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Tricon buys downtown Toronto site, plans 2 apt. towers

3 years ago

Tricon Residential has purchased a 2.14-acre portion of a downtown Toronto site from ONE Properties for $129 million, where it plans to build two apartment towers as part of a mixed-use development.

The statistics are eye popping. Canada’s life sciences sector captured 26 per cent of venture capital invested across the nation in 2020, a year which saw the three largest Canadian IPOs ever in the sector, Avison Young reports.

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Nexus REIT (NXR-UN-T) has a total of five industrial properties totalling approximately 900,000 square feet currently under contract with four vendors for an aggregate purchase price of approximately $120 million, including a previously unannounced property in Edmonton under contract for $19.7 million

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Steve Clark, Ontario’s minister of municipal affairs and housing, said two acres of land will be added to the Greenbelt for every acre of land affected by Minister’s Zoning Orders (MZOs). That equates to protecting 6,000 acres of the Greenbelt.

3975 Elgin Mills Road, Markham, ON

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Intermarket Properties’ IP Park, a master-planned industrial and commercial development in Cambridge, has signed its first Phase 1A tenants: Energy + (Cambridge Hydro); Angstrom Engineering, a Kitchener-based nanotechnology company; and Fusion Products Ltd., a Cambridge-based outdoor solar lighting and lifestyle company.

Gerald Tostowaryk, CRE Broker, Edmonton

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CBRE expects Canadian hotels will recover only slightly from the COVID-19 pandemic this year as travel restrictions linger. It expects Canadian hotel occupancy to hover around 38 per cent, up from 33 per cent last year and down from 65 per cent in 2019.

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Quebec Tourism Minister Caroline Proulx announced Wednesday $42,428,921 in loans to 22 hotel companies to support 24 renovation or infrastructure improvement projects. Montreal’s Bonaventure Hotel, Laval’s Mariott Residence Inn and the Auberge St-Antoine in Quebec City will each get $5 million for renovations.

Romspen

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Toronto-based Core Development Group’s plan to buy $1 billion worth of single-family homes and convert them into rentals has sparked outrage from critics who say it’s an example of how corporations can profit from the country’s housing crisis.

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A new poll suggests that working from home may be here to stay even after the pandemic. The survey conducted by the Business Development Bank of Canada found 74 per cent of businesses will let their employees work from home post-pandemic.

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The price of lumber, which has ballooned to unprecedented levels in recent months, has started to drop. From a record of $1,711.20 per thousand board feet in early May, lumber futures are now below $1K per thousand board feet for delivery in July. That is the lowest level for futures since March.

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The federal government is chipping in $6.4 million, just under half of what the Ottawa Airport says it needs to build its Trillium Line LRT station, which is set to be completed in 2022.

1121 & 1147 Thornton Rd. S

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The Public Sector Pension Investment Board has cut back on equities and fixed income in its capital markets business in favour of private credit, emerging markets credit and infrastructure after the unit reaped gains of 27 per cent last year.

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One of Brookfield Asset Management’s private real estate funds has acquired Arlington, a U.K. science, innovation, and technology real estate platform, from TPG Real Estate Partners for $1.2 billion Cdn, increasing Brookfield’s total square footage in the area to 1.4 million.

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The Walton Family Holdings Trust has sold 16.7 million shares of Walmart Inc. (WMT-N) for nearly $2.1 billion this year as they try to keep their stake in the world’s biggest retailer from ballooning amid the company’s stock buybacks.

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A proposal by Farhi Holdings Corporation to build a 40-storey tower at 435-451 Ridout St. has received final approval from London city council. The plan calls for 280 residential units, commercial, office space and a multi-level parking area that can accommodate 370 vehicles.

Procore

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HomeEquity Bank, provider of the CHIP Reverse Mortgage, announced its portfolio of reverse mortgages under administration has recently surpassed $5 billion for the first time, fuelled by another record-breaking year in reverse mortgage originations – $830 million in total in 2020.

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Thousands of Toronto tenants have received messages from large landlords and property managers warning them not to install window-mounted air conditioning units just ahead of the scorching summer months. What’s unclear is how landlords would go about enforcing their demands.

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NexLiving Communities Inc. (NXLV-X) announced it has entered into an agreement to acquire Village View No. 4 Limited Partnership, whose sole asset is a 47-unit multifamily rental property at 49 Noel Ave. in Saint John. The purchase price is $12.75 million.

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Projects to convert Windsor’s 12-storey art deco-styled Canada Building and circa-1922 Knights of Columbus auditorium building into badly needed residential units — more than 100 apartments including loft-style residences with soaring ceilings — cleared major hurdles this week at a city committee meeting.

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