Construction at the mixed-use Bayside Toronto development is about to accelerate once again, with Hines hosting the official groundbreaking for the T3 Bayside office and retail complex on July 23. It’s the latest addition to the 13-acre, master-planned Bayside Toronto site.
Intergulf Development has applied to the City of Coquitlam to rezone several properties it owns to construct a two-phase development including: condo towers of 40, 33, 27 and 30 storeys, respectively; a five-storey non-market rental building; and 27,000 square feet of commercial space.
Canadian hotels have launched a class-action lawsuit after they were denied insurance coverage for business income lost. Lerners LLP alleged Aviva Insurance Company of Canada was in breach of contract after the federal and provincial governments declared states of emergency.
Plans have been updated for the redevelopment of 90 Eglinton East, designed by Teeple Architects and Turner Fleischer Architects for Madison Group. The site currently houses a mid-rise office building. The current plan calls for a 52-storey, mixed-use development.
Yorkreal Holdings Inc., has proposed to redevelop one of multiple low-density properties in Scarborough’s Golden Mile district as a 35-storey residential rental tower as work on Toronto’s new Crosstown LRT continues on its doorstep.
Firm Capital Corporation’s Multi-Residential Mortgage Program will provide bridge 1st & 2nd mortgages for acquisitions, lines of credit or capital improvements including conventional or high ratio secondary debt, plus construction financing for purpose-built rental projects.
The British Columbia government says it is on track to have nearly 800 student homes at the University of Victoria ready by 2022. Premier John Horgan says the homes will be provided at market rates, significantly relieving the tight student rental market.
York University is moving forward with a plan to build the $275.5-million Markham Centre Campus (MCC) in Markham, Ont., the first publicly assisted university in York Region, with construction beginning in the next few days.
Retail investors from the Toronto area’s Sikh community are out as much as $9 million after purported land developers pitching housing projects allegedly diverted their investments for their own use, including making a down payment on a 2019 Lamborghini, court records show.
Amazon has filed a federal lawsuit against Denver-based Northstar Commercial Partners, one of its former development partners, alleging a fraud and kickback scheme that siphoned millions out of Northern Virginia data centre projects and into the defendants’ pockets.
Hampshire House, the owner of several Boston restaurants, including Cheers, is suing its insurance providers over denied business interruption claims it filed in response to coronavirus shutdowns as the company navigates estimated losses of millions of dollars, its attorneys say.
A controversial development in Inglewood will likely go ahead, pending final approval in one month. Calgary city council voted 13-1 on Monday in favour of amending the land use designation to allow the 12-storey mixed-use Rndsqr Block to be built.
George Weston Ltd. (WN-T) is reporting a $255-million loss in its latest quarter despite a 6.5 per cent increase in revenues. The retail, bakery and real estate business says it lost $1.66 per share for the period ended June 13.
Opportunity fund giant Brookfield has committed to invest up to $250 million Cdn to support its Center Parcs UK holiday village company, which was forced to close as a result of the coronavirus pandemic.
Link REIT has moved forward with its first acquisition in the Western Hemisphere, purchasing 25 Cabot Square in London for $583 million Cdn. Asia’s largest REIT is buying the 17-storey office building on Canary Wharf from a unit of Hines Global REIT.
With a six-month window for some borrowers to defer their loan payments closing fast, Canada Mortgage and Housing Corp. says “new tools” may be needed to help homeowners get through the coronavirus crisis.
Toronto’s condominium market showed significant slowdown in the second quarter, with sales dropping to their lowest levels since 2009, according to the Q2-2020 Condominium Market Survey released by Urbanation Inc. on Monday.
Brian Carberry, managing editor for Apartment Guide, a leading rental resource in the U.S., recently published a research report outlining how COVID-19 could impact new apartment construction. Carberry shared some of the insight Apartment Guide’s research gleaned:
Like many realtors working Canada’s recreational markets, David Jurek says he’s seeing properties move unusually quickly: “Some of the stuff that normally would sit, that wasn’t as choice of a property necessarily in the past is now selling very quickly.”