23 Apr

New renderings of Vancouver tower proposal designed by Burj Khalifa architect

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Posted by: Shahin Golestani

There are now new details and illustrations of the proposal to build a new mixed-use residential tower on the site of 1640-1650 Alberni Street in downtown Vancouver’s West End neighbourhood, on the edge with Coal Harbour.

Earlier this year, developers Landa Global Properties and Asia Standard Americas held a pre-application open house for the project, which seeks to demolish a 1969-built, 15-storey building with 66 rental units and three levels of office.

The site is located mid-block between Cardero Street and Bidwell Street, just across from the West Georgia Street development sites of the White Spot restaurant and the former Chevron gas station, and next to the 43-storey Alberni by Kengo Kuma and near Revery Architecture’s 39-storey exoskeleton tower.

The proposal calls for a new 385-ft-tall, 43-storey tower with a five-storey podium to create 197 market condominium units and 66 replacement market rental homes.

The unit mix is 48 one-bedroom units, 107 two-bedroom units, and 42 three-bedroom units within the condominium tower, and 37 studio units, six one-bedroom units, and 23 two-bedroom units for rental housing within the podium.

Although it does not create a new peak in the skyline, the building seeks to be an architectural standout in an area that is already clustered with some of Vancouver’s most unique designs.

It is designed by Chicago-based Skidmore, Owings & Merrill (SOM), which is the same architectural firm responsible for the designs of some of the world’s most significant buildings, including Dubai’s Burj Khalifa and New York City’s One World Trade Centre Freedom Tower. The architect of record on the project is IBI Group.

Although generally rectangular in shape, the tower calls attention to its irregular pattern of stacked floor plates that protrude and form cavities. This concept is further enforced by the system of protruding balconies.

“As a unique, thoughtful design, the proposal has the potential to become a new landmark on the Vancouver skyline. The design of the building has been carefully considered to contribute to Vancouver’s skyline and preserve views of the North Shore mountains,” reads the project description.

“The proposal contributes to the public realm with urban design considerations and landscaping to create an attractive and comfortable environment for all those using Alberni Street.”

The proposal, permitted under the city’s West End Community Plan, is aiming to follow the Green Building Policy for Rezonings pathway to a low emissions building. It will also provide tenants of the existing rental building with protections and compensations, as stipulated by the municipal government’s 2019 Tenant Relocation and Protection Policy.

Seven underground levels with 245 vehicle parking stalls and 560 bike parking spaces will be included.

Altogether, the building will have a total floor area of 250,477 sq. ft., creating a floor space ratio density of 14.5 times the size of its 17,296-sq-ft lot.

At this time, no formal rezoning application has been submitted to the municipal government.

Up until 2018, the property was owned by Hollyburn Properties, which proposed to construct a 42-storey tower with 276 rental homes. Hollyburn Properties made a decision to withdraw this rental housing proposal as they were unable to come to an agreement on the level of community amenity contributions (CACs) with the City of Vancouver.

“It was largely approved, but there was a hiccup in the negotiations with the CACs that Hollyburn was unable to come into an agreement with the City,” Hollyburn Properties spokesperson Olivia Brown told Daily Hive in 2018.

“And after that, the City decided that the highest and best value for the property would be to build luxury condominiums.”

Source: https://dailyhive.com/vancouver/1640-1650-alberni-street-vancouver-landa

 

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19 May

Where to buy in a year of change and challenges

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Posted by: Shahin Golestani

Industrial and multi-family sectors appear safest sectors for investors in 2019

By Frank O’Brien Western Investor April 30, 2019

This new 127-unit Vancouver condo tower by Anthem Properties would require nearly $597,000 per-unit cost just to recapture the $72 million Anthem paid in 2017 for the one-third acre it is to be built on. High home prices will keep more rental tenants in place in 2019. | Anthem Properties

Canada’s economy is posting minuscule growth, but the largely government policy-driven downdraft will fan residential rental demand and the industrial sector appears largely immune.

In comparison, the retail and office sectors – the latter with the exception of Metro Vancouver – will continue to face headwinds as consumer and corporate spending contract in most western Canadian markets.

The following is Western Investing’s annual guide to where to safely place your commercial real estate investments in 2019 as Canada and Alberta face elections – and the potential of a change in leadership.

 

Metro Vancouver

The play: multi-family rentals; office market; industrial speculation

 

Metro Vancouver’s commercial and industrial real estate sector is coming into 2019 with arguably the best market conditions in Canada. It is witnessing a rare confluence of among the lowest vacancy rates in North America, record-high prices and sustained development that is confidently pushing up office towers, industrial parks and multi-family rental buildings across the entire region.

“It is a historical time for Metro Vancouver’s commercial real estate,” said market analyst Andrew Petrozzi of Avison Young’s Vancouver office.

Vancouver’s downtown office vacancy rate is experiencing record-high prices as leasing costs nudge all-time highs. There are 1.6 million square feet of new offices under development in downtown Vancouver, but most of the space is already claimed.

“The market is showing no signs of slowing down in terms of rental rates. With no major new office buildings delivered until 2021, tenants with upcoming leases are competing within a very tight market,” said Jon Bishop, executive vice-president and managing principal of Devencore’s Vancouver office.

Industrial: Vancouver bare concrete industrial space sells for higher prices than luxury residential condos in any other Canadian city. In Vancouver’s Mount Pleasant and other uptrending zones light industrial space is fetching from $800 to $1,000 per square foot.

The strength of Metro Vancouver’s industrial market is attracting foreign buyers. Unlike residential real estate, industrial is not subject to B.C.’s 20 per cent foreign-buyer tax and is not experiencing a historic meltdown this year.

The latest property transfer data set from the province indicates that the proportion of foreign buyers in B.C. residential deals dropped in 2018.

Rising industrial lease rates mean good cash flow for owners, however, and that’s where foreign buyers are taking note. Net lease rates have doubled in the past two years,  and prime new properties can fetch $18 per square foot.

“We’re seeing offshore money, for the first time, coming into industrial because they understand and can see the quality of the investment,” said Todd Yuen, president, industrial, at Beedie. “The rents have finally caught up to the point where we can start to push the development cycle a little bit.”

 Multi-family: The sector still has about the lowest vacancy rate possible, in the 1 per cent range, according to Canada Mortgage and Housing Corp., and sky-high house and condo prices will keep tenants in place.

The BC NDP government is restricting annual rent increases to 2.5 per cent this year, which LandlordBC said will stifle investment in the multi-family rental market. Still, with an estimated 50,000 immigrants arriving each year, rental apartments should have no lack of tenant demand.

Average per-door prices for rental apartment buildings are the highest in Canada, but asking prices are coming down, according to NAI Commercial. This opens an opportunity, but cautious lenders are requiring higher down payments, which restricts the number of buyers. Smaller investors could look to the Fraser Valley where per-door prices are often half that north of the Fraser River, but rents and vacancies are similar and capitalization rates are higher.

 

Victoria

The play: office sector and industrial land investment

 

Value for money and a strong return on investment make  Greater Victoria’s commercial real estate market a natural fit for western investors.

“We still see a tremendous appetite for investment product in Greater Victoria and I think the same can be said for development properties,” said Ross Marshall, vice-president with CBRE Victoria.

“Our yields are higher than Vancouver, and everyone is chasing yield, so we are a pretty attractive place,” Marshall said, noting strong demand from tenants has driven up rental rates across all property classes.

According to Colliers International, downtown Victoria’s office vacancy was 6.4 per cent overall in the fourth quarter of 2018, down from 7.2 per cent a year earlier. That drop came despite the addition of 280,000 square feet of new office space to the mix.

Victoria’s industrial market is experiencing historically low availability, while land constraints have led to upward pressure and record-high lease rates. The industrial vacancy is 1.1 per cent, one of the lowest in Canada.

 

Edmonton

The play: industrial

 

Alberta’s capital city is seeing a more balanced market after four years of near-negative growth. This year offers an opportunity for industrial investors to position at the bottom of an improving commercial real estate scene.

In Edmonton’s northeast industrial heartland, Pembina Pipeline Corp. is proceeding with a $4.5 billion integrated propane dehydrogenation plant and polypropylene facility. Construction is expected to start this year, with the complex fully operational by mid-2023. At the peak of construction, more than 3,000 workers will be on site, with the project expected to create over 200 full-time operations and head office jobs upon completion.

It is a sign of strength in Edmonton’s industrial sector that could increase following the provincial and federal elections in the last half of this year.

Industrial speculators are already placing their bets.

Nearly half the $638.7 million in industrial sales in the first nine months of last year were to investors, not owner-occupiers, and industrial sales easily eclipsed the total industrial investment value for all of 2017.

Avison Young reports that Edmonton’s industrial vacancy rose 1 per cent to 6.3 per cent from the second to third quarter of 2018, despite Q3 absorption of 145,022 square feet.

Total sales of commercial and industrial real estate in Edmonton surged 38 per cent in the first nine months of 2018 compared to a year earlier and were up 86 per cent from 2016 to reach $3.1 billion.

“We are seeing a normalization, a stabilization of the market. This is the new normal [for Edmonton],” said Ben Tatterton, manager of data solutions for Altus Group.

 

Winnipeg

The play: office and industrial

 

Growth in technology jobs is providing a boost to Winnipeg’s office market. The city has added nearly 5,000 tech jobs in the last five years, bringing the total up to nearly 17,000, a growth rate of about 40 per cent. That’s the second-highest growth rate among mid-sized Canadian cities.

The activity has helped push Winnipeg’s office vacancy rate down to 10.7 per cent, which is the fourth lowest in the country. CBRE sees a steady improvement in the office sector in 2019.

Industrial is the other bright spot for the city this year.

“This is the best the industrial market has been in Winnipeg in 50 years,” said Martin McGarry, president and CEO of Cushman & Wakefield/Stevenson.

Diane Gray, president and CEO of CentrePort, said industrial buildings at that site are going up on speculation, a sign of confidence. “The developers believe we’re on the precipice of massive growth,” Gray said.

Across the city, industrial space is being taken up at a pace of about 50,000 square feet per month. While 450,000 square feet of new industrial space is expected to open or begin construction this year, “it will be some time before industrial supply will meet demand,” Colliers cautioned.

Winnipeg industrial property is selling for an average of $116 per square foot. Annual net lease rates average just over $7 per square foot, but can be double that in the Southwest, where less than 1 per cent of the industrial space is vacant.

 

Source: https://www.westerninvestor.com/how-to-invest/where-to-buy-in-a-year-of-change-and-challenges-1.23806786

Frank O’Brien is the editor of Western Canada’s biggest commercial real estate newspaper, Western Investor, as well as a contributing editor at West Coast Condominium, real estate contributor to Business in Vancouver and a regular media commentator on real estate investment.
24 Nov

Industrial spaces are Vancouver’s most desired commercial assets

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Posted by: Shahin Golestani

A new study by the Altus Group found that industrial real estate is the Vancouver market’s most prized investment asset, far outstripping other commercial property types.

The Vancouver Flash Report 2018 stated that in the past 8 quarters, nearly 5 million square feet of new industrial space has been injected to the market – and even this did not appear enough to compensate for the red-hot demand, as overall vacancy rate in this asset class went down to the 2% range as of the first half of this year.

Altus warned that while an additional 3.9 million sq. ft. of industrial space was under construction as of mid-2018, this would comprise less than a year’s worth of supply if the average absorption rate since 2015 is taken into account.

The trend is also expected to push the market’s net rental rates, already well above those in other major cities, even higher.

Read more: Industrial space is the next gold rush

Industrial transactions more than made up for the losses in the office and retail sectors during the first half of the year. The hotel segment, which exhibited an increase of $124 million in investment activity, also contributed to the overall health of Vancouver’s commercial market.

Earlier this year, an analysis by CBRE Group Inc. reported that Vancouver was the strongest industrial real estate market across the world.

In particular, warehouses have been cited by the study as the main factor in the exceptional performance that helped the market’s lease rates grow by 29% annually in Q1 2018 – significantly outpacing the worldwide average increase of 3% during that quarter.

“Industrial previously was almost like a forgotten asset class,” CBRE Vancouver vice president and sales manager Jason Kiselbach told Bloomberg. “But we haven’t even scratched the surface of the demand that’s going to continue to grow and put more pressure on the industrial market.”

“These rising lease rates really speak to the strength of the economy — the growth in population, consumer spending.”

 

by Ephraim Vecina 15 Nov 2018
Source: https://www.mortgagebrokernews.ca/news/commercial-mortgage/industrial-spaces-are-vancouvers-most-desired-commercial-assets-250711.aspx

 

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24 Nov

Self-storage sector demand moving upmarket

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Posted by: Shahin Golestani

Lock-and-leave investment attracts bigger players and a push for high-end units

The Vaults in Calgary and soon in Kelowna: high-end storage features a clubhouse and units that start at $369,900, with enough room to stash your McLaren sports car | Vaults Development Corp.

It is no coincidence that two large self-storage facilities are close to Vancouver’s Olympic Village condominiums, where the demand for space is high and the homes are small.

The challenge, as in cities across Canada, is too much stuff and too little space.

The answer for a growing number of people is self-storage, and this has created one of the fastest-growing and diversifying subsectors of the commercial real estate market.

Self-storage in Canada is now an $840 million industry that experienced an annual growth rate of 7.3% from 2012 to 2017, according to independent research firm IBISWorld.

The potential is apparently enormous if the U.S. – the world leader in self-storage – is an indication.

“Despite recessions and demographics shifts, the self-storage sector has been beating all other major commercial property types with regards to earnings and stock performance,” noted U.S.-based Investor Management Services Ltd. in its 2018 outlook for the self-storage business in the U.S., where the sector posts US$38 billion in annual revenue and is growing by 3% a year.

Equate that to Canada and self-storage could expand into a $3 billion industry.

There are a number of trends – not all positive – that will affect the future self-storage business.

The positives include increased demand for storage by urbanites living in condominiums, a sector that now dominates residential real estate in most Canadian cities; the baby boom sector downsizing and putting possessions in storage; the rise of e-commerce and the resulting need for easily accessible storage facilities; storage demand from commercial firms; and the need for space for people to store boats, cars, motorcycles, snowmobiles and other toys.

The negatives include shrinking demand for storage due to technological advances, such as digital photography, digital files and digital books; smaller, cheaper electronics; and the trend toward minimalism and de-cluttering, which could reduce the storage needs for some consumers.

But, according to a recent Los Angeles Times study, the average North American house has about 300,000 items, and the children living in those homes have half the toys and books on the planet. De-cluttering, therefore, is perhaps more a dream than a trend.

Typical rent for a self-storage urban unit in Canada ranges from $1.75 to $2.50 per square foot, which is equal to a typical apartment rent in Burnaby. In core Vancouver neighbourhoods, storage rents can reach $3.75 per square foot, and average $2.95 per square foot. In smaller towns, rents are more likely to be around $1.40 per square foot, insiders said, but capitalization rates can top 6%, twice as high as Vancouver’s apartment rental sector.

There are approximately 1,800 self-storage companies in Canada, but bigger players are absorbing many traditional mom-and-pop operations. Toronto-based Storagevault Canada Inc. (TSX-V:SVI), which has a $935 million market cap and is the only Canadian storage company listed on the Toronto Stock Exchange, has spent a reported $800 million over the past two years buying up more than 100 of its competitors across Canada.

A potentially profitable direction toward higher-end storage is Calgary-based Vaults Development Corp., which is opening a second facility in Kelowna. Its flagship Calgary facility stores luxury autos, recreational vehicles, boats and other high-end toys.

“Our first units sold for $329,900 and are currently $369,900 and $379,900,” said Vaults spokesman James Murray. “We don’t rent space.”

The company’s largest Calgary unit is offered at $899,900. Common areas include an on-site clubhouse and a large wash bay. In Kelowna, Vaults is building a luxury storage facility with 19 units ranging from 1,677 square feet to more than 4,600. Prices start at $399,900, and Murray said pre-sales are now underway.  

Source: https://biv.com/article/2018/11/self-storage-sector-demand-moving-upmarket

 

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23 Nov

Canada’s commercial market promises an even stronger 2019

General

Posted by: Shahin Golestani

By all current indications and trends, interest and investment volume in Canada’s commercial real estate market will enjoy a strong 2019, a new report from Morguard Corporation assured.

In its 2019 Canadian Economic Outlook and Market Fundamentals Report, Morguard stated that the commercial segment’s attractiveness to a wide range of investors will remain its key feature well into the next year.

“Over the past 18 months, investors placed capital into the market with confidence, resulting in record-high sales volume. The market shows no signs of slowing, as investors continue to show interest in core and core-plus quality properties with strong tenant profiles in Canada’s major urban centres – while site intensification and repositioning opportunities continue to shape the Canadian real estate landscape,” Morguard director of research Keith Reading said.

Among the main drivers of this strength would be the Canadian economy, the steady expansion of which will foster a healthy labor market and growing consumer spending.

“Sustained economic expansion over the next few years bodes well for the Canadian commercial real estate sector as a service provider to the economy. Canadian commercial property sales activity will remain robust over the near term, against a backdrop of positive overall sector performance,” Morguard explained in its report brief.

Read more: More commercial opportunities coming with other pot products

Demand will continue to outpace supply in the top-performing office and industrial sectors.

“For the office asset class, the mature phase of the cycle was extended, resulting in a record high pace of investment during much of 2018. Industrial property investment trends were also generally bullish, as the asset class placed first in terms of market performance during 2018.”

Capital flow into the multi-suite residential segment, which reached new heights this year, will remain healthy in 2019.

“The national vacancy rate is expected to hold at or near the cycle low, resulting in modest upward pressure on monthly rent averages. Demographic shifts, housing conditions and migration patterns will continue to boost rental demand, while low levels of new construction activity will provide little relief from the shortage of vacant units available for prospective renters.”

Retail spaces, which remain among the heaviest hitters in terms of consistent performance, will also enjoy a good 2019 despite mixed leasing volume and greater industry risks.

“While retail sales growth continues to moderate, properties with development or repositioning potential are expected to generate strong interest among the investment community looking ahead to 2019.”

Construction is due to begin by the end of 2019.

Article by Ephraim Vecina 22 Nov 2018
Source: https://www.mortgagebrokernews.ca/news/commercial-mortgage/canadas-commercial-market-promises-an-even-stronger-2019-250988.aspx

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7 Oct

More than 85 lenders hiked mortgage rates in the past week. Here’s how you can still lock in a great rate

Latest News

Posted by: Shahin Golestani

Canada’s five-year government yield closed at yet another seven-and-a-half-year high Thursday. That’s made lending more expensive, and in turn, inspired over 85 Canadian lenders to hike fixed mortgage rates in the last week.

What’s behind It

With most U.S.-Canadian trade uncertainty out of the way, a hot U.S. economy, and oil near a four-year high, consumers and businesses are feeling more confident about spending money.

That’s got the market worried. More spending usually means more inflation pressure and inflation is the enemy if you’re rooting for low rates. It makes bonds worth less, which drives up rates since bond prices and rates are inversely related.

This pop in rates has downright spooked mortgage shoppers. Lenders and brokers are reporting sizable upticks in mortgage inquiries this week, particularly for five-year fixed rates.

It’s not too late

As of market close on Thursday, you can still unearth five-year fixed rates like this, possibly even lower:

· 3.19 per cent if default insured with less than 20 per cent equity

· 3.39 per cent if default insured with 20 per cent equity or more

· 3.54 per cent if uninsured

But they’re disappearing quick. By next week this time, the lowest five-fixed offers could be at least 0.10 percentage points higher. That’s not exactly a tragedy but it does amount to about $900 more interest on a $200,000 mortgage.

Keep in mind, most rates are higher than those above, so you need to shop online and/or pit lenders and brokers against each other. Also, to get these deals you must be well qualified and mortgaging an owner-occupied home.

So far, the big boys (RBC, TD, Scotia, etc.) haven’t budged their posted five-year rates. If they do, people carrying lots of debt relative to income will find it harder to get approved because higher posted rates make the government’s stress test tougher.

The takeaway from all this? If you need a fixed-rate mortgage in the next 120 days, protect yourself and lock one down this week.

 

Robert McLister is a founder of RateSpy.com and intelliMortgage. You can follow him on Twitter at @RateSpy

Source: https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-more-than-85-lenders-hiked-mortgage-rates-this-week-heres-how-you/

 

 

 

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27 Sep

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

Latest News

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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