Tech firms crowd into Vancouver’s Mount Pleasant

Tech firms crowd into Vancouver’s Mount Pleasant

Vancouver is looking to increase density in Mount Pleasant to relieve some of the neighbourhood’s excessive success. But will it work? “Mount Pleasant is the first choice for creative industries. … The trouble is, the buildings are not there. They are not available,” says Hani Lammam, executive vice-president at Cressey Development Group in Vancouver.

Globe and Mail – Vancouver Sun – Business In Vancouver

Transit hub ‘critical’ for TO-Waterloo corridor

Kitchener Mayor Berry Vrbanovic says a proposed transit hub at Pearson Airport would be critical to the future development of the Toronto-Waterloo Innovation Corridor. A design for a proposed transit hub at Pearson, linking the Eglinton Crosstown LRT in Toronto, Mississauga Bus Rapid Transit and a proposed bullet train from Kitchener-Waterloo were unveiled last month.

CBC – Toronto Star – CBC – Property Biz Canada

Can MaRS Discovery District colonize Toronto surroundings?

Can the MaRS Discovery District make Toronto smarter? The question comes about after MaRS released a new report detailing how tech companies that once would have set up in research parks on the edges of cities are heading downtown.

Property Biz Canada – Bloomberg

‘Exciting time’ in Montreal for CRE developments

The orange cones that have been bedeviling Montreal motorists appear to be paying off. Montreal’s real estate community is decidedly buoyant about the high number of construction projects in the city. “This is an exciting time to be a Montrealer,” Montoni Group director of business development Mike Jager said at the Montreal Real Estate Forum.

Property Biz Canada

Positive outlook for London CRE: CBRE

The outlook is positive for London’s commercial real estate market thanks to a thriving local tech and digital media sector and low industrial availability rates in the city, according to CBRE Southwestern Ontario. The local office of the real estate brokerage and investment firm recently held its annual Southwestern Ontario Market Outlook event with more than 200 in attendance.

Global News – Property Biz Canada

Mixed-use heritage property for sale in Brantford

Wilfrid Laurier University’s expanding Brantford campus is helping to revitalize the Ontario city’s long-suffering downtown, and Principled Apartment Advisor hopes that is good news for a new mixed-use listing. “The downtown core will be changing drastically in the next couple of years,” said Principled spokesman Alex Brogantz.

Property Biz Canada

Brookfield buys 45-property portfolio from TA Realty

TA Realty has sold a 45-property portfolio to Brookfield-managed real estate funds for $854.5 million US on behalf of TA’s The Realty Associates Fund IX. The portfolio includes industrial and office properties totalling 8.6 million square feet spread over 12 states, with the vast majority of the properties located in Los Angeles, Dallas, Chicago and Washington, D.C. metros. 

CoStar Group – Globe and Mail (Subscription required)

Downtown Edmonton’s tallest condo-only tower underway

Construction has started on a 43-storey downtown luxury tower set to be Edmonton’s tallest condominium-only building. The Encore Tower was slated to begin going up last fall, but developer Westrich Pacific Corp. pushed back that date to deal with internal planning and complete its Ultima Tower a block north, co-chief executive David Sanche said Thursday.

Edmonton Journal – Metro

RioCan REIT seeks feedback for Ottawa development

More than 100 Lincoln Fields-area residents gathered in one of the vacant stores in the 45-year-old shopping mall Tuesday night night to hear what RioCan (REI.UN-T) has in mind for the 45-year-old property. The country’s biggest REIT plans to reinvent its aging shopping centres over the next 20 years or so. 

Ottawa Citizen – Property Biz Canada

Financings plummet in B.C. real estate sector

Corporate financing deals in mining, real estate and other major industries in B.C. were down last year compared with 2015. Real estate was down 77 per cent to $230 million from $1 billion and accounted for only two per cent of the money raised on the 2016 Top 100 Corporate Finance Deals list, down from six per cent in 2015.

Business In Vancouver

RCMP investigating Vancouver land swap

A complaint has been filed with the RCMP concerning a controversial City of Vancouver property exchange involving a luxury condo tower to be built in Yaletown, Postmedia has learned. Complainant Glen Chernen of the South Vancouver Parks Society began forwarding information to investigators last fall.

Vancouver Sun

Hotel, short-term rental tax planned for Toronto

Ontario will move forward on a request from John Tory to allow the city to levy a tax on hotels and short-term rental accommodations “in the near future,” Premier Kathleen Wynne said Tuesday, a day after the Toronto mayor issued a list of demands ahead of the provincial budget, including the new tax. 

CBC – Globe and Mail – CBC

CRE: Creating communities to live healthier, longer lives

The key to living to 100 isn’t found in a special diet, or an exercise regimen. The key to unlocking a long, fruitful life is in how we design the spaces and communities in which we live, shop and work. That was the message Nick Buettner brought to the third edition of Real Estate Development Talks, or RED Talks.

Vancouver Sun

Amazon is worth almost twice as much as Walmart

Shares of Amazon (AMZN-Q) rose above $900 for the first time Tuesday and are on a seven-day winning streak. The shares have gained seven per cent during that stretch and more than 20% this year. As a result, Amazon is worth more than $430 billion US, nearly twice the market value of Walmart (WMT-N) at $220 billion. 

CNN

NYC RE mogul Leonard Litwin dead at 102

Leonard Litwin, a rental-property developer who began with his father’s Depression-era plant nursery on Long Island, built a New York City residential real estate empire and paid millions to Republican and Democratic leaders to ensure tax breaks, government financing and favourable rent laws, died on Sunday at his home on Long Island, in Melville. He was 102. 

New York Times – The Real Deal – Newsday – GlobeSt.com

Market Trends and Research

Data centres attracting private, public investors

If present conditions continue, 2017 has the potential to become one of the data centre industry’s most storied periods yet. In the first quarter of 2017, data centre REITs posted a gain of 10.41 per cent on the FTSE NAREIT All Equity REITs Index, easily surpassing the total index gain of 1.98 per cent.

National Real Estate Investor

Real Estate Companies

Trade mission lures California company to Calgary

Calgary Economic Development used a little political star power this week to lure a California company to set up an office in Calgary. With a high unemployment rate and plenty of empty downtown office space in Calgary, CED has trained its eyes on northern California in recent months. The company was not identified.

CBC – CBC – Regina Leader-Post

Marriott sells Westin Maui Resort & Spa

Marriott International Inc. (MAR-Q) said it sold the Westin Maui Resort & Spa for about $317 US million as part of a plan to dispose of real estate acquired in the merger with Starwood Hotels & Resorts Inc. The buyer is a venture among funds managed by Trinity Investments LLC and Oaktree Capital Management LP. 

Bloomberg – CP Executive

REOC Financial Reports

The latest results:

* Dundee Corporation, (DC.A-T), Marketwired   

* Firm Capital American Realty Partners, (FCA.U-X), Canada Newswire

* Mosaic Capital Corporation, (M-X), Canada Newswire 

* PrimeWest Mortgage Investment Corporation, (PRI-CN), Canada Newswire 

* StorageVault Canada, (SVI-X), Marketwired 

REIT Financial Reports

The latest results:

* OneREIT, (ONR.UN-T), Marketwired 

* PROREIT, (PRV.UN-X), Marketwired 

Real Estate Investment Trusts

PIRET announces closing of Houston acquisition, other transactions

Pure Industrial Real Estate Trust (AAR.UN-T) announced the successful completion of the previously announced Houston acquisition, the completion of the previously announced Texas land acquisition and the closing of certain previously announced dispositions. The previously announced acquisition of Cedar Port Distribution Centre in Houston closed for approximately $85.3 million, representing an approximate 6.8% going-in capitalization rate. 

Marketwired – Marketwired – Property Biz Canada

What makes up NorthWest’s quality portfolio?

NorthWest Healthcare Properties REIT (NWH.UN-T) offers a juicy yield of 7.5 per cent based on its recent quotation of $10.64 per unit. Its distribution is supported by its portfolio of globally diversified healthcare properties and a sustainable payout ratio. NorthWest has $3.9 billion of assets, comprising of 141 properties across 9.5 million square feet. 

Motley Fool

LaSalle REIT sells three U.S. hotels

LaSalle Hotel Properties (LHO-N) announced it has sold two hotels and is under contract for the sale of a third property, for a combined $218.9 million in proceeds. The three properties are: The Lansdowne Resort in Leesburg, Va., which traded for $133 million; the Alexis Hotel in Seattle, for $71.6 million; and the Hotel Triton in San Francisco, under contract for $14.25 million.

GlobeSt.com

Northview announces succession of Board of Trustees chair

Northview Apartment REIT (NVU.UN-T), announced Douglas H. Mitchell will be stepping down as chair of the Board of Trustees when his term ends at the next Annual General & Special Meeting of unitholders on May 9. Scott Thon will stand for re-election and if elected, the board intends to appoint him chairman. 

Marketwired

Retail

HBC looking to cut costs, spending

Hudson’s Bay Co. (HBC-T) is looking to further slash costs and spending in what it says will be a major reinvention of its business as it steels itself for more tough times in the sector. The approach to look for savings and big operational changes follows HBC’s release this week of its fourth-quarter results which showed a $152-million loss.

Globe and Mail – Financial Post – The Real Deal – TheStreet.com

Office supplies retailer Staples explores sale: Sources

Staples Inc (SPLS-Q) is in talks with private equity firms about a potential sale, sources said Tuesday, as the largest U.S. office-supplies seller tests buyer appetite for an industry rattled by online competition and hefty debt burdens. Staples’ shares have more than halved in three years. 

Reuters – Bloomberg – Bloomberg

Ralph Lauren to close flagship NYC store

Ralph Lauren Corp (RL-N) said Tuesday it would cut jobs and shut its flagship Polo store on Fifth Avenue in New York City, among other office and store locations, as part of a cost-cutting plan. The luxury retailer also said its e-commerce business would move to Salesforce.com Inc‘s (CRM-N) cheaper and more efficient Commerce Cloud platform. 

Reuters – Bloomberg – Business Insider

Shoe retailer Payless files for U.S. bankruptcy

Discount footwear retailer Payless ShoeSource said it had filed for Chapter 11 protection on Tuesday with a plan to restructure debt and immediately close 400 underperforming stores in the United States and Puerto Rico. Privately owned Payless Inc joins a long list of U.S. brick-and-mortar retailers to fall victim to declining mall traffic.

Reuters – USA TODAY – Bloomberg – CBC

Restaurants and Eateries

Panera Bread takeover may trigger wave of restaurant deals

Panera Bread‘s (PNRA-Q) $7.5-billion US takeover by JAB Holdings may trigger a wave of deals in the troubled restaurant sector, where operators are struggling with weak traffic and revenue growth trends, analysts said Wednesday. The deal is the biggest of four restaurant takeovers to be announced so far this year.

MarketWatch – Bloomberg – Reuters – Forbes

Sports Venues

SFU unveils plans for Burnaby campus stadium facelift

Simon Fraser University has announced plans for the first phase of its stadium project, which will see covered seating built into the north hillside of Terry Fox field at the Burnaby campus by April 2020. At a cost of $10 million, the plans include seating for 1,800 covered by a roof, washroom facilities, and a media centre.

CBC

Calgary council to compare arena visions in May

Plan B is coming for Calgary’s new arena. Here is what we do know about Plan B. It envisions an “events centre” in Victoria Park. We also know a report on Plan B that also compares it to the apparently doomed CalgaryNext proposal is due to come before city council sometime before the middle of May.

CBC – CBC

Infrastructure

Tory says Ontario must step up for TO downtown relief line

A downtown relief subway line for Toronto will be possible only if the Ontario government comes through with more funding, Mayor John Tory said on Monday. At a news conference on a busy subway platform, Tory called on the province to match any money for transit expansion provided by the federal government, in the hopes that each can carry about 40 per cent of the project, leaving a 20 per cent share for the city to cover.

CBC

Edmonton Transit looks at partnership with Uber

Edmonton Transit will ask city council for permission to explore partnerships with Uber or other taxi and ride-sharing companies as part of its shift to develop express routes in the suburbs. In other North American cities, subsidizing Uber rides has proven cheaper than building park-and-ride lots or running half-empty buses.

Edmonton Journal – Edmonton Journal

Victoria getting new sewage treatment plant

After decades of delays – and a federal shove – work has started on the Capital Regional District’s (CRE) new sewage treatment plant. A progress report to CRD directors notes the project timeline is driven by the need to comply with a federal mandate to be treating sewage by Dec. 31, 2020.

Western Investor

Technology

A look inside the secretive HQ of Dyson

When Michael Aldred joined the British home electronics maker Dyson two decades ago, he had a simple goal: to quickly build a robotic vacuum cleaner. But Aldred and his team kept running into roadblocks. Their first attempt, unveiled in 2001, was too clunky for James Dyson, the company’s founder.

Financial Post

Montreal foresees major AI community

The light bulb flickers inside the old elevator that creaks as it takes you to the eighth floor of the 1960s-era building, tucked away in a corner of Mile End that was Montreal’s garment industry a half century ago. Walk down the dank corridor and into the office of Landr‘s. The contrast is striking.

CBC

FarmLead sowing seeds of growth

Farm boys at heart, pro hockey player-turned-entrepreneur Brennan Turner and business partner Alain Goubau surveyed the agricultural landscape a few years back and saw a growth opportunity of a whole new kind. The result is FarmLead, an online marketplace that allows buyers and sellers of grain to connect via computer or mobile device and negotiate their own terms of sale.

Ottawa Business Journal

Other