Westland moves focus from single-family to multifamily

RENX  Residential  •  Apartments, Condominiums  •  Metro Vancouver

Austin Zhang’s Westland Developments has been building homes in Vancouver for years, but only in the last five has the family-owned company expanded into the multifamily residential market. Now, it builds some of the tallest towers in the region.

Toronto’s ‘Canary Wharf’ to include 18 buildings

Residential, Commercial  •  Toronto Star  •  RENX

Although Toronto’s 38-acre East Harbour site was originally envisioned as an employment node, Cadillac Fairview has included nine residential towers as well as nine commercial buildings on its site rendering. It will also include green spaces and shops and cafes.

QuadReal, Marcon propose nine-tower mixed-use

Residential, Commercial  •  Daily Hive

Marcon and QuadReal have proposed to redevelop an 11.6-acre Coquitlam property with up to nine mixed-use towers as high as 60 storeys. There would be about 3,000 condominium units and 1,000 rental housing units in the Perkins&Will-designed redevelopment.

Supply chain issues hit retail development, operations

RENX  Commercial  •  Retail  •  Edmonton

The pandemic accelerated turbulence in the retail real estate market and landlords and investors had to rise to the challenge, said speakers at the recent 2021 Edmonton Real Estate Forum.

Larger workspaces viable in Toronto: JLL

Commercial  •  REMI Network

Newly released analysis from JLL’s global benchmarking services places Toronto among seven global markets with a combination of space and cost factors that could appeal to tenants seeking to enlarge space-per-person ratios.

Morgan Stanley shutters Calgary office

Commercial  •  Financial Post

Morgan Stanley (MS-N) has closed its Calgary investment banking office, according to sources, as Canada’s energy industry struggles with decreased investor interest and a dearth of deal-making. Representatives for New York-based Morgan Stanley declined to comment.

The Title Page › Top tech trends impacting commercial and residential real estate

Lori Sartor and Eric Haslett: Lori Sartor and Eric Haslett

College president battled board over Halifax properties

Commercial  •  Globe and Mail

Nearly a year after the Nova Scotia College of Art and Design abruptly fired president Aoife Mac Namara without explanation, new documents reveal she pushed back against a proposal to sell historic campus buildings to Halifax developer Armour Group.

Fed’s CRE subsidy needs tweaks: Stakeholders

Commercial  •  Calgary Herald

OPINION: We, the owners, developers and landlords of some of Canada’s largest industrial, commercial, retail and office buildings would like to acknowledge how the federal government has understood it must redesign one of its key programs. Improvements are needed, though.

Mtl. associations call for action to preserve Chinatown

Residential, Commercial  •  Montreal Gazette

Merchants, residents and community associations demanded immediate action Sunday to protect Montreal’s Chinatown from real estate development. Small businesses, residents and non-profit organizations are facing a growing threat of eviction, commercial rent hikes and loss of heritage buildings, they warned.

LaCaille Group investing $1M in Calgary renovation

Commercial  •  Calgary Herald

LaCaille Group is investing more than $1 million and with the help of Frank Architecture & Interiors, is renovating the building containing LaCaille on the Bow, one of Calgary’s high-end restaurants. The 4,000-square-foot main floor is being marketed as a food store.

Canada desperate for service workers post-COVID

Commercial  •  Financial Post

As Canada’s restaurants and hotels begin to fully reopen after months of lockdown, they will almost surely struggle to find replacements for the workers who left the industry during COVID.

Blackstone to buy data centre operator QTS for $10B

Commercial  •  Bloomberg  •  PR Newswire  •  IPE Real Assets

Blackstone Group Inc. (BX-N) has agreed to acquire data centre operator QTS Realty Trust Inc. (QTS-N) for approximately $10 billion. Blackstone Infrastructure Partners and BREIT, the private equity firm’s nontraded REIT, have agreed to pay $78 a share for QTS.

ISS recommends Extended Stay approve takeover

Commercial  •  Globe Newswire

Institutional Shareholder Services recommends Extended Stay America shareholders vote for the amended and higher $20.50 per paired share acquisition agreement with a 50/50 JV between funds managed by Blackstone Real Estate Partners and Starwood Capital Group at the company’s June 11 special meetings.

Staples offers US$1B for Office Depot’s consumer unit

Commercial  •  Bloomberg

Staples made a US$1 billion offer to buy rival Office Depot’s consumer business, the latest in its multiyear attempt to consolidate the office-products space. USR Parent Inc.’s offer includes the Office Depot and OfficeMax retail stores and websites.

Top 10 Northeast, Southeast U.S. projects

Residential, Commercial  •  Daily Commercial News

The accompanying tables show the top 10 major upcoming Northeast and Southeast construction projects in the United States. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.

Ottawans protest Hazelview’s proposed redevelopment

Residential  •  CBC  •  Ottawa Citizen

With just weeks to go before plans for the redevelopment of Ottawa’s Heron Gate community head to city hall for approval, advocates for tenants facing eviction say Hazelview Investments has yet to sign a “social contract” with the city.

EMD-Batimo opening 55-and-over complex in Aylmer

Residential  •  Canada Newswire

EMD-Batimo has chosen to locate its next innovative residential complex The Lib Aylmer in Aylmer, Que. Intended for active individuals aged 55 and over, the six-storey building’s 160 units will range from 517 to 1318 square feet. The official opening is scheduled for spring 2022.

Greybrook invests $19.36M to build low-rise project

Residential  •  Canada Newswire

Greybrook Realty Partners Inc. announced the successful closing of an equity investment of $19,360,000 to acquire land located in Courtice, Ont. Greybrook, Fieldgate Homes and Redwood Properties will build a residential community consisting of over 360 single-detached homes and freehold townhomes.

Rosedale-Moore Park has T.O.’s most expensive rent

Residential  •  CTV  •  RENX

A new report by Bullpen Research & Consulting Inc. and TorontoRentals.com indicates the Toronto neighbourhood with the most expensive average monthly rental price in the first four months of 2021 was Rosedale-Moore Park at $2,308, down 14 per cent year-over-year.