Surrey mayor defends fast-tracking developments

Surrey mayor defends fast-tracking developments

A plan by the mayor of Surrey to fast-track several “transformative” developments through city hall has some democracy watchers concerned. During her 2017 State of the City address last week, Linda Hepner outlined plans to select six to eight projects each year and accelerate them through the city’s development process, with the aim of cutting approval time in half. 

Vancouver Sun

TO high-rise fight isn’t over

When a developer bought a plot of land beside Toronto’s John Fisher Public School in 2010 and proposed a condo building far exceeding the city’s guidelines, the cash-strapped Toronto District School Board saw an opportunity to forge a partnership that would give the midtown neighbourhood a new school. The resulting seven-year saga has exposed major flaws in the planning process.

Globe and Mail

Mixed-used campus coming to University of Montreal

The Université de Montréal is getting a new campus on a site that will include about 1,600 new housing units and the potential for one million square foot of office space. Dubbed Campus Mil, the campus is located in former train yards in the Montreal borough of Outremont. It borders Plateau Mont Royal, Mile Ex and Park Extension neighbourhoods.

Property Biz Canada

TO fighting Freed’s high-rise tower plan

Toronto is fighting a developer’s plan to build a high-rise tower right next to a downtown rail corridor because city planners say it would put office workers’ lives at risk if a freight train derailed. Freed Developments’ 19-storey tower’s north and railway-facing side would contain office space, and the south would contain condominiums.

Toronto Star

RioCan, Concert partner on Toronto’s Sunnybrook Plaza

RioCan REIT (REI.UN-T) will partner with Concert Real Estate Corporation to redevelop the Sunnybrook Plaza in Toronto. The two firms made the announcement this week, with RioCan selling a 50 per cent interest in the plaza to Concert for $26.3 million. The partners will share the redevelopment costs on a 50/50 basis with the transaction closing in June. 

Property Biz Canada

Winnipeg seeks proof Fortress has funds

The City of Winnipeg is taking extra measures to ensure a building goes up after the St. Regis Hotel is torn down. Fortress Real Developments plans to build a commercial space and parkade on the spot. “We want to make sure they are really ready to go because . . . we don’t want to have an open field,” said John Orlikow.

CBC

Edmonton’s Alldritt Tower will be a tall order

Edmonton’s recently approved Alldritt Tower could become the tallest building in Western Canada, with the zoning potential to reach 80 storeys and a vertiginous 280 metres in height. developer Alldritt Land Corp., now has 10 years to start construction on the building. But before they do, they must first navigate some of the city’s most complex subterranean challenges.

Globe and Mail

Pipeline faces fresh landowner complaints

West Coast developer Vesta Properties Ltd. says it will ruin plans for a new subdivision of million-dollar homes. Luxury ski-resort operator Intrawest ULC Inc. says construction will spoil a pristine wilderness. Hundreds of such complaints face Houston-based Kinder Morgan as it plots a route for its $7.4-billion Trans Mountain pipeline expansion from Alberta to the Pacific coast.

Globe and Mail (Subscription required) – Toronto Star – CBC

Speculators set sights on B.C. farmland

Sales of farmland in B.C. surged and prices jumped immediately after the provincial government announced a foreign buyer tax on residential land in July 2016. The surge in agricultural land sales and prices — property not subject to the 15 per cent foreign buyer tax — was largely driven by record-setting sales in the Fraser Valley, South Surrey and White Rock.

Vancouver Sun – CBC

FrontFour nominates three Granite directors

Activist investor FrontFour Capital Group and Vancouver-based Sandpiper Group will nominate three directors to the board of Granite REIT (GRT.UN-T) after talks to implement changes at Canada’s largest industrial landlord hit an impasse earlier this month. The three are Sandpiper CEO Samir Manji; Al Mawani, former CEO of Calloway REIT (SmartREIT); and Peter Aghar, former KingSett Capital president. 

Bloomberg – Canada Newswire

Dream Global capitalizes on German economy

Since April 2016, Dream Global REIT‘s unit price has appreciated 23 per cent, in addition to offering a high yield. The REIT (DRG.UN-T) has an attractive positioning in the strengthening German economy. It also offers investors stable distributions, currently yielding 7.7 per cent. The REIT owns and operates office, industrial, and mixed-use properties with a focus on Germany, Austria and Belgium.

Globe and Mail (Subscription required)

Issy Sharp on building the Four Seasons empire

I’m not sure I ever stayed in a hotel when I was growing up. We didn’t have the money to spend money on what my mother would call foolish things. The fact that my sisters and I could read and write — my parents thought we were great! There were no great expectations.

Globe and Mail

BlackRock agrees to lease Hudson Yards space

BlackRock will pay landlords Oxford Properties Group and Related Companies a base rent of $1.25 billion US over 20 years for its lease at 50 Hudson Yards. BlackRock “entered into an agreement” to lease 847,000 square feet of the building, which will be located at the intersection of 10th Avenue and West 33rd Street, with the lease expected to begin on May 1, 2023.

Commercial Observer – Reuters

100 Adelaide a clash of architectural eras: Opinion

Downtown Toronto’s newest office tower at 100 Adelaide St. West is a well-made and handsome modernist skyscraper, combined with the half-hearted rebuild of a 1928 art-deco tower. It’s a shame, because the new building – dubbed EY Tower – would be perfectly good on its own. It was designed for Oxford Properties by Josh Chaiken of the New York architects KPF.

Globe and Mail

Costco ready to take on Wal-Mart, Amazon: Analysts

Costco Wholesale Corp.’s (COST-Q) third-quarter results demonstrated to Stifel the warehouse retailer has what it takes to beat back competition from Wal-Mart Stores Inc. and Amazon.com Inc., analysts wrote in a Friday note. Costco reported earnings of $1.59 per share, up from $1.24 last year. Adjusted earnings of $1.40 a share beat consensus the consensus estimate of $1.31, according to FactSet. 

MarketWatch

Market Trends and Research

Toronto CRE prices entrepreneurs out of the market

Given the choice between living in a tiny Toronto shoebox in the sky or a sprawling space in a small riverside town, Natasa and Cory de Villiers chose the option that made the most sense. They moved into a 3,000-square-foot commercial building in Hespeler, a Southwestern Ontario town that is part of Cambridge.

Globe and Mail

Alberta’s country-leading growth to be stronger than expected

Alberta’s economic growth should be stronger this year than earlier predicted and will lead the country before slowing in 2018, the The Conference Board of Canada‘s Provincial Outlook: Spring 2017 says. The province’s 2017 gross domestic product (GDP) is now set to increase by 3.3 per cent, up from the 2.8 per cent rise the conference board expected last winter.

Edmonton Journal – Winnipeg Free Press – Canada Newswire

Real Estate Companies

Firm Capital completes $225 million in financings

Firm Capital Corporation (FC-T) has completed $225 million in new mortgage financings year to date 2017. Two of the eight sample transactions included in the release are: an $18,500,000 first mortgage bridge loan for a mixed-use condo project located in Toronto; and a $15,400,000 mezzanine equity loan for a 50 per cent partial interest in a 544,000-square-foot retail centre located in Vancouver. 

Firm Capital News Release – Canada Newswire

Deal doubles Boyd Group’s Canadian holdings

In the largest deal in its history the Boyd Group Income Fund  (BYD.UN-T) has acquired Assured Automotive and its 68 Ontario locations. The deal more than doubles Boyd’s Canadian footprint to 110 locations. It also has a a total 364 location across 20 U.S. states. Winnipeg-based Boyd Group will pay $193.6 million for Assured. 

Winnipeg Free Press – Canada Newswire

Ex-Home Capital brokers penalized

A regulator said it disciplined two mortgage brokers who funnelled business to Home Capital Group Inc., (HCG-T) marking the first disclosure of action taken against dealers who submitted fraudulent loan applications. The Financial Services Commission of Ontario conducted its own review in relation to the company severing ties in 2015 with 45 brokers who used falsified client income on applications. 

Bloomberg – Financial Post

REIT Financial Reports

Latest financial results:

* Fronsac REIT, (GAZ.UN-X), Marketwired 

Real Estate Investment Trusts

Is SmartREIT or Killam Apartment the better buy?

SmartREIT (SRU.UN-T) and Killam Apartment REIT (KMP.UN-T) both offer generous distributions hovering around the five per cent mark. Smart REIT owns plenty of stores not even e-commerce can bring down. Most of its shopping centres are anchored by Wal-Mart Stores (WMT-N). Killam owns more than $1.9 billion worth of real estate assets primarily located outside Canada’s frothy overheatedreal estate markets.  

Motley Fool – Motley Fool

U.S. retail REIT shares rally

Strong earnings from the battered U.S. retail sector also boosted shares of the hard-hit REITs that own the properties. Retail REITs pushed the overall sector to just shy of an all-time high on Thursday, with Macerich Co (MAC-N) rising 1.6 per cent and GGP Inc (GGP.N) gaining 1.5 per cent. Close behind was Simon Property Group (SPG-N) at 0.58 per cent.  

Reuters

Retail

Jordan Brand opens new flagship store in TO

Jordan Brand officially has a permanent home in Canada, with its new store in Toronto joining a list that includes only Chicago, Hong Kong, Paris and Dubai. The case for choosing Toronto is clear: It’s a popular travel destination, the Toronto Raptors are well-respected, the city has a diverse population, and Toronto-born rapper Drake is a Jordan Brand ambassador.

Financial Post

RECon: Shopping centre owners shift focus

About 37,000 retailers, retail brokers, investors and other retail professionals gathered in Las Vegas last week for RECon, the industry’s largest trade convention, amid a tangible sense of frustration — not so much about the retail real estate business, which remains uniformly good, but rather over the gloomy headlines and negative narrative regarding store closures and retailer bankruptcies.

CoStar Group

Restaurants and Eateries

The hipsterfication of A&W

Ludwig Mies Van Der Rohe probably didn’t have a burger joint in mind when he laid out his minimalist ethos, but less is definitely more in the world of fast-food restaurants. It focuses your mind on what’s important. In the case of A&W, that focus is clear as soon as you walk through the door.

Globe and Mail

New Development

Edmonton development plans include private LRT park-and-ride

A new design for Edmonton’s Century Park released Thursday would ensure a permanent supply of park-and-ride stalls for commuters. The rezoning proposal heading to public hearing June 12 also gives developer ProCura an incentive to restart construction quickly on the stalled high-density centre at 25 Avenue and 109 Street. The rules allow up to 3,995 residential units on the 12 hectares of undeveloped land.

edmontonjournal

Granville Island vision includes bridge elevator

An elevator that would drop pedestrians from the middle of the Granville Street Bridge into the heart of Granville Island is one of the ideas contained in the Granville Island 2040: Bridging Past & Future report. The plan is the result of a 18-month project.

Vancouver Sun – Marketwired

Renovation and Restoration

Mixed-use project breathes new life into East Ottawa

Ottawa’s St. Charles church was hopping Thursday at the official sales launch of a new mixed-use residential and commercial project that’s breathing new life and vitality into the old Vanier church. ModBox is building St. Charles Market with award-winning Ottawa architect firm Linebox Studio, whose projects have included Shopify’s Elgin Street headquarters.

Ottawa Business Journal

Infrastructure

CIB susceptible to ‘political interference:’ Ex-banker

The former president of the Business Development Bank of Canada, who butted heads with Prime Minister Jean Chrétien over the “Shawinigate” affair, is warning the government’s proposed $35-billion Canada Infrastructure Bank needs stronger protection from political interference. François Beaudoin said changes should be made to ensure bank leadership will have sufficient independence to resist political pressure.

Globe and Mail

Human Resources

MartensGroup joins Kasian Architecture

MartensGroup, led by principal Sharon Martens and senior associates Kim Green and Douglas Niwa, have joined the firm of Kasian Architecture Interior Design and Planning, and will relocate all of its staff into Kasian’s offices in Inglewood. Kasian’s Calgary buildings include the South Health Campus, Taylor Family Digital Library and the Calgary Courts Centre.

Calgary Herald – Edmonton Journal

Technology

Technology influencing parking in new developments

Ride-sharing services such as Uber and Lyft are making it easier for cities to ease up on parking requirements for new residential and mixed-use developments. In some U.S. cities including Boston and Santa Monica, Calif., new condominium and apartment developments have been approved with no onsite parking at all.

Building Design & Construction – Globe and Mail

Other

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