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Woodfine eyes power centres for new development
Woodfine eyes power centres for new development
Woodfine Capital Projects has a two-decade history financing, building and operating Western Canadian retail power centres. Its future lies in a more diverse range of asset classes. To that end, Woodfine seeks limited partnership investors to develop new properties.
‘We have to keep our stores open’: Empire CEO
• Globe and Mail (Sub. required) • Toronto Star • Canada Newswire
Retailers are navigating “truly unprecedented territory” as people’s concerns about the new coronavirus ramp up, Empire Co. Ltd. (EMP-A-T) CEO Michael Medline told analysts on Thursday morning as Sobeys’ parent company reported its third-quarter earnings.
Shopify tells employees to work remotely
• CTV • JLL • BC Business
Shopify (SHOP-T) is telling its employees to work from home starting next week as COVID-19 continues to spread. The Ottawa-based e-commerce giant says it’s moving to a remote-first starting Monday.
Restaurant industry braces for smaller crowds
• Ottawa Citizen • Business In Vancouver • Global News
Restaurants Canada, with 30,000 members in the food-service sector, says it’s bracing for a drop in business as the COVID-19 pandemic grows in Canada and experts warn of the perils of crowded places.
Vancouver construction costs skyrocket
Construction costs rose more in Vancouver than in any other Canadian city during the past two years and were predicted to go up about four per cent this year, according to Turner & Townsend, which does cost accounting and project management.
Canadian hotel boom to continue in 2020, 2021
A Lodging Econometrics report says Canada’s hotel construction pipeline should remain strong in 2020 following record counts in 2019. The market with the most projects in the pipeline continues to be Toronto, at an all-time high, with 55 projects adding up to 7,608 rooms.
‘Bottom is falling out’ for U.S. hotels
Hotel managers can scrub counters and cancel breakfast buffets, but there’s not much they can do to make a panicked population travel. Revenue per available room was down 12 per cent year-over-year during the week that ended March 7.
Westin Medical Center wages war on coronavirus
The Westin Houston Medical Center is the first and only hotel in the U.S. to utilize LightStrike Germ-Zapping Robots to sanitize and disinfect its guest rooms and common areas to help combat the threat of coronavirus.
Canada Lands suspends operations at sites
Canada Lands Company will suspend operations at the CN Tower and Montreal Science Centre today. Educational programming at Downsview Park will also be suspended until April 14, 2020, or until local health authorities recommend otherwise.
VNDLY systems provider opens T.O. office
VNDLY, a leading cloud-based workforce management systems provider, announced its global expansion with a new office located in Toronto. The company is recognized by industry experts as a top-ranking technology provider in the vendor management systems category (VMS).
Van. golf course could become half park, half housing
• Globe and Mail (Sub. required)
The Vancouver Park Board is reviewing options for Langara Golf Course after last year voting to green light a report on the cost benefit and public use of the 120-acre course and whether to include housing in the review.
Epic acquires first asset for U.S. multifamily fund
• Epic Investment Services media release
Toronto-headquartered Epic Investment Services has acquired Las Brisas De Cheyenne – a 176-unit, garden-style apartment community located in the Northeast/Sunrise Manor submarket of Las Vegas. The property is the first for Epic’s US Multifamily Real Estate Fund I LP.
Stock market turmoil makes it harder to value CRE
• Globest.com • AZ Big Media • CNN
The Dow Jones industrial has gone through a period of extreme instability as news about the confirmed cases of the coronavirus has spread within the U.S. CREXi CEO Mike DeGiorgio says that is making it harder to ascertain CRE values.
Spear Street acquires Chicago office tower for $225M
• Chicago Business • Mingtiandi
San Francisco-based Spear Street Capital, which made the biggest Chicago office purchase of the past two years, is picking up another high-profile property, agreeing to pay nearly $225 million, or $346 per square foot, for the 31-story tower at 225 W. Wacker Dr.
Townsend Group raises $1.5B for global RE strategy
The Townsend Group has raised $1.5 billion US for its global value-add real estate strategy. The manager said its Townsend Real Estate Alpha (TREA) fund received the capital commitments from U.S., Asian, and European investors.
Empire Communities expands in Atlanta
Vaughan-based Empire Communities Thursday announced plans to break ground on five new intown residential communities, further growing its footprint in Atlanta by focusing on attainable intown living. Home will start in the mid-$300,000s to low-$400,000s+.
Ontario bill to target unlawful ‘renovictions’
• Toronto Sun • Globe and Mail
The Ontario government plans to introduce legislation it promises will provide greater protection for tenants from unfair “renovictions” while giving landlords access to faster decisions.
B.C. home sales value jumps 41% YOY
B.C.’s real estate recovery continued apace in February, with the total value of all home sales at $4.4 billion, up 41.4 per cent year-over-year, the British Columbia Real Estate Association (BCREA) reported. The 5,741 residential unit sales represented a 26.3 per cent year-over-year increase.
Tri-Cities downpayments drop: RE report
A new report from Zoocasa says a down payment for a detached home in Coquitlam is now $234,660, down $20,920 from two years ago. The cost fell $14,400 in Port Moody and $3,380 in Port Coquitlam.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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