Developers shocked Van. rejected Chinatown development

Developers shocked Van. rejected Chinatown development

Vancouver’s development permit board hasn’t rejected a proposal since 2006. But that streak ended Monday when the board turned down Beedie Living’s controversial proposal for a nine-storey condo building at 105 Keefer St. in Chinatown. The development industry was shocked. “(The board) succumbed to political pressures, in the broadest sense of the word,” said real estate consultant Michael Geller.

Vancouver Province – Business In Vancouver

New Flames arena ‘Plan A’ in Calgary’s Victoria Park

The Calgary Municipal Land Corporation will reveal its master plan in January for the Victoria Park neighbourhood and the plan includes provision for a new arena for the NHL Calgary Flames, RENX has learned. “Right now, we really only have Plan A and that’s with a new arena,” said Michael Brown, president and CEO of the wholly owned subsidiary of the City of Calgary.

Property Biz Canada

Sears’ demise reflects department store retreat, retail revolution

The end of Sears Canada marks a serious blow to the department store business model but opens up new opportunities for landlords and anchor tenancies, retail and real estate experts said recently at a Vancouver panel. The departures of Zellers, Target and now Sears are part of the evolution of retail, they agree, and don’t represent a disaster for the industry.

Property Biz Canada – Winnipeg Free Press – Globe and Mail (Subscription required)

Toronto’s future transit links hold investment promise: AY

The Greater Toronto Area (GTA) is projected to be Ontario’s fastest-growing region over the next 25 years with its population increasing by 42.3 per cent to reach 9.6 million by 2041. Supporting these projections, the provincial Ministry of Infrastructure made the largest infrastructure investment in Ontario’s history: more than $160 billion over 12 years, starting in 2014. Of these funds, 51% will go toward improving roads and transit.

Canada Newswire

Calgary councillors make bid to halt southwest BRT

Two city councillors want to park the southwest bus rapid transit (BRT) project. Councillors Diane Colley-Urquhart and Jeromy Farkas will bring forward a motion to city council later this month asking their colleagues to delay the awarding of the contract for Phase 2 of the project — that’s the portion south of Glenmore Trail. Estimates for the cost of the entire project range from $57 million to $65.6 million.

CBC – CTV

Utah developer earns approval for Nanaimo hotel

At long last, it looks as though Nanaimo will get the downtown hotel it has been dreaming of, with council unanimously approving a development permit for a $34-million project. PEG Development of Utah is buying a site from the City of Nanaimo for $750,000 to build a nine-storey hotel. The city’s hope is it attract more conventions to the adjacent Vancouver Island Conference Centre.

Victoria Times Colonist

Retail space Saskatoon’s most in-demand CRE asset

Retail remains Saskatoon’s most sought-after commercial real estate asset class, says a new report by Colliers International. The report notes retail landlords are experiencing low vacancies while vacancy rates have increased in the industrial and office leasing markets.

Property Biz Canada

Ontario names first 14 cities to host marijuana stores

Ontario has named the first 14 cities where it will set up government-run marijuana stores by July 2018. The Liquor Control Board of Ontario, which will run the shops through a subsidiary, said Friday the stores will be located in Barrie, Brampton, Hamilton, Kingston, Kitchener, London, Mississauga, Ottawa, Sault Ste. Marie, Sudbury, Thunder Bay, Toronto, Vaughan and Windsor.

Globe and Mail – Winnipeg Free Press

Manitoba pot to be sold in private retail locations

Manitoba has unveiled a “hybrid model” for selling pot in the province when recreational marijuana use becomes legal next July. The Manitoba Liquor and Lotteries Corp. will secure the supply of marijuana and track it in Manitoba, but private retail stores will be in charge of selling it. Pot won’t be sold where alcohol is sold, which means the province won’t have to pay for new storefronts.

CBC – Winnipeg Free Press – CBC – Canada Newswire

Harry Rosen, Davids Footwear JV in national expansion

In a move both parties say was years in the making, luxury menswear retailer Harry Rosen has entered into a joint venture with Davids Footwear stores to expand the luxury shoe retailer’s brand across Canada. The move unites two different generations of two Canadian retail families that have been doing business on the same strip of Bloor St. since 1971.

Toronto Star – Canada Newswire

Shoppers Drug Mart founder dead at 93

Murray Bernard Koffler, the founder of Shoppers Drug Mart and a noted philanthropist, has died at 93. Koffler, born in 1924, took over his father’s two Toronto pharmacies when he was just 17 years old, following his father’s death. He died on Sunday, Nov. 5, at his home in Toronto. He is survived by Marvelle, his wife of 67 years, his five children and many grandchildren.

Toronto Star – Globe and Mail – Canadian Grocer

HBC unswayed by Signa’s bid for Kaufhof

Hudson’s Bay Co. isn’t swayed by a European rival’s latest attempt to persuade it to sell its German department-store chain. HBC says new documentation from Austria-based Signa Holding GmbH outlining the financing it has at its disposal for a $4.5-billion bid for Galeria Kaufhof does not change its view the approach is unsolicited and offers no formal commitment.

Globe and Mail (Subscription required)

Small industrial space tough to come by in Vancouver

It took Dav Szeto about three years to find the right industrial space to buy in Metro Vancouver to house his construction management company. Szeto, the owner of the GBS Construction Managers, had been running his company out of an office in downtown Vancouver for about 15 years, but their warehouse space was located elsewhere, and the costs and logistics of two spaces stopped making sense, he told Postmedia in an interview.

Vancouver Sun

OPP launch investigation into mortgage fraud

The Ontario Provincial Police have launched an investigation into fraud allegations involving the use of syndicated mortgage investment funds from the Tier 1 group of companies. This comes one year after the Financial Services Commission of Ontario (FSCO) suspended the licenses of two mortgage brokers – Tier 1 Mortgage Corp. and First Commonwealth Mortgage Corp. – during an investigation into 16 syndicated mortgage investment pools the firms were promoting to investors.

Globe and Mail (Subscription required)

Maglev developer aims to rise above NAFTA fracas

When Dan Corns looks to the future of mass transportation, he’s confident that company, Magnovate, will rise above all the noise about shutting down free trade. “I’m not that worried about NAFTA,” says Corns, whose Edmonton-based company is working on the next generation of magnetic levitation, or maglev, transportation systems.

Globe and Mail

Featured Column

What the federal economic update means for real estate

Judging by last week’s economic update, the Liberals remain focused on two areas that have a big impact on real estate: family and infrastructure. Families with a stable financial situation are more inclined to commit to a big purchase. The Liberals continue to move in a positive direction this respect.

Read more

Market Trends and Research

CRE’s executive predictions, past & present

Anticipating major shifts in  commercial real estate and acting on them is a hallmark of successful executives. To mark CPE’s 30th anniversary this year, we are inviting industry leaders to reflect on major predictions that came true, others that didn’t pan out, and offer educated guesses on what’s ahead. This month, we turn to three seasoned executives representing investment, capital markets and development.

CP Executive

U.S. mall malaise drags down RE index

Real estate investors can point the finger at America’s much-maligned malls for the first decline in a measure of commercial-property prices in more than four years. An index that tracks values for U.S. office buildings, apartments, hotels and shopping malls fell one per cent in October, marking the biggest monthly drop since the aftermath of the financial crisis, according to Green Street Advisors LLC.

Bloomberg

Real Estate Companies

With revenues down, Cineplex taking steps to fill empty seats

With movie-theatre attendance slipping, Cineplex Inc. chief executive officer Ellis Jacob has been facing a question from the investment community: Is this part of the ups and downs of the movie business, or is the industry facing permanent disruption? On Tuesday, Cineplex reported it saw declines in attendance for the sixth quarter in a row. And it reported lower-than-expected box-office revenue for the second quarter in a row.

Globe and Mail – CBC – Toronto Star – Financial Post

Nordik prepares Whitby spa as plans to expand ramp up

After a brief pause, which allowed some development to happen at its flagship location, Groupe Nordik is finally forging ahead with its plans for a Nordic Spa in Whitby, Ont. The company, which owns the massively popular Nordik Spa-Nature in Chelsea, Que., said the Whitby spa will be open as early as summer 2019. 

Ottawa Citizen

	RENX 2018 media kit now available
	A blended ad program, take-over advertising, writing services and a second weekly edition of Property Biz Canada in 2018. Advertising that reaches thousands of professionals in the commercial real estate industry every business day. Contact sales@renx.ca, 1-855-569-6300

 

REOC Financial Reports

Latest financial results:

* Firm Capital Mortgage Investment Corporation, Marketwired 

* First Capital Realty Inc., Canada Newswire 

REIT Financial Reports

Latest financial results:

* Artis REIT,  Canada Newswire

* BTB REIT, Canada Newswire

* CAPREIT, Globe Newswire

* Choice Properties REIT, Canada Newswire

* CT REIT, Canada Newswire

* Dream Industrial REIT, Marketwired 

* Fronsac REIT, Marketwired 

* Granite REIT, Canada Newswire

* Killam Apartment REIT, Marketwired 

* Lanesborough REIT, Canada Newswire

* Northview Apartment REIT, Marketwired 

* Slate Office REIT, Globe Newswire

* Summit Industrial Income REIT, Canada Newswire

Real Estate Investment Trusts

Fronsac appoints Kevin Henley CFO

Fronsac REIT Tuesday announced the Board of Trustees has appointed Kevin Henley as chief financial officer  effective immediately. Henley has been with the trust since the beginning of 2017. Henley will succeed Jacques Beaudry, who is retiring from both his CFO and trustee positions due to health reasons. Beaudry is one of the founders of Fronsac.

Marketwired

Retail

Barry’s Bootcamp opens first Canadian location

High energy, high-end group fitness gyms seem to get big in a major U.S. city, attract celebs fans, and then spread out. Eventually, they set up digs in Toronto, usually near King or Queen. Barry’s Bootcamp, a Los Angeles import, is the latest to follow this path. It offers a gritty but fun high-intensity workout with weights that apparently burns 1,000 calories a class.

Toronto Star

Michael Kors beats estimates as sales rebound

Michael Kors Holdings Ltd’s fewer-discounts strategy bore fruit in the second quarter, reversing a decline in Americas sales for the first time in more than a year and helping it beat expectations for revenue and profit. Shares soared to an 18-month high after the handbag maker also lifted its full-year revenue forecast, mainly due to the inclusion of Jimmy Choo sales after it bought the high-end shoemaker for $1.2 billion in July.

Reuters

Sears Holdings closing another 63 stores

Beginning the week by fully tapping into what remained of an available $200 million line of credit, Sears Holding  closed the week by announcing it will shutter another 63 stores before those borrowings come due next spring.  The company notified employees at 45 Kmart stores and 18 Sears stores their stores will be closing in late January but will remain open during the holiday sales season. 

CoStar Group – Winnipeg Free Press

Grocery shopping fastest-growing U.S. retail sector

A retail sector that once seemed nearly immune to the internet’s economic disruption has become an increasingly digital thing. Sarah Fracek does almost all of her grocery shopping online. “I hate going into a grocery store,” said Fracek, who doesn’t mind spending a few extra dollars to have someone else assemble her grocery order and either deliver it or have it ready for her to pick up.

Toronto Star

Restaurants and Eateries

Cara’s rivals eating its lunch (and dinner)

Cara Operations Ltd. has made its mark as a mid-market restaurant consolidator in recent years, scooping up a number of casual dining chains for a good price, but consumer appetite for the sit-down segment remains modest at best. Cara, owner of Swiss Chalet, Milestones and Montana’s, saw its shares slide 4.6 per cent Monday at one point after the company released third-quarter results.

Financial Post

Sports Venues

Plan now for vacant CTC, Ottawa urges Sens

Mayor Jim Watson says he doesn’t want to repeat the mistake other cities have made by leaving Ottawa’s NHL arena vacant when the team moves into a new downtown rink. Watson, who’s preparing to take a seat at the negotiating table to hash out details of the LeBreton Flats redevelopment, said Tuesday the future of the Canadian Tire Centre (CTC) in Kanata must be considered before the Senators move to a new arena.

CBC

Technology

Walmart Pay could surpass Apple in U.S. mobile payments

Wal-Mart Stores Inc.’s app is close to surpassing Apple Pay in usage for mobile payments in the U.S., giving the world’s largest retailer even more clout as a growing number of people shop with their smartphones. Available in 4,774 stores, Walmart Pay is enrolling 10s of thousands of new users a day, up from thousands four or five months ago, said Daniel Eckert, who runs the business.

Bloomberg

Other

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