Allied Properties REIT (AP.UN-T) and Perimeter Development Corp. will build an almost-300,000-square-foot office building as Phase III of The Breithaupt Block in Kitchener’s Innovation District. Allied has “a high-calibre user” signed to a 15-year lease for the 294,054-square-foot building.
Kingdom Developments has officially kicked off construction of its first major Toronto project, the mixed-use condominium development KSquare Condos. “This project is probably about $300 million by the time it’s all said and done,” said Kingdom’s VP projects Eric Jensen.
Selection Group, Groupe Montoni and the Fonds immobilier de solidarité FTQ announced they have officially acquired the Molson brewery site in Montréal and the Quebec consortium can now put forward its redevelopment vision for this rapidly evolving Montréal region.
We don’t know much about the real people behind the Fairmont Château Laurier addition. Larco Investments bought the historic property in 2013 through one of its many related companies, subsidiary Capital Hotel, but continues to lease day-to-day operations to the chain.
UPDATE: American Landmark/Electra America has called on the management of Vancouver-based Pure Multi-Family REIT LP (RUF.UN-X) to sever an exclusivity agreement with a potential suitor and move forward with separate negotiations toward a deal to sell all its shares.
Farm Boy’s parent Empire Co. (EMP-A-T) Thursday revealed it plans to invest about $70 million to expand the Ottawa-born grocery chain’s network this coming fiscal year. Overall, the company plans to invest some $600 million in its operations.
The largest Costco (COST-Q) in Canada opened its doors Thursday in a subdivision of St. John’s, N.L., amid concerns about increased traffic. The store in the developing Galway subdivision covers nearly 183,000 square feet and has 1,000 parking spaces and 24 gas pumps.
Castlepoint Realty Partners, one of the largest private landowners in Toronto’s Port Lands, warns a plan by Sidewalk Labs to guide development of 190 acres in the district faces long odds of success and has the potential to paralyze continuing projects.
Ottawa’s planning committee gave the all-clear Thursday to Regional Group‘s nine-storey, 119-unit apartment building on Oblats Avenue. The planning committee also approved plans for two towers of six and nine storeys at 716 and 770 Brookfield Rd.
RENX vacation week: July 1-5
NOTE TO READERS: RENX takes our annual summer break July 1-5. We won’t be publishing articles or our Daily Newsletter during that time, but will return Monday, July 8 to resume normal publishing activities. We wish you all a Happy Canada Day!
An Ontario-based restaurateur said it will open four eateries in an ICE District hotel on Aug. 1. Oliver & Bonacini Hospitality will run all four restaurants in the Marriott hotel next to the Rogers Place arena in downtown Edmonton.
Mitsubishi is studying “rather seriously” the possibility of establishing a design and engineering centre in the Montreal area that would help it develop the next versions of its SpaceJet regional aircraft, according to a source.
Dalfen Industrial has acquired Northfield Fulfilment Center at 1075 Northfield Ct., in Roswell, Ga. Northfield Fulfilment Center is 100 per cent occupied by Kimberly Clark and Mattress Firm and totals 152,900 square feet.
Lego’s founding family, Canadian pension fund CPPIB and private equity firm Blackstone are taking Britain’s Merlin private again in an agreed deal valuing the Madame Tussauds and Legoland owner at $7.5 billion. Legoland is the world’s second-largest operator of visitor attractions.
Toronto resale condo prices continue to level off amid tighter lending rules and a surge in new supply. The average price per square foot rose 3.3 per cent to $683 year-over-year in Q1, the weakest gain since 2014, according to Urbanation Inc.
B.C. residential building permits more than doubled in April to a record-high $2.2 billion (seasonally adjusted). The Vancouver census metropolitan area (CMA) drove the gain with dollar-volume permits up 164% to $1.42 billion almost entirely for multi-family projects.
The owner of a Vancouver property zoned for both business and residential use was shocked to receive an empty homes tax bill of almost $17,000 — even though it’s occupied for most of the year.
Bill Stewart says his block in the upscale Hydrostone area of Halifax is usually quiet. But he says the typically tight-knit community changed when one of the neighbouring homes was purchased.