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Father-son dev. team to create Penticton Innovation District
Father-son dev. team to create Penticton Innovation District
Two generations of B.C.’s Sethi family are bringing their development firms together to create Penticton’s new 10-acre mixed-use Innovation District community, a project that could result in a $900-million investment before it's fully built-out.
Downtown Edmonton building sold for multires conversion
Downtown Edmonton’s Phipps-McKinnon Building is earmarked to be redeveloped into a split-use building of offices and residential after the 1970s 19-storey building was bought last month by Josan Properties.
Alignvest acquires new, 340-apartment Waterloo tower
Alignvest Student Housing REIT has a binding agreement to acquire a new apartment tower at 308 King St. N. in Waterloo. The 25-storey building includes 340 furnished apartments and provides housing for 659 students. It is fully occupied.
Regional Group acquires iconic Ottawa office property
One of Ottawa’s most distinctive office properties is back under local ownership, with Regional Group announcing Friday afternoon it has acquired the visually striking gold-hued Churchill Office Park at 1600 Carling Ave, just west of the downtown core.
Deals lag as investors can’t agree on prices: AIMCo CIO
Major investors are still having a hard time agreeing on prices as a drawn-out period of high interest rates continues to stall deal-making and weigh on private asset values, says Alberta Investment Management Co. (AIMCo) chief investment officer Marlene Puffer.
Downtown Montreal projects delayed by bankruptcy
Beaulieu Reusement was to supply facade elements for Devimco's Maestria (61 stories), the MAA Condominiums (34 stories) and the Auguste et Louis (21 stories) projects, as well as for Brivia's Mansfield (19 stories). However, the company went bankrupt last fall.
Ice District's urban village faces three-year delay in Edmonton
An urban village at Ice District in central Edmonton — 2,500 residential units and a public park — is expected to take at least three years longer to build than previously planned. Construction was slated to start this year.
Olymel shuttering Saint-Jean-sur-Richelieu factory
Meat processing company Olymel will permanently close its Saint-Jean-sur-Richelieu plant this summer, a move that affects 135 employees. The company's management explained that the plant, which processed poultry and pork products, was operating at only 40 per cent capacity.
Vancouver firms use employee data to inform office choices
Employee commute times and office space utilization data are informing Metro Vancouver companies’ strategies for encouraging in-person work and optimizing office layouts to meet long-term goals, said Alain Rivère, vice-president of the high technologies group at CBRE.
Snowflake doubles its Toronto office space
Global data cloud company Snowflake announced its Toronto office expansion and relocation to a sleek and sky-high new space at 16 York St.. The 52,00-square-foot office will serve as the company’s Canadian headquarters.
Targray expands headquarters, ramps up sustainability
Commodities and clean energy materials distributor Targray is using its headquarters expansion in Kirkland, Que., to signal its continuing commitment to sustainability. Targray has added a solar roof, motion-detecting light fixtures, electric vehicle chargers and an energy-efficient HVAC system.
Build Nova Scotia reviewing Halifax waterfront properties
The Crown corporation responsible for several high-profile projects underway in Nova Scotia has quietly launched a review of the province's holdings along the Halifax waterfront. The provincial government owns or controls a major portion of the waterfront.
Western University proposes 770-student residence
One of two new residence buildings promised by Western University last year, is set to go before city council’s planning committee in June. The proposed eight-storey building is designed to accommodate 259 suites with 772 bedrooms.
Burnaby approves 292 rental homes in buildings
Burnaby council has approved two small high-rises across from Royal Oak SkyTrain station. The rental-only development at 6877, 6891, 6913, 6939 and 6945 Palm Ave. includes a 20-storey tower and a 16-storey tower with 292 homes.
Ivanhoé unveils Montreal Eaton Centre's revamped Le 9e
With extensive renovation work complete, Le 9e, the landmark ninth-floor restaurant atop the Montreal Eaton Centre, will officially reopen to the public on May 17. The iconic Art Deco space was classified as a heritage property in August 2000.
The Body Shop Canada explores sale
The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with “robust” sales the retailer landed after announcing it would file for creditor protection and close 33 stores.
With $191B to spend, Blackstone thinks CRE has hit bottom
With $191 billion worth of dry powder, Blackstone sees a recovery in the CRE market coming and is acting accordingly, making major investments in the sector, most notably in multifamily rentals.
Private debt is multifamily's hero for the day
Borrowing from a debt fund can be risky business, but multifamily owners are starting to take the leap as refinancing options grow scarce. Demand for alternative and niche funding sources is rising as the CRE credit crunch sidelines most banks.
Chicago tops U.S. in office-to-industrial conversions
America's Second City will probably never convert the rest of the country to deep dish pizza, but its industrial players have effectively converted aging office assets to in-demand industrial properties at a rate second to none in the U.S.
Lululemon shuttering Washington distribution centre
Lululemon Athletica Inc. says it is cutting more than 100 jobs as it plans to close a distribution centre in Sumner, Wash. It says “just over” 100 positions with be eliminated because of the closure.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
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