, friend and fellow urban planner Robert Tennant was doing well working for the private sector when he also made his planned exit. Together, they started urban planning consultancy firm FoTenn, renting office space out of a small building that has since been replaced by a Shoppers Drug Mart.

Ottawa Business Journal

Mayor: No municipal money for downtown Ottawa NHL arena

As negotiations continue to build a new home for the Ottawa Senators at LeBreton Flats, Ottawa Mayor Jim Watson said local taxpayers will not contribute a cent towards the construction of a new arena. Speaking on CBC’s Ottawa Morning, Watson referenced a council mandate that directs the mayor and and city manager Steve Kanellakos to “protect” city taxpayers should Senators-backed RendezVous LeBreton look to access municipal financing.

Ottawa Business Journal

Sam’s Club closing dozens of stores

Sam’s Club, the membership warehouse owned by Walmart (WMT-N), is shutting down or converting 63 stores.  The company attributed the decision to the need to better fulfill online orders, less population growth than expected in some markets and too many locations given demand in others.  The Sam’s Club closures were confirmed the same day Walmart said it would lift the hourly minimum wage in the U.S. to $11. 

USA Today – Business Insider – CoStar Group

GMP’s REIT analyst exits to lead new business at Slate

Jimmy Shan, a managing director in equity research at GMP Securities, is leaving the independent dealer to work for Slate Asset Management. In his new role Shan will lead a new business called Slate Securities, which will invest in public and private real estate investments and will operate independently from Slate’s existing funds. Before the departure he had worked in capital markets for 15 years.

Globe and Mail (Subscription required)

Katzman to replace Segal as Gazit-Globe CEO

Israeli real estate developer Gazit-Globe Ltd (GZT-T) said Tuesday Dori Segal is stepping down as chief executive on Jan. 31 and will be replaced by chairman Chaim Katzman. Katzman has served as chairman of the company’s board since 1995 as well as chairman of subsidiaries Atrium European Real Estate and Citycon. He is also chairman and CEO of Norstar Holdings Inc, controlling shareholder of Gazit-Globe. 

Reuters – Globe Newswire

Colliers International strengthens global leadership team

Globe Newswire

E-commerce driving U.S. industrial development to record highs

U.S. industrial real estate development hit an all-time high in 2017, with more than 208 million square feet completed so far, and another 277 million square feet currently under construction, according to research firm CoStar. Real estate services firm JLL is seeing similar trends, according to Mason Mularoni, JLL senior research analyst.

National Real Estate Investor

Featured Column

Saskatoon’s industrial vacancy declined in 2017

We have to go back to 2014 to find a drop in Saskatoon’s industrial real estate vacancy. After a two-year period where we witnessed a steady increase of three per cent, I am pleased to report that the research for 2017 illustrates a city-wide average decline to 7.7 per cent.

Read more

Market Trends and Research

Micro-hospitals to gain popularity in 2018

As Baby Boomers age—10,000 Americans will turn 65 every day for the next 20 years—the total demand for inpatient care will witness enormous growth. With the number of mental health patients on the rise, micro-hospitals are steadily evolving into consumer-friendly environments, taking their cue from the hospitality industry.

CP Executive

Real Estate Companies

Avison Young to lease D.C. office building

The RMR Group (RMR-Q) has selected Avison Young to lease one of its office assets located in Washington, D.C.’s Capitol Hill submarket. A team comprising Principals Greg Tomasso and Eli Barnes and Associate Lauryn Harris will start marketing the 130,000-square-foot building after the only tenant’s relocation. 

CP Executive

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Real Estate Investment Trusts

Morguard Corporation increases ownership in Morguard REIT

Morguard Corporation (MRC-T) announced Wednesday it has acquired 1,298,796 units of Morguard REIT (MRT-UN-T) through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading systems between Aug. 22 and Jan. 8 at a weighted average price of $14.13 per unit. The units acquired by Morguard represent 2.14% of the outstanding units of Morguard REIT. Morguard now owns 33,924,708 units, representing 55.90% of the outstanding units of Morguard REIT.  

Canada Newswire

RioCan yielding 5.7% with a payout ratio of 81%

On a valuation basis, RioCan REIT  (REI.UN-T) is trading at its lowest level in years. The unit price has been under pressure as investors sentiment is negative for securities with retail exposure. Management is currently in the process of transitioning the REIT with its plans to divest more than $2 billion of assets in secondary markets and reinvesting the proceeds in primary markets.

Globe and Mail (Subscription required) – Property Biz Canada – Property Biz Canada – Property Biz Canada

U.S. office REITs plan to focus on development in 2018

No one has a crystal ball, but office REIT dector’s insiders foresee a year ruled by property development and redevelopment rather than asset purchases. Rising interest rates are to blame for an anticipated decrease in acquisitions by office REITs in 2018 and a greater focus on development/redevelopment projects, according to Chris Wimmer, vice-president of REITs at Chicago-based Morningstar Credit Ratings LLC.

National Real Estate Investor

Restaurants and Eateries

Tim Hortons doing little to mitigate PR disaster

While the ugly fight between Tim Hortons (QSR-T) and its franchisees appears to be far from over, a clear loser has emerged from the battle — Canada’s iconic coffee brand. What’s puzzling, say marketing and communications experts, is why the country’s biggest quick-service restaurant chain is not in full-blown damage-control mode after more than a week of a public outcry. 

Financial Post – Toronto Star – CBC

New Development

New Victoria marina aims for spring opening

A new year has brought a new look to the Victoria International Marina — and fresh optimism from its chief executive. Despite construction delays last year due to troubles installing utilities at the five-acre Songhees site and the Victoria building boom that resulted in a shortage of skilled tradespeople, Craig Norris of Community Marine Concepts is feeling much better as the marina’s foreshore buildings start to take shape.

Victoria Times Colonist – CBC

Ashcroft facing Ottawans’ wrath over convent proposal

Ashcroft Homes presented its plans for the redevelopment of a 19th century convent to a room packed with skeptical Westboro residents Wednesday night. The proposal includes demolishing the interior of the former convent on Richmond Road, as well as portions of the south and west wall, and building a modern glass structure matching its four-storey height that would also enclose courtyard. 

CBC

Château Laurier’s latest look ‘quite different’: Planner

The new look for Ottawa’s iconic Fairmont Château Laurier will be markedly different from the much-maligned design unveiled — then quickly covered up again — in 2016. The original design for the hotel’s rear addition to the historic landmark — a modern take that one critic dismissed as “a series of barcodes” — was greeted with disdain from the public and politicians alike.

CBC

Re-making Ottawa’s Sparks Street

Residents can have their say about the planned revitalization of Sparks Street at a town hall being held Saturday morning. The city wants ideas about how the pedestrian mall should be updated. Everything from how the mall functions, to its heritage aspects, current programming, amenities and transportation access are on the table.

CBC

Infrastructure

Calgary to retrofit 1960s-era Crowchild bridge

The Crowchild Trail bridge was built in the mid-1960s, when about 300,000 lived in Calgary. Today, the city’s population is pushing 1.3 million citizens — not to mention visitors and commuters from burgeoning bedroom communities on all sides — most of whom rely on their cars for getting around. It doesn’t take a traffic engineer to realize the situation isn’t sustainable.

CBC

International

Nuuvera Germany breaks ground on medical cannabis facility

Nuuvera Deutschland GmbH, a wholly owned subsidiary of Nuuvera Inc. (NUU-X), announced it has broken ground on the construction of a storage and packaging facility for medical cannabis products. Nuuvera recently purchased a 11,300 square-foot property in Bad Bramstedt, in northern Germany, to build a premium vault storage system equipped with state-of-the-art security and related technology. 

Canada Newswire

Alabama reels in $1.6B Toyota-Mazda plant

The nationwide competition for Toyota Motor Corp. and Mazda Motor Corp.’s new joint-venture manufacturing plant is over, and Alabama has emerged victorious. The companies joined Alabama Gov. Kay Ivey on Wednesday to announce the $1.6 billion facility—and the roughly 4,000 jobs it will create—will go to Huntsville.

CP Executive

Failed Atlantic City casino sold for $200M US

Atlantic City’s most spectacular casino flop is getting another chance under new ownership and a new name. Colorado developer Bruce Deifik said Monday morning he has purchased Atlantic City’s former Revel casino hotel from Florida developer Glenn Straub for $200 million. He plans to reopen it this summer, around the same time the former Trump Taj Mahal casino will reopen nearby under the Hard Rock brand.

Vancouver Sun – Canada Newswire

Human Resources

Dundee announces CEO medical leave; appoints executive chairman

Dundee Corporation (DC-A-T) Wednesday announced David Goodman, chief executive officer, will begin a medical leave of absence today as he recovers from symptoms related to post-concussion syndrome. Dundee also announces the appointment of Jonathan Goodman to the position of executive chairman of the corporation, effective immediately. 

Globe Newswire

Technology

Goldman commits $250M in client money to CRE startup Cadre

Goldman Sachs Group Inc. (GS-N) CEO Lloyd Blankfein is doubling down on his claim he runs a technology company. This time, he’s giving clients access to an online startup making commercial real estate investments. The Wall Street bank committed $250 million in money collected from private-wealth clients to Cadre, which operates via an internet platform. 

Bloomberg – Reuters – TechCrunch

Other

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