4 Jun

Done Deals highlights: June 2018 issue

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Posted by: Shahin Golestani

Hudson’s Bay Co. and RioCan REIT to sell its downtown Vancouver store | Our top commercial real estate transactions from Western Investor’s latest print edition

Glen Korstrom Tanya Commisso Western Investor

June 4, 2018
The Hudson’s Bay Co. and joint venture partner RioCan REIT have signed a conditional agreement to sell HBC’s flagship store in downtown Vancouver for about C$675 million to an “Asian buyer,” according to a May 7 Reuters report that cited an anonymous source who was said to be familiar with the deal.
HBC and RioCan reported last year that they were seeking a buyer for its iconic flagship store at the corner of Granville and West Georgia streets, following news that the retailer was selling its Lord & Taylor Fifth Avenue store in New York City for about $1.1 billion.
HBC’s decision to sell its New York and Vancouver stores is because HBC wants to monetize its sizable real estate holdings so it can invest in its retail business, which has been under siege from e-commerce giants such as Amazon.com.
As part of its deal to sell its New York store, HBC also partnered with workspace company WeWork to lease a significant slice of that store after the sale closes. HBC would continue to offer retail operations in the rest of the store.
HBC also forged a partnership with WeWork to lease upper floors of its Vancouver flagship store. It would then continue to operate its store on lower floors.
Reuters reported that its anonymous source said the prospective buyer who signed the conditional agreement owns a closely held real estate company and is seeking to arrange interim financing from at least one Canadian lender.
The source declined to identify or give the nationality of the buyer, but expects the deal to be finalized by mid-June, according to Reuters.

From | Colliers International, Edmonton. Colliers agents Jandip Deol, Amit Grover and Brandon Imada report the following sale:

DEAL | 13,489 square feet, transit oriented multi-family development site. 116 Street, Edmonton. Price: $1.65 million.
From | NAI Commercial, Vancouver. NAI agents Rick Lui and Jesse Godin sold the following:
DEAL | 11,530-square-foot banquet hall, zoned for industrial use with potential for office or retail development. Marine Drive, Vancouver. Price: $6.88 million.
From | Avison Young, Vancouver. Avison Young agent Terry Thies brokered the following:
DEAL | 2,298-square-foot industrial unit at Maplewood Landing, zoned for light industrial use. Dollarton Highway, North Vancouver. Price: $1.18 million.
Avison agents Russ Bougie and Kevin Kassautzki report the following:
DEAL | 14,555-square-foot industrial property, occupied by five tenants and acquired by a partial owner-user. Russell Avenue, Burnaby. Price: $4.72 million.
From | Frontline Real Estate Services Ltd. 
DEAL | 2.38-acre multi-family development site in the Yorkson neighbourhood, zoned for a minimum of 286 residential units. 208 Street and 80 Avenue, Langley. Price: $22 million.
From | Regent Park Realty Inc., Vancouver. Regent Park agent Suraj Rai sold the following:
DEAL | 26,319-square-foot land assembly zoned for high-density residential development. 53A Avenue, Langley. Price: $4.16 million.
From | CBRE Edmonton. CBRE agent Bradley Gingerich reports the following:
DEAL | 76-unit apartment complex purchased by Mainstreet Equity Corp. Bateman Crescent, Saskatoon. Price: $6.72 million.
From | Green Real Estate Group, Penticton. Green agent Keith Jakes reports the following:
DEAL | Three motel properties across three acres, comprising of 36 units. Skaha Lake Road, Penticton. Price: $5 million.
From | Lee & Associates, Vancouver. Lee & Associates agent Russell Long brokered:
DEAL | Mixed-use Kitsilano retail and residential building, sold for $620 per buildable square foot. West 4th Avenue, Vancouver. Price: $4.07 million.
From | Macdonald Commercial Real Estate, Vancouver. Macdonald agents Dan Schulz and Brian Tattrie report the following:
DEAL | Strata dissolution sale of 53 units in Vancouver’s West End, sold for approximately $875 per buildable square foot. Alberni Street, Vancouver. Price: $52 million.
From | Cushman & Wakefield, Vancouver. Cushman & Wakefield Jordan Sengara, Ron Emerson and John Weiss agents report the following:
DEAL | 22,930-square-foot warehouse zoned for heavy industrial use in the Tilbury industrial area. Webster Road, Delta. Price: $5.35 million.
Source: http://www.westerninvestor.com/done-deals/done-deals-highlights-june-2018-issue-1.23324166

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4 Jun

Feds commit to spending $1.1B on Manitoba infrastructure projects over decade

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Posted by: Shahin Golestani

Plan to support green infrastructure, transportation, digital communication, remote and northern communities

 

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1 Jun

How Mississauga’s 10-tower, $1.5B condo complex could reshape the city’s future

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Posted by: Shahin Golestani

The M City complex and Hurontario LRT are scheduled to open in 2021 and 2022, respectively

Nick Boisvert – CBC News

May 28, 2018

The start of construction for a $1.5 billion condo complex is being hailed as a major step in Mississauga’s ongoing evolution into a full-fledged urban centre.

Developers are set to host a ceremonial groundbreaking Monday at M City, a 10-tower, 15-acre development to be built on the west side of the city’s burgeoning downtown core, at 3980 Confederation Parkway.

“I think it’s going to transform Mississauga,” said Mark Reeve, a partner at Urban Capital Property Group, one of the developers behind the project.

The first two towers of the complex are scheduled to be completed in 2021, one year before the scheduled opening of the Hurontario LRT, which will include a stop just blocks from M City.

There are hopes that the combination of housing and transit will help Mississauga in its ongoing evolution from a sprawling bedroom community into a modern city where people live and work.

Mayor Bonnie Crombie said the complex will help the area achieve its goals of becoming a “vibrant, livable, walkable downtown.

“The M City announcement is a really important milestone,” she said.

That vision for the city was most recently laid out by Mississauga in its Downtown21 master plan, which called for a “significant transformation” of the downtown core from a suburban to an urban space.

“I think it’s happening right now,” said Reeve of the master plan. “In five years, you won’t recognize [Mississauga,]” he added.

‘The future of the GTA’

Urban planners say the complex and upcoming rapid transit projects have put Mississauga at the forefront of Toronto’s suburbs when it comes to planning and intensification.

“Mississauga really represents the future of the Greater Toronto Area,” said Graham Haines, a research manager at the Ryerson City Building Institute. “It’s a municipality that’s starting to figure out how to build up instead of build out.”

In March, Haines published a report that examined how Mississauga can best prepare itself for its expected population growth.

With the right planning and developments, he found the city could accommodate 160,000 new homes, and as much as 80 per cent of all projected growth in Peel Region until 2041.

The best way to accommodate that growth, he said, is through the construction of so-called “missing middle” housing — homes such as townhouses and mid-rises.

While researchers say the towers at M City are a good fit for downtown Mississauga, they warn it’s not a model that will work across the city.

“It doesn’t mean that we need to build towers everywhere,” said Cherise Burda, the institute’s executive director.

Jobs still needed

Burda said the city is on the right path to achieve it goals, and that among the GTA municipalities, Mississauga is “leading the region in thoughtful intensification planning.”

However, the city needs more than condos and transit if it is to achieve its full potential. That will take jobs too, researchers say.

“This M City condos project is an exciting one for sure, but it’s largely residential,” Haines said.

The next stage is to attract more jobs and office towers to downtown Mississauga.

That effort will be the “key inflection point,” he said, that will determine the city’s success in its transformation.

Crombie says those jobs are on the way, as part of Mississauga’s expected population boom of around 200,000 people over the next 25 years.

That growth will create more than 100,000 new jobs in the city, she said.

Nick Boisvert
Reporter, CBC Toronto

Source: https://www-cbc-ca.cdn.ampproject.org/c/s/www.cbc.ca/amp/1.4631741

 

 

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1 Jun

Vancouver fast tracks new home building permits

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Posted by: Shahin Golestani

New pilot program aims to reduce permit processing times for experienced home builders

Courier staff / Vancouver Courier May 29, 2018 02:54 PM

A new pilot project announced Tuesday aims to fast track home construction in Vancouver.

The City of Vancouver is launching a new pilot program for experienced homebuilder teams that will significantly reduce permit processing times from 28 to 38 weeks to six to eight weeks.

The Applicant Supported and Assisted Process (ASAP) was designed with the aim of expediting single-family and laneway homes as part of the Housing Vancouver goal to create 10,000 new ground-level homes over the next 10 years.

“This pilot is one of several new measures implemented by the City to speed up the delivery of new housing , and streamline planning and development processes,” Kaye Krishna, general manager of development, buildings and licencing, said in a press release. “This includes piloting new ideas, a system wide review of our policies and processes, and adding more staff across our departments to better meet demand.”

The first phase of the pilot will include 20 to 30 projects to test new ideas that, if they prove successful, could then be scaled into the regular permitting process.

According to the city, Vancouver has seen unprecedented levels of development over the past five years. Last year, the city issued more than 1,300 development and building permits for new homes and laneway homes.

Several steps in the regular process will be streamlined to maximize efficiency and reduce the amount of time it takes to get a permit. The changes include running aspects of the application in parallel, requiring certain information at the start of the process instead of mid-stream and issuing permits at the same time where applicable. Reductions in the pilot permit processing times will also be achieved by working with experienced designers and builders.

“The Greater Vancouver Home Builders’ Association is fully supportive of the City of Vancouver’s ASAP permitting pilot project,” Bob de Wit, CEO of the Greater Vancouver Home Builders’ Association, said in a press release. “We have been working with City staff for several years on this project, and are very pleased to see it reach the piloting stage.

“The GVHBA will continue to work closely with the City of Vancouver and other local governments to improve the residential permitting process, to the benefit of homeowners, industry and municipalities,” he said.

A limited number of designers and homebuilders are being invited to participate in the initial pilot. Those chosen have consistently produced complete, high-quality permit applications in the past and are knowledgeable about the permitting process.

ASAP participants will be required to meet certain criteria beyond the regular process as part of their participation, including mandatory pre-application review, providing more detailed information about each application up front, ensuring the same business contact is available from application start to finish and committing to certain turnaround times for each step of the process.

Efforts to transform planning and development processes at the city have already improved response times in areas such as affordable housing and single-family housing.

According to the city’s statement, improvements for 2018 include: a 50 per cent reduction in development permit timelines as part of an affordable housing pilot, with initial approval now in less than 13 weeks; expedited joint approval of temporary modular housing for development and building permits in eight weeks; an 80 per cent reduction in times for landscape reviews for single-family homes; a 30 per cent reduction in wait times at the Development and Buildings Services Centre; and, more than 250 small businesses served over the last year at the Commercial Renovation Centre, with average permit times under four weeks.

Source: http://www.vancourier.com/real-estate/vancouver-fast-tracks-new-home-building-permits-1.23317768

 

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1 Jun

Alberta real estate bounces back and that is very good news for Canada

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Posted by: Shahin Golestani

Alberta is responsible for the largest share of federal government revenue, handing an excess of $200 billion more to national coffers

Frank O’Brien Western Investor

May 30, 2018

In the first three months of this year investors spent nearly $1 billion on commercial real estate in Alberta’s two biggest cities. In Calgary investments were down just 1.7 per cent from the same period in 2017.

In Edmonton’s heartland industrial zone, a new $3.5 billion petrochemical plant is high-balling construction, indicative of a city economy that posted GDP growth of 5.7 per cent in 2017 and appears poised to remain a leader among Canadian cities this year, according to the Conference Board of Canada.

In May, the august Bank of America startled analysts in forecasting that the price of a barrel of oil could hit US$100 as early as next year. Yet that reflects the reality of global economics, an economy that will rely on fossil fuels for the lifetime of most Canadians.

This year global oil demand growth is expected at 1.5 million barrels per day and it is predicted 1.4 billion barrels more will be needed every day in 2019.

The price of oil is already clipping past US$72 per barrel as other top oil producers in the world – near-bankrupt Venezuela and sanction-saddled Iran – falter on production.

Western Canada Select – the oil from Alberta’s patch – was trading at $35.17 a barrel as of January 1. At press time, it was at $59.35 and ascending.

Alberta, despite the frustrating lack of domestic tidewater access, is recognized among the steadiest and safest oil sources on the planet.

Even without higher-priced oil the resilient Alberta economy is ranked as Canada’s fastest-expanding  this year with growth of 2.8 per cent.

With rising oil prices – and secure oil pipelines to tidewaters – there is no limit.

And that is very good news for all of Canada, because Alberta does the heavy financial lifting for all the less-endowed provinces.

Canada’s energy sector accounts for almost 7 per cent of the value of all goods and services produced in the country, rising to 10 per cent if indirect activities are included.

The largest share of federal government revenue, an average of $19 billion over the last five years, was collected from the oil and gas industry, primarily in Alberta. The energy sector also accounted for 18 per cent of Canada’s exports in 2016, generating a $50 billion trade surplus. And this sector accounted for 29 per cent of total investments of non-residential investment and machinery and equipment in Canada, stated a study by the Fraser Institute.

Alberta disproportionally contributes to federal finances. Specifically, Albertans have handed $221 billion more to federal coffers than they have ever received in federal transfer payments and services.

Welcome back, generous Alberta. Canada needs you now more than ever.

Copyright © 2018 Western Investor
Source: http://www.westerninvestor.com/news/opinion/alberta-real-estate-bounces-back-and-that-is-very-good-news-for-canada-1.23318801

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Large Construction/Development and Land Loans:
Condominium Construction Loans for low, mid and high-rise,
Single Family and Townhome Projects Loans,
Commercial Construction Loans – Construction of Single or Multi-Tenant, Commercial Buildings such as Retail, Industrial, Office, Storage, Hotel,Multi Unit Residential,
Commercial Mortgages on Investment Properties, Private mortgages/loans.

Commercial Loans: commercial buildings, hotels and motels, Gas Station, new residential, condominium construction, seniors housing, development lands, apartment buildings, automotive dealerships, industrial buildings, golf courses, recreational resort properties, plazas and shopping centers, cinemas, churches and temples, parking lots/garages, multi-family residential, recreation-vehicle parks, private schools, subdivision servicing, builder inventory loans, condominium conversion projects, storage facilities, Offices and Medical Buildings, Business, Franchise, Restaurant, Coffee Shop, Yoga and Fitness, Medical Spa, Loans for Business Capital, Business Loans

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