Amazon snags Vancouver office space

Amazon snags Vancouver office space

New York-based WeWork Inc. has secured a deal with Amazon.com Inc. to rent most of the shared workspace provider’s first Vancouver office, forcing it to find a second location as it continues its aggressive push into Canada. The Financial Post has learned the key to WeWork’s latest move into the Vancouver market was Amazon’s desire for immediate access into B.C.’s largest city.

Financial Post

Luxury building boom hits Montreal

Along the main shopping street in downtown Montreal’s Golden Square Mile, Sonya Szczygiel and her husband, John Guinto, have sold beaded bracelets made of semi-precious stones for the past five years. From their kiosk on Saint Catherine Street, the pair have had front-row seats for a transformation playing out in the neighbourhood and throughout Montreal.

Globe and Mail

Broccolini starts work on new CBC Montreal HQ

Construction has begun on the new headquarters for CBC/Radio-Canada in Montreal as part of a mixed-use project that will eventually transform a large segment of the eastern edge of the city’s downtown. The new Maison de Radio-Canada “helps kick off of the redevelopment of the eastern part of downtown Montreal,” says Roger Plamondon, president of Broccolini Real Estate Group.

Property Biz Canada

Canada’s tallest condo tower set to rise in Toronto

Surviving what he has called a smear campaign, developer Sam Mizrahi has secured hundreds of millions of dollars in financing to build Canada’s tallest condo tower at Toronto’s coveted intersection of Yonge and Bloor Streets. Excavators and a pile driver have been at work on the site in recent weeks, drilling more than 35 metres down to prepare the foundation for 1 Bloor West, a.k.a. The One.

Globe and Mail (Subscription required)

Hamilton tops $1B in new construction in record time

Hamilton said Tuesday it reached $1 billion worth of construction in 2017, at the fastest pace in its history, as Steeltown continues to prove itself as an affordable alternative to Toronto across the real estate spectrum. Hamilton says it hit $1,003,737,444 on Sept. 29 based on 6,606 building projects in the residential, institutional, commercial and industrial sectors.

Windsor Star

Cominar appoints Sylvain Cossette president/CEO

The Board of Trustees of Cominar REIT announced the appointment of Sylvain Cossette as president and chief executive officer beginning Jan. 1, 2018. This appointment is part of the succession plan set up when Cossette, currently president and chief operating officer, joined Cominar in 2013. Michel Dallaire, Cominar’s long-time CEO, will devote himself to his duties as chairman of the Board of Trustees.

Canada Newswire

Vancouver tech sector needs boost to reach critical mass

Vancouver’s tech market needs more investment, talent and work spaces to reach what a panel of local experts consider a sustainable critical mass. Roughly 150,000 are employed in B.C.’s tech industry, said Kraig Docherty, the director of talent programs at B.C. Tech — an advocacy organization for the region’s technology industry.

Property Biz Canada

City Office REIT acquires $174.5M San Diego portfolio

City Office REIT, Inc. (CIO-N) today announced the closing of a portfolio in San Diego for an aggregate purchase price of approximately $174.5 million. The 10-building, 669,653-square-foot portfolio, at an aggregate purchase price of $174.5 million, exclusive of closing costs, is comprised of Mission City Corporate Center and the Sorrento Mesa portfolio, which includes a five-acre land parcel. 

PR Newswire

Cineplex to open up to 15 new Playdium locations

Cineplex is rebooting its Playdium brand and plans to open 10 to 15 new arcade and amusement centres across the country. The Canadian entertainment and media company says these new locations in mid-sized communities are aimed at teens and families, and will offer video games and activities such as virtual reality and bowling.

Toronto Star

Time running out for Sears Canada: Monitor

If Sears Canada is to shut down completely, it would be best to get it done before Christmas, according to a report from the monitor handling the troubled retailer’s insolvency. “Sears Canada is operating at a substantial weekly loss,” according to the report from FTI Consulting Canada Inc., adding with each passing week the amount of money available to unsecured creditors is reduced as a result.

Toronto Star – Financial Post – Globe and Mail (Subscription required) – CBC

Winnipeg’s CF Polo Park ready for Sears’ closure

The general manager of Winnipeg’s largest regional shopping centre — CF Polo Park — said Monday the mall should have no difficulty finding replacement tenants for its soon-to-be-vacant Sears store. “CF Polo Park is such a vibrant and desirable destination for both customers and tenants,” Peter Havens said, noting the mall had no trouble finding new tenants to fill the former Zellers space.

Winnipeg Free Press

Ottawa’s convention centre looking at insolvency

Ottawa’s convention centre, the Shaw Centre, won’t be able to make a $4-million payment on a loan it still owes for its construction, the centre’s bosses have told the provincial government. The payment is due next September, after a five-year break from payments on what started as a $40-million loan but has grown to nearly $50 million.

Ottawa Citizen

Ottawa handed out $70M in brownfields grants during last decade

The finance committee spent a not-inconsiderable amount of time on Tuesday discussing whether the City of Ottawa should waive a $920,000 charge for Trinity Development in connection with a proposed multi-use building with three residential towers at 900 Albert St. However, when it came to $8.2-million brownfields grant for the developer, councillors unanimously approved it.

CBC – CBC

Vancouver golf course sold to Chinese company

The Furry Creek Golf and Country Club is being sold to a Chinese company, Fine Peace Holdings. “Their intention here is to significantly upgrade the golf course and clubhouse, and build a mix of housing along the waterfront,” said Michael Geller, a property developer who is consulting with Fine Peace. The purchase price has not been disclosed.

Vancouver Sun

Two more Home Capital executives leave company

Two more Home Capital Group Inc. executives have left the company, with one being replaced and the position of the other eliminated. The Toronto-based alternative lender says Pino Decina, executive vice-president of residential lending, and Chris Whyte, executive vice-president and chief operating officer, have departed from their roles at the organization.

Globe and Mail

Featured Column

Carbon tax: Pain can bring opportunity if we’re smart

It’s not going to be smooth sailing cutting our reliance on fossil fuels, but with change comes the incentive to try something new and better. I attended a tax conference last week that featured the federal Liberal’s impending carbon tax on the agenda. The plan is to put a “price on pollution” by imposing a carbon tax of $10 per tonne across Canada, starting next year. This tax will rise each year to $50 a tonne by 2022.

Read more

Real Estate Companies

Park Lawn acquires Saber properties

Canada Newswire

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Real Estate Investment Trusts

R&R REIT closes on U.S. hotel portfolio

R&R Real Estate Investment Trust announced it has completed its previously announced acquisition of a portfolio of nine economy extended-stay hotels comprising 1,020 rooms located in the U.S. The REIT acquired the properties from entities controlled by Majid Mangalji, executive chairman and trustee of the REIT and Michael Klingher, president/CEO of the REIT.

Canada Newswire

Agellan completes disposition of portion of Parkway Place

Agellan Commercial REIT announced the closing of its previously announced disposition of a portion of the REIT’s Consumers Road office complex in Toronto (“Parkway Place”). The REIT disposed of its partnership interest for approximately $42.2 million before transaction costs, working capital adjustments and holdbacks. 

Business Wire

Legal Corner

Vancouver developer attempts to avoid receivership

Real estate developer Mark Chandler is fighting this week to keep his troubled Metro Vancouver condo project out of receivership, as his creditors attempt to recover millions of dollars they allege they’re owed. Meanwhile, Chandler simultaneously faces a number of other ongoing legal challenges including where he allegedly spent his money in recent years.

Vancouver Sun

Retail

Respect Your Universe to open first U.S. store In NYC

RYU Apparel Inc., plans to open a store in Brooklyn early next year in an opening that would mark the brand’s sixth store. RYU (Respect Your Universe) opened its fourth store, at 361 Queen Street, in Toronto, on Sept. 25. It plans to open its fifth store, at Metropolis at Metrotown on Oct. 14 or 15, RYU CEO Marcello Leone said.

Business In Vancouver – Canada Newswire

Amazon must pay US$295 million in back taxes: EU

The European Union is telling member state Luxembourg to get $295 million in back taxes from Amazon, in Brussels’ latest regulatory move targeting U.S. tech companies accused of tax avoidance. EU commissioner Margrethe Vestager also took Ireland to court for failing to collect a massive $15.3 billion in taxes from Apple Inc.

CTV – Reuters – Reuters

Restaurants and Eateries

Starbucks shuts online store, focuses on in-person experience

As customers increasingly shift their retail shopping toward e-commerce, Starbucks Corp. is bucking the trend: It shuttered its online store on Sunday. The company posted a notice in late August on its online store notifying shoppers the site would soon close. The digital store stocked items such as Starbucks coffee as well as branded mugs and tumblers.

Globe and Mail

New Development

Nordik Spa-Nature to build new 60-room hotel

Nordik Spa-Nature will soon be able to accommodate more overnight guests with a new 60-room hotel that will be dedicated to wellness, yoga and meditation. The spa, located in Chelsea, Que., touts itself as the largest spa destination in North America. Martin Paquette, CEO of the Nordik Group, said the Municipality of Chelsea approved a plan Monday night.

Ottawa Citizen – CBC – Ottawa Business Journal

Vancouver approves rezoning for False Creek Flats plan

Vancouver’s city council has passed rezoning paving the way for the gradual transformation of the False Creek Flats area. The 5-4 vote allows the city to begin implementing its plans for False Creek Flats, a 450-hectare site home to more than 600 businesses ranging from manufacturing, transportation, textiles, food and beverage production to art galleries.

CBC

Technology

TD to open cybersecurity office in Tel Aviv

Toronto-Dominion Bank is opening a new office in Tel Aviv to tap Israel’s cybersecurity talent as companies of all stripes race to fortify their defences amid mounting threats. Jeff Henderson, TD’s chief information officer, says the bank plans to invest $3 million to $5 million in its Tel Aviv office annually and aims to hire as many as 12 staff within the next year.

Globe and Mail – Financial Post

Other

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