The December 5th Urban Design Panel meeting has two high profile projects on the agenda – Oakridge Centre and one of Aquilini’s arena towers which twice previously received unanimous design support.

View the meeting agenda HERE.

Courtesy The National Post

“While the housing market languishes, investment activity in commercial property continues to be red hot, with a $500-million deal for Standard Life’s real estate portfolio the latest on the horizon.

By some definitions, this could make 2012 the best year ever for commercial property sales — a year in which the Bank of Nova Scotia sold its head office for a record-breaking $1.27-billion.

Postmedia News has learned that Montreal-based Standard Life is selling a major Toronto office along with three other properties in Montreal, Calgary and Edmonton in what would be the third-largest deal of the year.

Standard Life spokeswoman Ann-Marie Gagné confirmed the sale of the two buildings in Alberta, but would not disclose the purchase price. The two had been part of a deal for a four-piece portfolio but it has since been broken up into two transactions.”

View the full article HERE.

The Real Estate Board of Greater Vancouver released their statistics for November 2012. Some highlights:

• Resales activity in November 2012 was 30.3% below the 10-year average for November.
• The sales to active listings ratio remains unchanged at 11.0%.
• The benchmark price for single family homes on the Westside of Vancouver is down 9.7% from May 2012. West Vancouver is down 9.0% during the same period.
• Average price for detached single family in Metro Vancouver is down, to $1,053,902. Condos are down to $428,825.

Source: REBGV

North Shore Outlook – Onni intends to quit Lonsdale development.

Onni Group, the developer behind one of the most ambitious and publicly divisive condo plans in North Vancouver history, is expected to announce it will walk away from the lucrative Central Lonsdale project, citing “possibly defamatory” remarks made by two city councillors.

In a Dec. 3 letter obtained by The Outlook, Onni president Rossano De Cotiis told Mayor Darrell Mussatto the company intends to “publicly announce within the next 48 – 72 hours that we are withdrawing our application” for the 13th Street and Lonsdale Avenue redevelopment. De Cotiis blamed his company’s departure on comments made in council by councillors Pam Bookham and Rod Clark.

In his letter, De Cotiis said the problem “goes well beyond a simple disagreement over the issues associated with the project,” and claims the two councillors acted unfairly when they accused Onni of manipulating a public hearing at which Onni staff and supporters spoke in favour of the project.

Read more: http://www.northshoreoutlook.com/news/182046341.html

A 14-unit apartment building in the Kitsilano area of Vancouver has sold for $2,990,000, or $214,000 per unit and a cap rate estimated to be approximately 4.25%. The Afton Apartments is located at 2045 Maple Street, at the corner of 5th and Maple. The purchaser is Headwater Projects a local private equity firm.