Two JV developments to build 2,200 apartments in Toronto

Two JV developments to build 2,200 apartments in Toronto

Two joint ventures have been formed to construct about 2,200 apartments in Toronto — 30 per cent of them designated as affordable housing — the developers announced on Friday. The projects also incorporate retail and possibly office space. The projects involve six investors and will be constructed on the West Don Lands, as well as at Grosvenor and Grenville streets.

Property Biz Canada

Blackstone joins hunt for Vancouver industrial space

The world’s largest real estate private equity firm with $120 billion US under assets is eyeing the Vancouver industrial market for expansion, but the problem for New York City-based Blackstone Property Partners (BX-N) is so is everybody else.  At the Vancouver Real Estate Forum, Charlie Deeks, vice-president of investments for Blackstone’s Canadian investment vehicle, told the audience the company wants to expand further in B.C.’s largest city.

CoStar Group

Suburban buildings benefit from GTA office crunch

Record low office vacancy rates and rising rents in downtown and midtown Toronto could pave the way for better results in the suburbs, according to a new Avison Young report. “The ongoing trend of people and companies gravitating to urban locations has clearly narrowed the number of options available for tenants and made downtown and midtown a more expensive place to do business,” said Bill Argeropoulos.

Property Biz Canada

MasterBUILT Hotels rapidly expands Microtel brand

Calgary-based MasterBUILT Hotels is setting a blistering pace as it expands the Microtel Inn and Suites brand across Canada. “In the next month, we’ll have 17 Microtels open across the country and another two opening within the next eight or nine months . . . and we’re expecting another eight to 10 to start this year. We’re seeing a lot of momentum,” says MasterBUILT president Eric Watson.

Property Biz Canada

Toronto commits $1.5B for SmartTrack plan

In the latest win for Mayor John Tory, city council has agreed to contribute nearly $1.5 billion to fund his SmartTrack plan. But the vote on Wednesday came after hours of discussion, including concerns shared by multiple councillors over the high price tag for just six stations — all of which will be operated by Metrolinx, a provincial agency, not the city.

CBC

Feds signal interest in Ottawa office market

After spending several years working to reduce the federal government’s presence in downtown Ottawa, Public Services and Procurement Canada is hinting it may be open to resuming its growth in the city’s central business district. In the first quarter, the federal government published a request for landlords to express their interest in leasing out 58,125 square feet of downtown space between Albert, Elgin and Bank Streets.

Ottawa Business Journal

Saskatoon set for wave of high-end office space

Saskatoon’s business tenants will soon have an opportunity to shift from aging office stock into an inventory flush with new high-end work spaces, as several new projects get underway in the mining office hub. “We haven’t seen major new office buildings built for quite some time,” said Tom McClocklin, the president and managing director of Colliers International Saskatchewan in Saskatoon.

Property Biz Canada

Available Ottawa industrial space approaching record lows

The availability rate of industrial space in Canada’s capital declined for the 11th straight quarter and is approaching a record low set in 2006, according to CBRE’s Q1 market report. The availability rate – the amount of available space, whether vacant or not, divided by the total amount of existing inventory – declined from 4.6 per cent to 4.3 per cent in the first quarter of the year.

Ottawa Business Journal

Brightenview decides to lease Saskatchewan’s GTH land

CBC has learned mega-mall developer Brightenview Development International has had a change of heart regarding plans to purchase additional land at the troubled Global Transportation Hub. During the 2016 election campaign, then-Saskatchewan Premier Brad Wall regularly touted the sale of 30 acres of GTH land to the company for $256,000 an acre as proof that “taxpayers are making money” at the government owned transportation and logistics hub.

CBC

Lac-Leamy to lose millions to Hard Rock Ottawa: Report

Several of Ottawa’s leading business organizations are throwing their support behind the Hard Rock Ottawa casino, a redevelopment that could see millions of dollars swing back across the river from its Gatineau competitor, according to a recent report by consultants Shore-Tanner and Associates. The $318-million project is a joint venture between Hard Rock and the Rideau Carleton Raceway.

Ottawa Business Journal

London tech firm moves HQ from Vancouver to Texas

A London-based tech firm has shifted its North American headquarters to North Texas. Software firm Basis Technologies moved the operation from Vancouver to Addison. Company officials said it was a combination of geography and workforce that brought them to the Dallas area. Basis expanded to Vancouver a few years ago to serve a client. But executive vice-president Matt Thomas said travel from B.C. was a challenge.

Dallas News

Science centre part of proposed Waterloo condo development

A new development at the corner of King and Bridgeport in uptown Waterloo will include space for a science centre. The building at 70 King St. N., where a former post office currently stands, will include two condo towers as well as five floors for a centre by the new group Launch Waterloo. That group is dedicated to STEAM (science, technology, engineering arts and math) programs in Waterloo region.

CBC

Safeway stores succumb to B.C. real estate values

Sobeys, the parent company of Safeway, is blaming poor store performance for the shuttering of several Metro Vancouver grocery stores in coming months. “It’s no secret that many of our stores in British Columbia have struggled in recent years,” said Cynthia Thompson, vice-president of communications and corporate affairs with Sobeys, which purchased Safeway in 2014 and operates under the Empire Company Ltd. (EMP-A-T)  umbrella.

Vancouver Sun

Fairfax eyeing some U.S. Toys ‘R’ Us stores

Fairfax Financial Holdings Ltd.’s (FFH-T) president Paul Rivett says its plans for Toys “R” Us are not limited to Canada, as it is exploring options to keep a foothold in the U.S. and elsewhere. The Toronto-based company, whose $300-million stalking horse offer for the Canadian subsidiary of the toy retailer was approved in a U.S. court, is looking for stores outside of Canada it can potentially snap up.

Financial Post

Subway plans to close 500 U.S. stores

Subway Restaurants, the world’s most ubiquitous dining chain, will continue closing U.S. stores as it expands internationally. After peppering the nation with thousands of locations, closely held Subway is retrenching. This year, the sandwich purveyor is planning to shut about 500 more of its U.S. shops. Last year, more than 800 stores went dark, with the total U.S. count dropping to 25,908. It also closed restaurants in 2016.

Bloomberg – CoStar Group

Real Estate Companies

Fortress affiliate FMP suspends operations

A mortgage brokerage firm that raised millions from investors to finance projects for Fortress Real Developments Inc. has notified clients it is going out of business. FMP Mortgage Investments Inc. sent a letter to clients on Wednesday saying it is surrendering its mortgage brokerage licence and suspending all business operations.

Globe and Mail (Subscription required)

Haida Nation reveals new luxury floating lodge

The Haida Nation unveiled a new floating resort Wednesday. The Ocean House is part of the Nation’s plan to become more economically independent on the remote islands of Haida Gwaii, located off the northern coast of B.C. The Nation also runs the 10-room luxury lodge, Haida House. The new tourism venture will be located on the west coast of Haida Gwaii in Peel Inlet.

CBC

REIT Financial Reports

Latest financial results:

* Choice Properties REIT, (CHP-UN-T), Canada Newswire

Real Estate Investment Trusts

Fronsac announces JV Quebec development

Fronsac Real Estate Investment Trust (GAZ-UN-X) and its partner Odacité Immobilier announced the launch of a new 12,500-square-foot commercial development in Lachute, Que., composed of a stand-alone Benny & Co restaurant, a Beau-Soir convenience store, a Petro-Canada gas station, as well as three quick service restaurants: A&W, Thaï Express and Amir. Project costs are expected to total approximately $8,000,000. Fronsac will retain a 50 per cent interest in the project.

Globe Newswire

SmartCentres satisfied with CREIT-Choice amendments

SmartCentres Real Estate Investment Trust (SRU-UN-T) Thursday announced it is satisfied with court-ordered amendments to the plan of arrangement whereby Choice Properties Real Estate Investment Trust (CHP.UN-T)   will acquire Canadian Real Estate Investment Trust (REF.UN-T). SmartCentres had initiated its challenge of the original plan based on its concern as a co-owner of eight shopping centres with CREIT. 

Globe Newswire – Property Biz Canada

Which office REITs stand to gain from Amazon HQ2?

In economic development circles, today’s most popular guessing game centers on where e-commerce goliath Amazon will put its highly coveted second headquarters. Will it be in Washington, D.C.? Or will Atlanta win the Amazon derby? And how about Boston? In all, 20 finalists—encompassing 16 U.S. metro areas in addition to Toronto—are vying for Amazon HQ2, a $5 billion project that’s primed to generate 50,000 jobs.

National Real Estate Investor

Retail

Battle brewing among DavidsTea management

A battle is brewing at DavidsTea after the company’s board of directors fought back against a co-founder’s attempt to replace them with a dissident slate of nominees. The Montreal-based company said Thursday Herschel Segal is trying to gain control of the board without paying a premium by pushing the election of seven nominees at its annual meeting June 14.

CBC

Hillberg & Berk opening first Edmonton store

Regina-based jewelry company Hillberg & Berk is holding the grand opening Saturday of its Edmonton flagship location at Southgate Centre. The 860-square-foot store will feature the firm’s Sparkle Collection, and includes space to host special events and do one-on-one styling, the company said in a news release.

Edmonton Journal

Restaurants and Eateries

Starbucks shares slip two per cent on flat U.S. traffic

Starbucks Corp (SBUX-Q) on Thursday reported stagnant store traffic at established U.S. cafes for the second quarter in a row, stirring concerns about intense competition from upscale coffee houses as well as fast-food chains and convenience stores. Shares in the world’s biggest coffee chain fell 1.9 per cent in extended hours after stepped-up promotions failed to lure more U.S. customers, who drive the lion’s share of Starbucks profits.

Reuters

Cannabis industry news

Multi-national companies moving into cannabis territory

Walls between the previously separate worlds of biotechnology and medical cannabis appear to be coming down. Sandoz Canada Inc. recently established a partnership with B.C. medical cannabis company Tilray to produce and distribute medical marijuana products. Sandoz Canada is a division of Switzerland’s Novartis, one of the world’s largest pharmaceutical companies.

Business In Vancouver

Other

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