Crown Realty Partners has acquired three office properties and KingSett Capital has purchased three industrial properties in the Greater Toronto Area (GTA) from what broker Colliers International called the Huntley portfolio. The acquisitions comprise 11 buildings on the properties.
The National Capital Commission‘s (NCC) board of directors approved a short list of bidders – led by Dream Asset Management Corp., Windmill Development and Trinity Development Group – to develop a small parcel on the western edge of Ottawa’s downtown core.
Pre-pandemic, the Path system pumped hundreds of thousands of people through the core every day, like arteries carrying blood to Toronto’s vital organs. Then the blood stopped flowing. Even when stores were allowed to open, fewer than half did.
A year ago, Mayor Jeff Lehman was dubious about projections Barrie’s population would double to 300,000 by 2051. The pandemic has given him pause for thought. Fourteen downtown developments include more than 3,000 residential units and 2.5 million square feet of commercial space.
Bader Elkhatib, the vice-president of CentreCourt, specializes in urban high-rises. Yet, the developer isn’t unnerved by pandemic, Toronto’s quiet city streets, or the trend that has seen more urbanites settling in the suburbs and the sticks.
Among the several new projects coming to Toronto’s West Hill neighbourhood is Mutual Developments‘ East Pointe Condominiums. Located on Kingston Road, the 11-storey, Kohn Partnership Architects Inc.-designed building will offer 114 units range from 388 to 1,036 square feet.
Edmonton’s long-delayed Station Pointe development, originally being handled by BCM Developments before it backed away following financial troubles, is back on track with 112 apartments within two buildings. The project was originally being sold as a condo development.
Cargill announced plans to break ground on a new processing facility in Regina to support growing demand for canola products. The company expects to begin construction on the $350-million project early next year with plans to be operational by early 2024.
Canada’s Shareholder Association for Research and Education says unitholders of Chartwell Retirement Residences (CSH-UN-T) should vote against chairman Mike Harris over safety concerns for the company’s customers and employees in light of the COVID-19 pandemic.
Sudbury’s Laurentian University plans to review the value of its real estate, including buildings leased to other parties, to determine assets that “could be monetized” to pay off debt. The University of Sudbury also sits on land owned by Laurentian.
Clair Oates, who hasn’t had a paying customer at Clair’s Boutique Hotel in Ladner, B.C., since September, typically paid around $4,000 pre-pandemic for commercial insurance. This year, she was quoted $9,000 and $22,800. She considered shutting down her business.
Real estate podcasts
Frances Donald, Manulife Investment Management: Canada has a housing affordability crisis, Down to Business, Episode 98
Haniel Lynn, Kastle Systems: Redefining touchless experience, Tenant Experience Network. Season 2, Episode 6
Philippe Bernier, JLL Canada: Buildings matter – CRE And sustainability, Highview Partners People Who Perform
A 39-storey, 234-unit build-to-rent building in the Sydney CBD has won planning approval as part of a $1-billion two-tower development by a consortium led by Oxford Properties Group. Its companion tower, a 39-level office tower, was approved last month.
Tippmann Innovation announced global real estate investment manager BentallGreenOak has committed to providing capital to fund real estate development in all of Ti Cold Development‘s land positions. BGO has developed and acquired cold storage assets for over five years.
Amazon-backed home technology solutions provider SmartRent.com Inc. said on Thursday it had agreed to go public through a merger with a blank-cheque firm backed by venture capital firm Fifth Wall, valuing the equity of the combined company at around $2.2 billion.
Mapletree Investments, a Singapore-headquartered property developer and manager, is exploring listing a student housing REIT in Singapore that could raise about US$1 billion, according to sources. Mapletree owns four Singapore-listed REIT and six private equity real estate funds.
Tony Gioventu, executive director of the Condominium Home Owners Association of BC, said a series of factors – many of which are global – have been compounding since late 2019 to create what he describes as a “nasty little storm” for British Columbians.
A joint city committee Thursday endorsed a new bylaw that will restrict short-term rentals on Airbnb and other similar platforms to primary residences in a bid to crack down on so-called “ghost hotels” run by absentee owners.
The future is urban. That’s a key takeaway from the Edmonton City Plan, rolled out late last year. But what does that mean for the city’s residential housing sector? Likely growing in, growing up and less growing out.
Speaking at a virtual event on Thursday, Finance Minister Chrystia Freeland says the country needs a boost in the supply of housing to help make prices more affordable, but suggests there may be other steps governments can take.