Cadillac Fairview will build a new downtown of about five million square feet in Montreal’s West Island, west of the CF Fairview Pointe Claire mall. It will include office and residential towers, 5,000 residential units, senior residence, hotel, parks and retail.
Oxford Properties and Cominar REIT (CUF-UN-T) allege Hudson’s Bay Company hasn’t paid rent on multiple properties since the COVID-19 pandemic began, and have begun legal proceedings to get their money from the struggling retail giant.
25 per cent tax hikes are potentially looming for some large Calgary industrial landowners. “Industrial properties, particularly large-format warehouses, are expected to see a substantial increase in property taxes for 2021,” says a new city administration report reviewed by a council committee.
Canadian media giant Postmedia (PNC-A-T) has sold its Calgary Sun building to U-Haul, RENX has learned. The nearly 90,000-square-foot-building on 2.66 acres of land was first marketed about two years ago by commercial real estate firm Cresa.
The City of Winnipeg’s property and planning department is laying the groundwork to sell the John Blumberg Golf Course in Headingley. A report to the committee recommends the city market the 150-acre property, which has 18-hole and nine-hole golf courses.
Lakeside Golf Club, located in the City of Chestermere, is saying goodbye after nearly three decades under current ownership. It’ll make way for a new residential and commercial development following years of financial hardship.
Kanata-based RBR – which makes high-tech sensors used in ocean research – has spent much of the past month and a couple of million dollars to convert space at 359 Terry Fox Dr. into its new Ottawa headquarters.
Metrics have become a major part of defining and benchmarking green building performance, but four senior executives in the sustainability sector agreed owners and operators face many challenges in implementing consistent measurable metrics.
In early March, Canadians started shopping the way retail executives had projected they would years from now. More consumers navigated websites, and for some of the country’s publicly traded retailers and grocers, e-commerce sales surged by up to fivefold.
Cineplex Inc.’s (CGX-T) CEO CEO Ellis Jacob criticized shutdowns of movie theatres as “excessive” on Tuesday. “When we look at movie-going in general, it simply does not pose the same risk as other indoor services and gatherings,” Jacob said.
Restaurant Brands International Inc. (QSR-T) said on Wednesday it expects quarterly comparable sales for Burger King and Tim Hortons to slide globally, even though demand for its chicken sandwiches is expected to boost growth for Popeyes.
REIT business updates
Columbia Property Trust Inc. and Allianz Real Estate expand their partnership with the recapitalization of 221 Main St., a 381,000-square-foot office building in San Francisco’s South Financial District, via a joint venture transaction that values the fully leased asset at $400 million.
Commercial real estate investors predict up to a 10% fall in property value as a result of the coronavirus pandemic, but prices are expected to recover by next year, according to a survey of 325 directors and investors.
Silverstein Properties has refinanced its office tower at 529 Fifth Avenue in Midtown. As part of the $171-million revamp, Silverstein hired Architecture Plus Information to design a new lobby plus a 4,500-square-foot ninth-floor amenity space branded as The Willow.
India announced measures worth $6.6 billion US to stimulate consumer demand and investment in the economy damaged by the coronavirus pandemic. Finance Minister Nirmala Sitharaman said states would be eligible to get $1.64 billion US in 50-year interest-free loans for capital expenditure.
Even a once-in-a-century pandemic isn’t enough to cool the Canadian housing market. The median home price is expected to reach $693,000 by the end of the year, a seven per cent year-over-year increase, according to a Royal LePage forecast.
For four months, Christopher Bibby anguished over how to sell a 435-square-foot condo in Toronto’s entertainment district. The unit, which was listed in March at $569,999, wasn’t visited once in its first two months on the market. No calls. No emails.
Apartment dwellers, persons living alone, renters and visible minorities are more likely to be housing disadvantaged in Canada, according to data released by Statistics Canada in early October, which has identified cohorts whose core housing needs increasingly are not met.
In an effort to tackle the affordable housing crisis, Vancouver city council last week passed a motion to devote $30-million to the problem. It’s just one of the city’s recent moves to deal with the issue.