Kelson plans $140M downtown Kamloops multifamily project

RENX  Residential  •  Condominiums, Apartments, Homes  •  British Columbia

Kelson Group has revealed plans for a $140-million multifamily development in downtown Kamloops, B.C., called City Gardens. “We started pursuing these properties in the mid-1990s,” Kelson president Jason Fawcett told RENX.

Infra challenges for downtown Mtl. multifamily builders

RENX  Commercial  •  Office, Homes, Infrastructure  •  Greater Montreal

The Quebec government and Caisse de dépôt et placement du Québec “have erred terribly” in charging a royalty to developers who build near stations on Montreal’s new REM LRT line, says Jonathan Wener, founder and chairman of Montreal-based developer Canderel.

$9.9M Port Coquitlam industrial site quickly scooped up

Commercial  •  Western Investor

A 2.4-acre vacant industrial site in Port Coquitlam didn’t last long when it was listed by Cushman & Wakefield at $9.9 million. “Our purchaser actually saw the for-sale sign being installed and immediately called us,” said Nick Goulet of Macdonald Commercial.

Forensic investigator calls for inquiry into Fortress

Commercial  •  Barrie Today  •  Barrie Today

Forensic investigator Dave Oswald is calling for a public examination of Fortress Real Developments, concluding more money was raised than was needed to build Collier Centre in Barrie, one of Fortress’ largest projects.

Burnaby condo owners ordered to pay Bosa $1.3M

Residential, Commercial  •  Western Investor

A B.C. Supreme Court judge has ordered 202 condo owners in Sovereign, a mixed-use Burnaby high-rise, to pay more than $1.3 million in unpaid shared building costs plus interest to Bosa Properties, which owns the Element by Westin hotel and retail space.

The feds may move to hike capital gains tax: a bad idea

Mark Goodman and Cynthia Jagger: Mark Goodman, Principal, Goodman Commercial Inc.

Westbank tower to be 100% rental, taller

Residential  •  urbanYVR  •  RENX

Westbank has converted an upcoming residential tower at Joyce SkyTrain station to 100 per cent rental, and added four additional storeys. Westbank recently submitted a revised rezoning application for the 36-storey tower at 5055 Joyce St., across from the Joyce-Collingwood SkyTrain station.

Wesgroup plans two Vancouver rental towers

Residential  •  urbanYVR  •  RENX

Developer Wesgroup is planning 222 secured market rental units on the former site of a Chevron service station in downtown Vancouver. The project will consist of two towers, eight and 16 storeys, atop a podium with commercial retail space at grade.

Indigo balancing e-commerce and bricks-and-mortar

Commercial  •  Globe and Mail (Sub. required)  •  Winnipeg Free Press

Indigo’s (IDG-T) store traffic is back to about 70 per cent of pre-crisis levels, but stores in downtown cores struggle as people continue to work from home. Retailers are preparing for the most important time of the year on uncertain footing.

Timbertrin proposes condo tower at long-neglected site

Residential  •  CBC  •  RENX

Timbertrin, a partnership between Trinity Development Group Inc. and Timbercreek, has proposed a condo development for the busy corner of Dundas Street West and Bloor Street West, a site which has sat neglected for more than a decade.

Lofty Riverside proposes 26-storey Ottawa mixed-use

Residential, Commercial  •  Ottawa Business Journal

Gatineau developer Lofty Riverside GP is proposing a 26-storey high-rise with a mix of rental apartments and hotel suites near Billings Bridge Shopping Centre, saying the project will breathe new life into a part of Ottawa overdue for residential development.

Marwest Apartment REIT closes IPO

Residential  •  Canada Newswire

Winnipeg-based Marwest Apartment REIT announced it completed its initial public offering of 1,000,000 class-A trust units issued at a price of $0.50 per unit pursuant its final prospectus dated Sept. 4, 2020, resulting in aggregate gross proceeds to the REIT $500,000.

Everything you need to know about Hudson Yards

Residential, Commercial  •  Architectural Digest

“In a place where dreams and ambitions are limitless, land is not,” New York’s Department of City Planning wrote when the idea for Hudson Yards was conceived two decades ago. “There is one last frontier available in Manhattan — Hudson Yards.”

Brookfield Properties laying off 20% of U.S. retail staff

Commercial  •  CBC  •  Globe and Mail (Sub. required)  •  Financial Post

Brookfield Properties (BAM-A-T), one of the largest mall operators in the U.S., is cutting 20 per cent of its workforce in its retail division, as the pandemic has accelerated online shopping and resulted in a string of store closings.

Hotel Equities assumes control of TWG’s 36-hotel portfolio

Commercial  •  Globe Newswire

Hotel Equities announced it has entered into a strategic alliance with The Witness Group (TWG). Hotel Equities transitioned and assumed operations of The Witness Group’s portfolio of 36 hotels on Sept. 1. Brands represented are Marriott, Hilton, IHG and Hyatt.

Blackstone announces $8B close for latest fund

Commercial  •  Business Wire

Blackstone (BX-N) announced the final close of its most recent real estate debt fund, Blackstone Real Estate Debt Strategies IV. BREDS IV has $8 billion US of total capital commitments, making it the largest real estate credit fund ever raised.

Royal LePage launches AI-driven platform rlpSPHERE

Residential  •  Canada Newswire

Royal LePage, Canada’s largest real estate company, has launched its new digital brokerage ecosystem, rlpSPHERE. The technology drives brokerage, team and agent businesses through powerful websites, superior lead generation, compelling client insight, and an automated client nurturing system.

Vancouver’s housing cracks are showing

Residential  •  Globe and Mail  •  Straight.com

Crime has condo owner Brock Worobel feeling uneasy living at 53 West Hastings, near Vancouver’s downtown east side. Landlords are seeing their tenants move out. Worobel worries that if he wanted to leave nobody would buy his condo or rent it.

Toronto condo dwellers flock to exurbs

Residential  •  Financial Post

A flood of Toronto residents leaving their downtown condos in search of more space and greater affordability is causing a domino effect across Southern Ontario that is being felt as far away as Fort Erie, according to brokers and agents.

Masks mandatory in Hamilton apartment common areas

Residential  •  CBC  •  Global News

People living in Hamilton apartment and condo buildings will soon have to wear masks in common areas like lobbies, elevators and laundry rooms. The city’s board of health voted Monday to include common areas in the mandatory mask bylaw.