Toronto mixed-use site a hot commodity

Toronto mixed-use site a hot commodity

A prime piece of Toronto real estate already zoned for mixed-use development is on the block and attracting interest from a variety of potential purchasers ahead of the offer submission deadline of noon on Friday. The site at the northeast corner of Howard and Sherbourne Streets, near Bloor Street, encompasses 50,785 square feet and includes two approved development blocks separated by Redrocket Lane.

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Sugar Wharf breaks ground on Toronto waterfront

Ground has broken on an office tower that will be the first building constructed for one of downtown Toronto’s most eagerly anticipated mixed-use developments, Sugar Wharf. “When you have a site of this size you’re able to do a lot more than just a one-off building,” said Peter Menkes, the commercial/industrial division president of Menkes Developments Ltd. It is partnering on Sugar Wharf with Greystone Managed Investments Inc. and Triovest Realty Advisors Inc.

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West Block developer urges Edmonton to keep word on LRT

A developer with a $100-million project on the line urged Edmonton city council to stick with its commitment to a westbound light rail transit (LRT) line this week. Salima Kheraj, of the InHouse division of Beaverbrook Group, says she thinks “the message was heard” when she and her partner spoke at Monday’s council meeting as councillors debated whether bus rapid transit (BRT) or light rail transit is more cost effective.

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Granite REIT sells 10 Canadian, U.S. properties for $400M

Granite REIT has taken a major step toward reducing its exposure to Magna International, its primary tenant, with the sale of 10 properties in Canada and the U.S. for approximately $400 million. “The sale of these properties is another major value creation milestone for Granite. It significantly reduces Granite’s exposure to Magna and the special purpose properties which are key strategic objectives of Granite,” Michael Forsayeth, Granite’s CEO, said in a news release.

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KingSett shuffles executives as Joe Mazzocco departs

KingSett Capital announced several major changes to its leadership team on Wednesday, including the departure of executive managing director Joe Mazzocco. In a post on LinkedIn, KingSett CEO Jon Love this morning announced that Mazzocco will be leaving the company. KingSett is Canada’s leading private equity real estate business.

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Good news for Calgary multi-res, but retail future murky

While Calgary’s downtown office market continued to struggle during 2017 with a high vacancy rate, year-end reports for the retail and multi-residential markets painted a rosier picture. A report by Barclay Street Real Estate indicated Calgary’s overall retail vacancy rate was down to 3.1 per cent at the end of the year. Vacancy in the central business district fell to 9.7 per cent, taking it below 10 per cent for the first time since early 2016.

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Six months ago: Menkes adds retail anchors at One York

WINNERS, Coppa’s Fresh Market and Harbour Eats by Mercatino will be anchor tenants in a new retail podium at Menkes Developments’ One York Street in Toronto’s burgeoning South Core. “Given the limited, large-scale retail space available in the city and the increasing population in the South Core, WINNERS, Coppa’s and Mercatino will tap into a significant market that has shown consistent robust growth in both the commercial and residential sector since 2009,” said Peter Menkes, president of the Commercial/Industrial Division at Menkes.

Property Biz Canada

One year ago: Gupta Group launching ICONA condos

Sales will soon begin for The Gupta Group’s ICONA Condominiums, near the heart of the evolving Vaughan Metropolitan Centre in Vaughan, Ont. “There will be two towers, 51 storeys and 53 storeys, with a large three-storey podium facing Highway 7,” said Steve Gupta, chairman and chief executive officer of The Gupta Group and president and CEO of the Easton’s Group of Hotels. The tallest towers in Vaughan will be built on the site of Easton’s Group’s Hilton Garden Inn, which will be torn down and relocated, and will contain approximately 1,140 suites.

Property Biz Canada

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