Node to build co-living apts. in Kitchener-Waterloo

RENX  Commercial  •  Apartments, Technology  •  Ontario

Global co-living company Node will break ground on its first Canadian development this fall featuring 38 “Instagram-ready” apartments in Kitchener-Waterloo. “What we’re tackling here is actually being an investor, developer and operator — so vertically integrated, global,“ said Node founder Anil Khera.

Alberta Heartland investment creates regional spinoffs

Commercial  •  Edmonton Journal

Industrial operations in the Heartland region, which includes five municipalities in the Edmonton area, will have attracted more than $40 billion in investments and contributed approximately $2 billion in local spending between 2017 to 2020, according to a report from Ernst & Young LLP.

Flames ownership may assume new role as developer

Commercial  •  Calgary Herald  •  Calgary Herald

The owners of the Calgary Flames will  be granted options to acquire two significant parcels of nearby land if a proposed $550-million dollar deal to replace the aging Saddledome gets the go-ahead from city council next week.

The People Space › People Space: Colliers promotes Duda, Fieder new AY prez

Don Wilcox: Managing Editor

Feds urged to halt sale of Toronto waterfront land

Residential  •  Toronto Star

A downtown councillor is pushing the federal government to reconsider the sale of prime waterfront land being marketed as a “landmark” condominium redevelopment site and to instead build affordable housing. The Canada Lands Company has recently started marketing the site

Toronto shopping centres luring condo builders

Residential, Commercial  •  Toronto Star

Developers plan to expand and incorporate housing at Toronto’s Bayview Village plaza, where two new residential towers are planned, and Dufferin Mall, set in the next few years to host four towers of condos and possibly rental units.

Fiera Capital reports $149.5B of AUM

Commercial  •  Canada Newswire  •  RENX

Fiera Capital Corporation (FSZ-T), a leading independent asset management firm, today reported its preliminary estimate of assets under management of approximately $149.5 billion as of June 30, an increase of $4.6 billion compared to $144.9 billion as of March 31.

Manitoba aviation museum cleared for takeoff

Commercial  •  CBC  •  Winnipeg Free Press

The federal government announced it will contribute $8.8 million for the construction of an 86,000-square-foot facility for Winnipeg’s Royal Aviation Museum of Western Canada. The museum has been in limbo since the end of October 2018 after its lease expired.

Winnipeg’s Chalet Hotel sells for $1.3 million

Commercial  •  Winnipeg Free Press  •  Winnipeg Free Press

Winnipeg’s Chalet Hotel, which has stood at the intersection of Marion and Archibald Streets for more than a century, is under new ownership. The 16,000-square-foot hotel at 611 Archibald sold for $1.3 million during a mortgage sale Tuesday morning at Kaye’s Auctions.

Hong Kong residents scout properties in Canada, U.K.

Commercial  •  Bloomberg

Dan Scarrow, president of Macdonald Real Estate Group in Vancouver, said many of his Chinese agents saw an uptick in interest for both sales and rentals this month from protest-ridden Hong Kong.

The man in charge of Brookfield’s NYC office portfolio

Commercial  •  Bisnow

Ben Brown, 34, assumed leadership of Brookfield Property Partners’ (BPY.UN-T) operations in New York City and Boston last year, putting him in charge of millions of square feet of commercial space, including the biggest office portfolio in New York.

Gazit-Globe to take full control of Atrium European

Commercial  •  IPE Real Assets

Israeli real estate company Gazit-Globe is offering to buy the remaining 40 per cent stake it does not already own in Atrium European Real Estate for CAD$828M. Atrium intends to ask shareholders to vote in favour of the deal.

WeWork to acquire $330M San Fran office building

Commercial  •  IPE Real Assets  •  Propmodo  •  The Guardian

The property investment platform set up by the parent of flexible office provider WeWork is close to acquiring a $330 million San Francisco office building. The $2.9-billion investment platform ARK is in the process of buying the building from Bentall Kennedy.

KBS unit sells $1.2B office portfolio

Commercial  •  CP Executive

KBS Real Estate Investment Trust III Inc. has sold off 11 class-A office properties valued at $1.2 billion, the fund’s parent company KBS announced. The 11 assets that were sold total 3.4 million rentable square feet and span the proverbial “coast to coast.”

Dodger Stadium to undergo $100-million renovation

Commercial  •  Reuters

The Los Angeles Dodgers unveiled plans Tuesday for a $100-million renovation to Dodger Stadium that includes a new centre-field plaza, elevators and bridges connecting the outfield pavilions to the main stadium, and a new sound system.

U.S. malls filling empty spaces with doctor’s offices

Commercial  •  CNN

As malls search for innovative ways to draw in shoppers and fill empty storefronts, they are turning to unexpected partners: health clinics. Mall of America in Minneapolis, America’s largest mall, announced plans last week to open a 2,300-square-foot walk-in clinic.

Vancouver incentives not enough to get rental units built

Residential  •  Vancouver Sun  •  Vancouver Courier  •  Business in Vancouver

A 10-year review of Vancouver’s rental incentives found they helped create over 8,700 units for households earning between $30,000 and $80,000 a year but that such projects often weren’t financially attractive to developers.

Calgary slashes transit, affordable housing in budget cuts

Residential, Commercial  •  CBC  •  Calgary Herald

Emergency services, transit service and affordable housing were among the services slashed as city council unveiled details of how its $60 million in budget cuts will affect Calgarians. Council earlier approved a 10 per cent tax rollback for business property owners.

S. Ontario municipalities crack down on sign boards

Residential  •  Globe and Mail (Sub. required)

Across Southern Ontario, municipalities are fine-tuning bylaws and formulating new enforcement efforts to try to rein in the way temporary signage is proliferating, particularly among builders and realtors. Agents have been deploying variations on the old–fashioned for-sale sign.

How the 5% rule changes the rent vs. buy debate

Residential  •  Globe and Mail

I bet almost every millennial in Canada has heard from their parents that renting a home is throwing money away, and they need to buy soon. Renting is not throwing money away, at least not any more than owning is.