Edmonton development projects to continue in 2017

Edmonton development projects to continue in 2017

The Edmonton landscape will continue to grow in 2017 as big projects wrap up and new work gets underway, say commercial real estate experts. The downtown core is still the city’s development hot spot with $5.5-billion worth of work proposed or underway, including the Ice District’s 66-storey Stantec Tower and 54-floor JW Marriott Hotel-Legends Private Residences.

Edmonton Journal

Large rental housing plan pitched in Victoria, B.C.

A rezoning application has been submitted for a $200-million rental housing proposal that would be built on a peninsula jutting into the middle of Portage Inlet in View Royal. If approved by council, the Christie Point redevelopment would be the largest rental project the town has ever seen, Mayor David Screech said Thursday.

Times Colonist

Apartment buy a Dutch treat for CAPREIT

Although “Canadian” is the key identifier in the CAPREIT corporate name (Canadian Apartment Properties REIT), the apartment owner is not shy about looking beyond the borders of its home country. A few years ago it shrewdly identified Ireland as a country poised to enjoy an economic bounce back within the European Union and late last month it moved on another opportunity in the Netherlands.

Property Biz Canada

Vancouver emerging as global maritime hub

The view east from Kaity Arsoniadis-Stein’s office window shows the Port of Vancouver, through which hundreds of millions of dollars worth of cargo pass every day. But she is more focused on what’s happening a few blocks south in office towers where the businesses of maritime law, finance and technology are conducted.

Vancouver Sun

Port of Halifax getting Caribbean container business

The biggest container cargo shipping line in the Caribbean is ditching Saint John for Halifax with a first ship, the Vega Omega, to call on the Port of Halifax early Monday morning.

The Chronicle Herald

Calgary office vacancy rates expected to keep climbing

As the value of downtown office towers dropped $4 billion last year, a new report shows the vacancy rate in these buildings is expected to keep climbing. Real estate firm Cushman & Wakefield said Friday the downtown office vacancy rate in Calgary hit 23.8 per cent in the fourth quarter of 2016.

Ottawa Citizen

Greybrook has full slate of projects for 2017

Greybrook Realty Partners Inc. has plans for a very active 2017, and it didn’t waste any time with a Wednesday announcement of a $10.9-million investment in a low-rise residential development with Marlin Spring in Oshawa, Ont. “We’re looking forward to between 10 and 15 acquisitions this year,” said Greybrook Realty Partners chief executive officer and Greybrook Capital partner Peter Politis.

Property Biz Canada

Claridge to unveil expanded LeBreton Flats condo vision

Claridge Homes wants to double the planned number of homes on the eastern part of LeBreton Flats that it bought more than a decade ago, including a proposal to build a 55-storey building on Booth Street and also 1,650 residential units, as opposed to the 850 units in the previous plan.

CBC

Lampert’s rescue of Sears puts him on the hook for $1.2 billion

Eddie Lampert is a tough guy, but he’s got a soft spot for Sears Holdings Corp. (SHLD-Q) A billion-dollar soft spot. Lampert, the Sears president, chief executive officer, top shareholder and, through his hedge fund, owner of about $900 million (all figures U.S.) in Sears debt, has almost single-handedly bought time for his struggling retailer.

Toronto Star

McDonald’s sells China business in deal worth up to $2.1B

Fast-food giant McDonald’s is selling a controlling stake in its China business to a group of investors led by state-owned Chinese conglomerate Citic in a deal worth up to $2.1 billion, the companies said Monday. The transaction is part of a global business overhaul being carried out by the American company to keep up with changing tastes that have resulted in declining sales.

Calgary Herald

Alibaba tells Trump about U.S. store plan

Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce company’s new plan to bring a million small U.S. businesses onto its platform to sell to Chinese consumers over the next five year, an Alibaba spokesman said. Alibaba Group Holding Ltd expects the initiative to create a million U.S. jobs.

Reuters

A lot of money is looking at India: CPPIB’s Mark Machin

Mark Machin, who worked as CPP Investment Board’s (CPPIB) first president for Asia, was recently named president and chief executive of Canada’s largest pension fund and is responsible for leading its investment activities. As of 30 September, the CPP Fund had net assets of Canadian $300.5 billion.

Deal Street Asia

How to remake the most famous airport in the World

New York’s Idlewild Airport, now the John F. Kennedy International Airport, opened in the summer of 1948 on a former golf resort. This outpost at the southeastern edge of New York City became an aviation marvel in the late 1950s as several big airlines opened terminals with cutting-edge technology aimed at enhancing the passenger experience.

Bloomberg

Trump has taken few steps to disentangle from private empire

President-elect Donald Trump, with less than two weeks until his inauguration, has cancelled a handful of international deals and dissolved a few shell companies created for prospective investments. Still, he continues to own or control some 500 companies that make up the Trump Organization, creating a tangle of potential conflicts of interest without precedent in modern U.S. history.

The Chronicle Herald

N.Y. hotels fill a need as more patients travel for care

When out-of-town patients used to travel to NewYork-Presbyterian Hospital, some would find that their best option for staying close to the hospital for early-morning surgery involved a trip over the George Washington Bridge from New Jersey. Enter the Edge Hotel, a 54-room property that opened in the fall of 2015 in Upper Manhattan, an area with few other lodgings.

Globe and Mail

Market Trends and Research

Uber to help cities get a better grasp on traffic patterns

Uber is offering a helping hand to some of the same city leaders it sometimes antagonizes with the aggressive way it runs its popular ride-hailing service. The assistance will come in the form of a free website, called “Movement,” expected to be available to the public in mid-February.

Calgary Herald

Hotels Association argues for regulation of Airbnb

With home-sharing platforms such as Airbnb growing in popularity the Alberta Hotel & Lodging Association, which represents approximately 800 hoteliers and campground operators, is asking the provincial government to develop a regulatory framework to govern home-sharing websites such as Airbnb, VRBO, and Flipkey.

Calgary Herald

Tourists face tight market for Victoria hotel rooms

Visitors to Greater Victoria this summer could be dealing with sticker shock when it comes to paying for their hotel rooms, as the city faces a bed shortage that is about to get worse. Owners of the Harbour Towers hotel in James Bay have confirmed they have applied for rezoning in order to convert the 12-storey building from a hotel into a 219-unit residential tower.

Times Colonist

Cape Breton properties to be sold off for taxes

Dozens of properties in the CBRM are set to be sold for unpaid taxes. Property owners have two weeks left to pay before their land, buildings or homes are sold as the municipality tries to recover $20 million in money owed. The list is eye-catching, including the Salvation Army of Glace Bay, the Royal Canadian Legion in Reserve Mines, and several prominent business people who fell on hard times.

The Chronicle Herald

Real Estate Companies

Mainstreet Health Investments CEO to resign for personal reasons

Mainstreet Health Investments Inc. (HLP.U-T) regretfully announces that Mr. Adlai Chester has advised the Company that he intends to resign as Chief Executive Officer of the Company for personal reasons. Mr. Chester has indicated his willingness to remain with the Company in an advisory capacity. The terms of his continued advisory role have yet to be agreed.

Canada Newswire

Clarocity Corporation approves issuance of shares

Clarocity Corporation (CLY-X) announced that holders of the debentures issued May 9, 2013 have elected to receive an aggregate of 825,000 common shares in lieu of cash as consideration for interest payments amounting to $90,750 due December 31, 2016.

Canada Newswire

DIRTT announces normal course issuer bid

DIRTT Environmental Solutions Ltd. (DRT-T), a leading technology-enabled designer, manufacturer and installer of fully customized, prefabricated interiors, today announced that it has obtained approval of the Toronto Stock Exchange to commence a normal course issuer bid with respect to its common shares.

Marketwired – Present at conference

Hilton sees triple

Hilton Worldwide Holdings Inc. has wrapped up the spin-offs of Park Hotels & Resorts Inc. and Hilton Grand Vacations Inc. The move leaves three independent, publicly traded companies as leaders in the rapidly evolving hospitality sector.

CP Executive

Retail

Second Rec Room to open in Edmonton

People looking for a place to play in Edmonton will soon be able to party in a second Rec Room. Cineplex is opening a new outlet in its food-and-entertainment chain in the southeast corner of West Edmonton Mall this summer, the company announced Thursday.

Edmonton Journal

Lululemon Athletica Inc. raises lower end of Q4 estimates

Lululemon Athletica Inc. (LULU-Q) appears to have enjoyed a better holiday season than many retailers. The Vancouver-based clothing company improved its lower-end guidance estimates for fourth-quarter net revenue and profit on Monday, predicting at least US$775 million of revenue, up from US$765 at from the low end of the previous estimate. The high end of the retailer’s range is still US$785 million in net sales.

Financial Post – Financial Post

Emotion-laden Loblaw’s ad begins a year

Loblaw Cos. Ltd. is among the first in what is sure to be a parade of marketers attempting to latch on to the fanfare around the 150th anniversary of Confederation this year. On Sunday during the National Hockey League’s Centennial Classic game, Loblaw bought out an entire commercial break on Sportsnet after the first period, to show a two-and-a-half-minute ad.

Globe and Mail

	RENX top story picks for 2016
	The past year generated more real estate news than any year since RENX started publishing in 2001.  Instead of 5 top stories we selected ten and while we have confined our entire list to 100 stories in the past we let it run on this year. RENX top story picks for 2016

 

Renovation and Restoration

Broadview Hotel prepares to strip off its veil

It’s the full-frontal makeover of a landmark that’s been teasing east-end residents for months.This week the scaffolding and construction mesh finally get ripped off the restored red Romanesque Revival facade of the Broadview Hotel, formerly Jilly’s strip club.

Toronto Star

Aging technology replaced in Homburg Theatre renovation

Those cinema seats that move with the action on the screen may be the latest fad, but Confederation Centre’s Homburg Theatre has had them for years.The only problem — the seats weren’t supposed to move while people were sitting in them. When the theatre was built in the 1960s, hydraulic lifts were installed under the entire front section of 200 seats.

CBC

Infrastructure

Rejuvenating Canada’s Science and Technology Museum

The renewal of Canada’s Science and Technology Museum proceeds swiftly and on target to reopen in November 2017, the month of its 50th anniversary, says a museum spokesman. Once open in November 2017, Ottawa’s renewed Canada Science and Technology Museum will feature over 80,000 square feet of exhibition space with five main galleries.

Daily Commercial News

City considering expanding Waterloo Memorial Rec Complex

The City of Waterloo is considering expanding the Waterloo Memorial Recreation Complex to include a new older adult centre. In May 2015, city council approved an older adult recreation strategy, outlining a plan to improve services to this demographic over a five-year period.

CBC

Sustainability

CarbonCure solidifies rapid growth with IAAS model

Robert Niven’s pitch to concrete producers is attractive: his Nova Scotia-based company, CarbonCure Technologies Inc., boasts the ability to make concrete stronger and less harmful to the planet. Yet it remains a tough sell, especially in Canada. Despite the industry’s conservatism, CarbonCure has installed its technology in about 40 concrete plants, up from just a dozen plants a year ago.

Financial Post

Human Resources

Lessons from the disputed dismissal of McDonald’s employee

Going through the motions of a performance improvement plan may seem an easy fix, but, as a McDonald’s franchisee recently learned, the employer can still find itself liable for substantial severance. For more than 25 years, Esther Brake worked for McDonald’s restaurants. A substantial part of her career was spent with PJ-M2R Restaurants.

Financial Post

Technology

Hotels in 10 states and DC may have been hit by hackers

An undisclosed number of people who used credit cards at 20 Hyatt, Sheraton, Marriott, Westin and other hotels in Texas, nine other states and the District of Columbia may have had their cards compromised as a result of hack of the hotels’ payment system.

Montreal Gazette

Other

Real estate lawyer faces contempt of court hearing

A client of Richmond real estate lawyer Hong Guo is seeking a court order to put Guo in jail for 10 days for alleged contempt of court. A number of Chinese investors and B.C. real estate professionals are suing Guo, alleging $2.1 million in losses, after Guo said more than $7.5 million was stolen from her trust account in early 2016.

Vancouver Sun

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