27 Sep

Construction underway for fully off-the-grid commercial development in Kelowna

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Posted by: Shahin Golestani

It’s not your usual commercial development: A self-storage facility combined with a co-workspace. But that is what Kelowna, B.C., is getting at the corner of Ellis Street and Bay Avenue.

Parent company Ulmus Development claims EcoLock Kelowna will be the first fully off-the-grid, “green” commercial development of its kind in North America.

The five-floor and 112,000-square foot facility will self-generate 105 per cent of its electricity through the use of on-site solar panels. It will collect, filter and reuse rainwater within a 62,000-litre tank, located under the building, for all planting irrigation.

A rendering of what the entrance to the self-storage facility at Ellis Street and Bay Avenue will look like.

A rendering of what the entrance to the self-storage facility at Ellis Street and Bay Avenue will look like.

The internal building walls will sequester carbon, using construction blocks made in Canada from waste hemp stock.

“Buildings are the No. 1 producer of greenhouse gasses in North America, and this project is raising the bar for sustainable development,” said Don Redden, CEO of Ulmus Development.

“With 2.5 billion square feet of self-storage facilities in North America, many of the facilities are low-density, unproductive spaces that don’t contribute to the fabric of a neighborhood.”

The architect and project designer is Jason McLennan, founder of McLennan Design. The international design firm says on its website that people are living in much smaller spaces than the traditional suburban homes in which they grew up, so they are shedding their unnecessary belongings.

“However, without a basement in every home, city dwellers are quickly running into temporary storage needs,” it says.

Source: https://globalnews.ca/news/4485658/construction-underway-for-fully-off-the-grid-commercial-development-in-kelowna/

 

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23 Sep

New York-style condo towers approved for downtown Vancouver (RENDERINGS)

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Posted by: Shahin Golestani

An entire city block in downtown Vancouver’s West End will be demolished and replaced with two residential towers that provide the city centre with a highly unique faux-heritage architectural flair that also achieves a new green standard.

Earlier this week, Vancouver City Council approved a rezoning application by Landa Global Properties and Asia Americas to redevelop 1468 Alberni Street into two residential towersreaching 442 ft (48 storeys) and 405 ft (43 storeys).

View cones crossing through the site do not permit taller heights. Both towers are connected at the base by a multi-storey central podium.

The development site, spanning an area of over 43,000-sq-ft, is framed by Alberni Street to the north, Nicola Street to the west, Broughton Street to the east, and the laneway north of Robson to the south. The site is currently occupied by the 70s-built apartment and office buildings.

1468 Alberni Street Vancouver

Site of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

1468 Alberni Street Vancouver

Artistic rendering of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

The project is designed by New York-based Robert AM Stern Architects, with local firm MCM Partnership acting as the architect of record.

According to the application, it is a “throwback of the Formalist style, of the early-20th century” mimicking some of the concepts of Vancouver’s most cherished heritage buildings like the Fairmont Hotel Vancouver, Marine Building, and Vancouver Block. Such concepts are also fairly common in New York City.

1468 Alberni Street Vancouver

Artistic rendering of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

“The proposed design celebrates the diverse architectural styles in the city and provides a unique contrast to the Vancouverism style of glass towers,” reads the architect’s design rationale.

“A key material element that is unique in contemporary Vancouver high-rise design is the use of limestone cladding on the whole project – providing a direct link between the proposal and the historic Vancouver architectural icons from which it draws its inspiration. This materials strategy of quality and authenticity is carried forward into the other major materials such as granite accents, rubbed bronze spandrels and steel details.”

Additionally, the developers have called this project the tallest Passive House towers in the world. They will be built to a rigorous German building standard that drastically improves the building’s energy efficiency and comfort while also reducing its ecological footprint.

It is anticipated that a superior building envelope, insulation, and a design that optimizes solar gain and shade will reduce the amount of energy required to heat and cool the towers by nearly 90%.

1468 Alberni Street Vancouver

Artistic rendering of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

1468 Alberni Street Vancouver

Artistic rendering of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

There will be a total of 443 homes, including 314 market strata units and 129 market rental units, which is a replacement of the existing number of rental homes on the site. The unit mix is 34 studio units, 167 one-bedroom units, 188 two-bedroom units, 34 three-bedroom units, 16 four-bedroom units, and four penthouse units.

Six levels of underground parking holding 484 vehicle parking stalls and 562 bike parking spaces will support the project’s density.

The project’s entire floor area spans 647,000-sq-ft, giving the project a floor space ratio density of 14.95 times the size of its lot.

Community amenities that will be offered entail a city-owned daycare – valued at $7 million – with a capacity for 56 children, and a small portion of the space required for a new public park on the western edge of the lot.

The new public park will replace the roadway of Nicola Street between Alberni Street and the laneway to the south.

1468 Alberni Street Vancouver

Artistic rendering of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

On top of the in-kind contributions, the developer will provide the municipal government with a cash community amenity contribution of $68 million that will go towards the West End Public Benefit Strategy.

These new towers are in the immediate vicinity of projects like Kengo Kuma’s 40-storey ‘carved’ tower at 1550 Alberni Street, Bosa Properties and Ole Scheeren’s 43-storey ‘jenga’ tower at 1500 West Georgia Street, Bosa Properties and Henriquez Partners Architects’ 26-storey ‘scaly’ tower at 1500 West Georgia Street, and Westbank and Bing Thom’s 39-storey ‘exoskeleton’ tower at 1684 Alberni Street.

1468 Alberni Street Vancouver

Site of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

1468 Alberni Street Vancouver

Artistic rendering of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

1468 Alberni Street Vancouver

Site of 1468 Alberni Street, Vancouver. (Robert AM Stern Architects / MCM Partnership / Landa Global Properties / Asia Americas)

Article by Kenneth Chan ,National Features Editor at Daily Hive, the evolution of Vancity Buzz. He covers local architecture, urban issues, politics, business, retail, economic development, transportation and infrastructure, and the travel industry. Kenneth is also a Co-Founder of New Year’s Eve Vancouver. Connect with him at kenneth[at]dailyhive.com
Source: http://dailyhive.com/vancouver/1468-alberni-street-vancouver-towers-renderings

 

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16 Sep

Canadian commercial real estate market booming

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Posted by: Shahin Golestani

Toronto and Vancouver remain the primary destinations for commercial real estate. Calgary, Montreal and Edmonton rounded out the top five

By  on 

It’s been a record year for the Canadian commercial real estate industry so far in 2018.

According to a new report released Monday by CBRE Canada, there were $16.5 billion worth of transactions in the second quarter of the year, up 38 per cent from the previous record total of $11.97 billion in the first quarter of 2017.

CBRE said that was also 105 per cent above the five-year quarterly average and it brought investment in the first half of this year to $26.8 billion, which is also an all-time high for a half-year period.

Two major mergers and acquisition (M and A) transactions in the second quarter fuelled the spike, including Choice Properties’ acquisition of CREIT and Blackstone’s acquisition of PIRET, which combined represented 45 per cent of the quarter’s investment volume, said CBRE. Large single asset deals also contributed to the record-breaking quarter, including Hines and Oaktree Capital Management’s $107-million purchase of Calgary’s First Tower office building and Tigra Vista Inc.’s $256-million acquisition of Toronto’s Parkway Place, it added.

“With two large M and A transactions closing within the second quarter, it’s not surprising that investment volume was the strongest ever in Canadian history. In fact, the average deal size in Q2 was up 67 per cent year-over-year to $9.4 million, which is reflective of the size and significance of the investors in real estate today,” said Peter Senst, president of Canadian capital markets at CBRE Canada.

“When you drill down into the strategy behind these deals, Choice bought CREIT for diversification, while Blackstone bought an industrial strategy and a platform in Canada with PIRET. Beyond these two deals, we’re seeing that assets of quality and income duration are drawing robust demand. Investors are keen on properties with top-notch physical and income characteristics. If there is a downturn, investors want assets they can believe in, where the income profile is predictable in the longer term.”

“Interest in Canadian commercial real estate today has a lot to do with Canada’s global market leading fundamentals. Toronto and Vancouver together have maintained the two tightest downtown office vacancies for four consecutive quarters and the two lowest industrial availability rates for six consecutive quarters in North America. Bay Adelaide North, the latest office tower to be announced by Brookfield and backed by the Bank of Nova Scotia, is a clear testament of strength in Toronto office market fundamentals. On the West Coast, Vancouver recorded the largest price increase in North America for downtown prime office space and the world’s largest rental increase for prime industrial and logistics space in the past year. All of this is leading to aggressively priced tier one assets in Canada’s major markets.”

The report said Toronto and Vancouver remain the primary destinations for commercial real estate (CRE) investment as Toronto accounted for over a third of all transactions in the second quarter with $5.7 billion. This is the highest quarterly investment volume on record for Toronto, and 20 per cent more than the previous record of $4.7 billion in the second quarter of 2013.

“Compared to the five-year average, Toronto CRE investment went up 82 per cent. Vancouver came in second at over $3.2 billion in transactions, an increase of 91 per cent compared to the five-year average. Calgary, Montreal and Edmonton rounded out the top five with $2.5 billion, $1.7 billion and $1.5 billion, respectively,” added CBRE.

Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.

Source: https://troymedia.com/2018/09/10/commercial-real-estate-market-booming/

 

 

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15 Sep

Commercial real estate investment hits $16.5B record high in second quarter

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Posted by: Shahin Golestani

Investment value is up 38 per cent from last quarter, eclipsing the five-year average by more than 100 per cent

Commercial real estate transaction value has hit a new record high this quarter, according to a new report by CBRE Canada. 
The second quarter of 2018 posted $16.5 billion in commercial transactions, up 38 per cent from last quarter’s previous record of nearly $12 billion and 105 per cent above the five-year quarterly average. Combined, investment volume for the first half of 2018 is $26.8 billion – an all-time high for a half-year period.
Transactions in Vancouver and Toronto drove the bulk of the activity, with just two sales claiming 45 per cent of the quarter’s total dollar volume. Toronto-based Choice Properties Real Estate Investment Trust purchased Canadian Real Estate Investment Trust, while U.S.-based asset manager The Blackstone Group acquired B.C.-based Pure Industrial Real Estate Trust.
“It’s not surprising that investment volume was the strongest ever in Canadian history. In fact, the average deal size in Q2 was up 67 per cent year-over-year to $9.4 million, which is reflective of the size and significance of the investors in real estate today,” said Peter Senst, president of Canadian Capital Markets at CBRE Canada.
Toronto transactions accounted for a third of all sales at $5.7 billion, while Vancouver clocked an impressive second at over $3.2 billion – up 91 per cent over the five-year average.
Calgary saw $2.5 billion in transactions, led by Oaktree Capital Management’s $107 million purchase of Calgary’s First Tower office building.
Industrial outsold all asset classes, representing 37 per cent of the quarter’s dollar volume at $6 billion.
By Tanya CommissoSource: https://www.westerninvestor.com/news/british-columbia/commercial-real-estate-investment-hits-16-5b-record-high-in-second-quarter-1.23426582

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