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Multibillion-dollar Conservatory Group must be sold
Multibillion-dollar Conservatory Group must be sold
The Conservatory Group, a multibillion-dollar development empire built from nothing in the Toronto suburbs by a man who survived Auschwitz, has been ordered wound up and sold because founder Teddy Libfeld’s four wealthy sons can’t get along.
Big banks need to ‘find a backbone’: Allied’s Emory
• Globe and Mail (Sub. required) • RENX • Globe and Mail (Sub. required)
Michael Emory, CEO of office landlord Allied Properties REIT (AP-UN-T), said bank CEOs need to “find a backbone” and start bringing staff back to the office after more than a year of working from home.
Denciti, Kadestone buy B.C. industrial dev. property
Denciti Development Corp. and Kadestone Capital Corp. (KDSX-X) have acquired an industrial development property in the community of Squamish, north of Vancouver. The partners plan to move ahead with construction on the site as soon as approvals are in place.
BGO buys 3 modern industrial buildings in Edmonton
Three buildings in the Henday Industrial Park in Edmonton, comprising 618,363 square feet of core industrial real estate and 3.5 acres of outdoor storage, have been purchased by BentallGreenOak.
Province backs $9B Calgary-Edmonton rail link: EllisDon
Edmonton-based construction giant EllisDon Corp. says it’s formed a partnership with infrastructure consultant AECOM, dubbed Prairie Link, to move a $9-billion high-speed rail link between Calgary and Edmonton project forward with the backing of the provincial government.
Walmart to open 149,000-sq.-ft. Edmonton Supercentre
Walmart announced Thursday it will open a 149,000-square-foot Walmart Supercentre at the Kingsway Mall north of downtown Edmonton in the fall of 2022. It will replace a Walmart store at the struggling Westmount Shopping Centre about three kilometres to the west.
Ground broken on 48,000-sq.-ft. Edm. industrial plant
A 48,000-square-foot manufacturing plant has broken ground in South Edmonton. Polykar Inc.’s latest facility is located in the Discovery Business Park. Construction of the building is Phase 1 of what will become a $40-million investment. Quebec-based Polykar specializes in sustainable packaging.
TD Centre awarded WELL Health-Safety Rating
The International WELL Building Institute (IWBI) recently awarded Cadillac Fairview (CF)’s Toronto-Dominion Centre (TD Centre) the WELL Health-Safety Rating for all six of its towers, making it one of the largest office complexes in Canada to earn the designation.
Black Lives Matter to purchase 10K-sq.-ft. T.O. building
• CP 24
A 10,000-square-foot building at 24 Cecil St. in downtown Toronto will soon be transformed into a new community activism and creative space operated by Black Lives Matter. A real estate listing lists the asking price for the building as $8.2 million.
Committee approves 26-storey Ottawa tower
• CBC • Ottawa Citizen • Ottawa Citizen
Ottawa’s planning committee has approved Lofty Riverside GP Inc.’s 26-storey tower near Billings Bridge mall. The tower will include 326 apartments and 65 short-term rental hotel units. A co-working space would be located on the second floor of the podium.
Bosa’s ‘Jenga’ Van. condo tower in pre-sale stage
• Daily Hive • RENX
Nearly four years after the “Jenga tower” was approved by the previous Vancouver City Council, Bosa Properties and Kingswood Properties‘ much-anticipated feat of engineering is slated to begin pre-sales in October. “Fifteen Fifteen” will contain 202 upscale condominium homes within 42 floors.
Real estate podcasts
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Peter Politis, Greybrook Realty Partners: World-class development, CRE Library: Episode 51
Colin Baryliuk, Kingsett Capital: Deploying equity, CRE Podcast
Joanna Frank, Center for Active Design: How healthy buildings drive ROI, Tenant Experience Network. Season 2, Episode 9
Jollibee forming Philippines’ first ‘industrial REIT’
Philippine fast-food giant Jollibee Foods is teaming up with Double Dragon Properties to set up the country’s “first and largest industrial (REIT).” Jollibee is the latest Philippine company to tap the nascent market for REITs to fund its post-pandemic recovery.
Manhattan office market faces worsening supply issue
More than 20 million square feet of office space is under construction in Manhattan, and as leasing activity has remained well below historical levels, experts are warning about the country’s largest office market being severely oversupplied for the near future.
U.S. hotels finally surpass pre-COVID levels
Red-hot demand from leisure travelers boosted a key lodging industry metric higher than it was during the same period in 2019, marking the first time since the pandemic began that U.S. hotels outperformed pre-Covid levels.
U.S. malls within striking distance of 2019 traffic levels
Placer.ai’s latest mall index — the sample for which has been doubled to 100 U.S. properties — indicates traffic in enclosed shopping centres during June was only eight percentage points off June 2019.
Ontario engineering firm offers staff $20K to buy homes
• Globe and Mail (Sub. required) • CTV • Daily Hive
Ontario engineering company C.F. Crozier & Associates Inc. is giving staff $20,000 to help them buy their first home, showing the lengths to which at least one employer is going to attract and retain talent.
Co-ops, co-ownership emerge as condo alternatives
With the rapid increase in the price of condominium units this year, some buyers are turning to co-ops and co-ownerships as an alternative. Unlike condominiums, co-ops and co-ownerships exist under originating documents created by their developers and lawyers.
One little Ottawa house becoming four $1.2M units
A house at 75 Granton Ave. in Ottawa’s City View is to be demolished, being replaced with two doubles, each with a rentable basement unit — one dwelling on 90-foot frontage becomes eight. The four main units will sell for about $1.2 million.
Quebec nuns sold nearly $25M in real estate
• CBC
Three Quebec-based religious orders that staffed residential schools in the rest of Canada have earned millions from property sales in recent years, even as the Catholic Church said it couldn’t pay its share of a settlement meant for survivors.
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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