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Recent Articles

Madison Group set to launch mixed-use GTA developments

2 years ago

RENX   •   • 

Madison Group plans to launch a new mixed-use Toronto condominium within weeks at the historic The Capitol Event Theatre property. It’s the latest in a series of major upcoming residential-based initiatives for the firm.

RENX   •   • 

Toronto’s streetfront retail leasing and transaction activity is in better shape than many people probably think, according to CBRE. Retail leasing deals were up 60 per cent from Q1 to Q2 of 2021 and the momentum has continued to grow.

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Vince Petrozza, who played a key role in a syndicated-mortgage scandal which saw investors lose hundreds of millions in Fortress Real Developments‘ fall, is part of a group spearheading two major developments under the banner of a different company.

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Land registry records show WE Charity and two affiliated foundations sold eight properties on a downtown Toronto block that was almost entirely owned by WE at Queen St. E and Parliament St., including WE’s headquarters, for a total of $36 million.

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In its fourth major CRE acquisition of 2021, Vancouver’s Denciti Development Corp. has partnered with Kadestone Capital Corp. (KDSX-X) to acquire 12.4 acres of industrial land at 7985 Lickman Road and 43971 Industrial Way in Chilliwack, B.C. The purchase price was not released.

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Victoria council has given the green light to Vancouver’s Denciti Development and Nicola Wealth Real Estate‘s 278-unit rental housing development. The two four- and six-storey buildings on 1.5 downtown acres will include 20,000 square feet of new ground-level commercial space.

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Plans by PCI Developments for an office building at West Broadway and Granville above a future SkyTrain station have morphed into a 39-storey mixed-use tower that would represent the Broadway Corridor’s tallest tower if approved.

RENX   •   • 

Today RENX debuts another videocast / podcast, The Industrial Real Estate Show with Chad Griffiths, a partner with NAI Commercial Real Estate. As the name implies, the focus is on industrial, but there will be discussion about other CRE sectors.

CMLS

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Canada saw record investment in commercial properties in Q2 as the easing of the pandemic pushed buyers and sellers off the sidelines. $14 billion worth of CRE changed hands in the three-month period, a 29% increase over Q1, according to CBRE Group.

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The Sun Life Canadian headquarters in Waterloo, Ont., which incorporates a historic structure from 1912, is one of four commercial buildings receiving 2021 Energy Star Canada awards for reducing energy consumption and greenhouse gas emissions.

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“We have a housing crisis with a historical solution sitting right in front of us, it is absolutely staring us in the face,” CAPREIT (CAR-UN-T) CEO Mark Kenney said of the humble trailer park. CAPREIT assets include 77 manufactured home communities.

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On Aug. 31, president and chief executive officer Jonathan Gitlin purchased 5,000 RioCan REIT (REI-UN-T) units at a cost per unit of $22.40 for an account in which he has control or direction over. The cost of this investment totaled $112,000.

Panattoni

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Bob Evans, the dynamic developer behind Songhees and the Victoria International Marina, has died at 80. Evans worked with the City of Victoria and the province to develop the former industrial site at Songhees, transforming it into a high-end mixed-use enclave.

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Amazon Canada plans to hire 15,000 new warehouse and distribution employees across the country this fall and is upping wages for existing employees, the company said Monday. Amazon Canada’s 25,000 existing employees will receive a bump of between $1.60 and $2.20 per hour.

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Canadian Pacific Railway Ltd. (CP-T) said it is close to sealing a $34.6-billion takeover of Kansas City Southern Railway Co. (KSU-N) after the U.S. carrier dropped its support for a deal with CP’s main rival, Canadian National Railway (CNR-T).

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On Monday, U.K.-based Cineworld Group PLC and Toronto’s Cineplex Inc. will square off before the Ontario Superior Court of Justice, in a legal fight over who is to blame for the dissolution of their $2.18-billion merger.

Canadian Apartment Investment Conference

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Markee Developments has submitted a rezoning application for a 35-storey residential tower at 1 Sumach Street. gh3-designed ‘Sumach Artsplace’ would include 119 purpose-built affordable rental units, to be secured as such in perpetuity, along with 374 market condominium units.

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Calgary’s Boardwalk General Partnership (BEI-UN-T) has acquired 14 single-family houses in the heart of Esquimalt, where it proposes to replace the older homes with two five-storey rental buildings. Plans call for a total of 213 units rented at market rates.

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OPINION: Preferable to the Liberal plan to outright ban blind bidding would be to set up a commission involving industry representatives, real estate experts and consumer groups to determine whether current provincial legislations safeguard buyers’ and sellers’ rights alike.

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The mayor of Prince Edward County wrote letters. Heritage advocates hired a lawyer. However, it wasn’t enough to stop the demolition Thursday of two historic homes that have stood abandoned for decades at Sandbanks Provincial Park.

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