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Minto, Greystar JV acquires B.C. mall for major redev.
Minto, Greystar JV acquires B.C. mall for major redev.
Minto Properties Inc., an institutional investor and Greystar Real Estate Partners have created a partnership to acquire the University Heights shopping centre Saanich, B.C. The 11.5-acre property is the site of a major planned mixed-use redevelopment.
iRestify raises $6M to grow bldg. maintenance platform
Toronto-based, technology-driven building maintenance firm iRestify will further expand into the United States after raising $6 million in its latest funding round.
Ottawa approves 3,900-unit redevelopment
• Ottawa Citizen • CBC
An Aggarwal family-led vision for 3,900 new homes and apartments that would transform Ottawa’s central Manor Park area was unanimously endorsed by the city’s planning committee Thursday in a discussion that was far less fraught than others the committee has seen.
New design for Plaza of Nations’ Expo Gardens
• urbanYVR
The redesigned Phase 1 for the Plaza of Nations‘ Expo Gardens development in Vancouver’s False Creek includes a new architect, Francl Architecture, and a 28-storey building with two floors of retail, three floors of offices and 648 units of strata condos.
Summit acquires 50% stake in 40-acre site for $29M
• Globe Newswire • RENX
Summit Industrial Income REIT (SMU-UN-T) is selling 9,030,000 units for approximately $200 million, $29 million of which will help fund a 50% interest in a joint venture for a 40-acre development-ready site in close proximity to the 401 and just outside of the GTA.
Flooding didn’t sink ind. land values in Abbotsford
A short supply of industrial land in the Lower Mainland has helped sites adjacent to last fall’s floods in the Fraser Valley hold and even increase their value in the first quarter, said Kyle Dodman, vice-president, industrial properties with CBRE.
Port Alberta relaunched in Edmonton region
• Edmonton Journal • Global News • RENX
Port Alberta, an international manufacturing, cargo and shipping hub for air, road, rail and pipeline distribution that has undergone several changes over the years, is being relaunched with a bigger scope in the Edmonton region.
After record year, Port of Vancouver seeks expansion
• Globe and Mail (Sub. required) • Toronto Star
The Port of Vancouver handled a record of nearly 3.7 million 20-foot equivalent units last year and warns that unless it expands shipping capacity, serious disruptions will become more prevalent and widespread in Canada’s supply chain within five years.
False Creek Flats, Mount Pleasant hot new zones
Commercial brokers and builders are buzzing about how hot Vancouver’s False Creek Flats and the nearby Mount Pleasant industrial area are becoming for a new wave of health- and tech-related ventures.
Huntingdale Towns approved after retail added
Huntingdale Towns, a proposal by Profile Developments to redevelop a site at 3079 Pharmacy Ave. in Scarborough, has been approved after the IBI Group-designed development added 2,863 square feet of retail in addition to 81 residential townhouses to be constructed in three rows.
Ont. to boost penalties if developers break rules
• CBC • CP 24 • Toronto Star
The Ontario government is poised to double the maximum fines of $25,000 for individuals and $50,000 for corporations which unjustifiably cancel or jack up the price of pre-construction sales agreements.
Top-10 hotel/motel and shopping centre projects
The accompanying table shows the Top-10 upcoming hotel/motel and shopping centre construction projects in Canada. They are all in the planning stages and are mainly new projects, but may also involve additions and/or alterations.
Hibernia recommends accepting Brookfield $1.5B bid
• Globe and Mail • Bloomberg • MarketWatch
Ireland’s Hibernia REIT said Friday its board unanimously recommended shareholders accept a $1.5 billion takeover bid by a subsidiary of Brookfield Asset Management. Ireland’s largest public office landlord said the offer represents a 35.6 per cent premium to Thursday’s closing price.
Blackstone on hunt for Manhattan office space
New York-based private equity firm Blackstone Inc. is hunting for roughly 1.5 million square feet of Manhattan office space as it considers relocating from its longtime Park Avenue headquarters.
U.S. single-storey offices grow in stature
• Bisnow
The pandemic has corporate America scrambling for options other than traditional office towers, raising the profile of single-storey buildings, which let tenants enter their workspaces and avoid crowded elevators and lobbies, attractive features to employees who fear airborne pathogens.
Office-to-logistics conversions are challenging
• Commercial Property Executive
With industrial facilities in record-high demand, it makes perfect sense to take underutilized office properties and turn them into state-of-the-art warehouses. However, don’t expect the trend to be sweeping the U.S.
Canada’s red-hot housing markets hint at cooldown
• CTV • Calgary Herald
Toronto realtor Nasma Ali has noted a marked slowdown in housing demand in the red-hot Greater Toronto Area over the past few weeks, which she sees as a likely precursor to a reckoning in the suburbs and surrounding towns.
New Brunswick unveils rent cap for tenants
• Globe and Mail (Sub. required)
New Brunswick plans a variety of changes to cool its frenzied housing market, including a retroactive limit on rent increases that would see landlords reimburse some tenants for excess payments. Rent hikes will be capped at 3.8 per cent for 2022.
Waterloo wary of some task force recommendations
• CBC • Globe and Mail (Sub. required)
Region of Waterloo staff say a provincially appointed task force on affordable housing must balance the need to increase the supply of housing with the preservation of historical buildings and the “vibrancy and character” they bring to a neighbourhood.
RESAAS launches real estate payment system
RESAAS Services Inc. (RSS-X), a technology platform for the real estate industry, announced the launch of RESAAS Pay, a first-of-its-kind digital payment system for brokerages, agents and realtors.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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