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Recent Articles

Prével plans mixed-use project at vacant Montreal site

5 years ago

RENX   •   • 

Prével hopes to announce plans by the end of 2019 for one of the largest development sites in Montreal’s downtown area, says co-president Laurence Vincent. The vacant almost-400,000-square-foot site is near the Jacques-Cartier Bridge.

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Marriott International, Inc. announced the opening of Residence Inn Calgary Downtown/Beltline District, the largest property in the brand’s global portfolio. The Residence Inn Calgary marks the 800th hotel for the brand.

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Without an eye-catching tower, Brookfield’s new Muttart Lands redevelopment near the Stadium LRT Station could easily slip under the radar. This promises something better, something still rare in Edmonton — mid-level density that’s affordable.

RENX   •   • 

UPDATED: A man credited with helping found Canada’s REITs, Ed Sonshine, will retire as CEO of RioCan REIT (REI-UN-T) in 2021 or 2022. Sonshine, the only CEO RioCan has known during its 26-year history, will retire March 31, 2021, subject to possible one-year extension.

Yardi

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The city of Vancouver’s places of worship, which sit upon more than $3.4 billion of real estate, are getting into the housing game more than ever before in an attempt to benefit their congregations and a community facing a housing crisis.

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A Toronto redevelopment is currently in the works at 300 Bloor West. The Bloor Street United Church (BSUC), first constructed in 1886 with several later additions, is now the subject of a high-rise development proposal.

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More money needs to come into Lansdowne Park to have the redevelopment deal pay off for Ottawa city hall and its business partner, the Ottawa Sports and Entertainment Group.

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The accompanying table shows 20 of the largest upcoming Hotel/Motel and Shopping Centre construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.

NAI Commercial

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Two years after developers launched a legal challenge against Winnipeg growth fees, the city is now laying out details of its case to support the controversial levy.

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Sidewalk Labs is working on a proposal to bring a large, sensor-driven “smart city” to Toronto’s waterfront — and the world is watching. The Star is providing a brief overview of the key names, issues, places and players in this story.

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Metro Vancouver’s public transit authority could have an additional $130 million to spend for new transit infrastructure improvements due to the new federal budget announced last week.

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National construction industry stakeholders differed sharply over the value of new government infrastructure and workplace training pledges as they digested Budget 2019, delivered by Finance Minister Bill Morneau March 19.

DC & Associates

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The Ontario Municipal Employees Retirement System said it’s setting up a $342-million venture capital fund to invest in early-stage European technology companies. It’ll be led by Harry Briggs, a veteran VC previously at BGF Ventures and Balderton Capital.

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Summit Industrial Income REIT (SMU-UN-T) today announced it has entered into an agreement, to internalize the REIT’s asset and property management functions. The internalization is expected to close on or about May 17, 2019.

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BSR Real Estate Investment Trust (HOM-U-T) announced it has entered into an agreement to purchase Wimberly Apartments in Dallas for US$53.05 million. The transaction is expected to close by March 29, 2019.

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Fronsac REIT, (FRO-UN-X), Globe Newswire

Informa

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Vancouver city council will vote next month on a motion to end the city’s key rental housing incentive program. The Rental 100 program gives developers a break on city development fees if their projects include 100 per cent “affordable” rental units.

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A trio of Toronto councillors are calling for a top municipal land transfer tax tier of three per cent for $3-million homes. Right now, the top tier is a 2.5 per cent tax for homes valued at more than $2 million.

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An online auction for a luxury home in Abbotsford, B.C., is drawing attention for its novel approach, which some observers say has potential to inspire new sales even if it doesn’t have any notable impact on the housing landscape.

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Canada has lost its perch in global housing markets, tumbling in the most recent rankings. A report this week from Knight Frank put Canada in 39th place in the fourth quarter of 2018, with annual price growth of 2.5 per cent.

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