The City of Vancouver’s Planning Department and Vancouver Coastal Health are initiating the first phase of a comprehensive planning program to consider the redevelopment of the Pearson Dogwood Lands, located on Cambie Street, between 57^th and 59^th Avenues.

The City of Vancouver and Vancouver Coastal Health (VCH) are discussing renewal and expansion plans for the 25.4 acre site of the George Pearson Centre and Dogwood Lodge. Pearson Centre is home to adults with a range of disabilities, while Dogwood Lodge houses seniors who require complex care.

VCH needs to renew the existing site to meet the current and future health care needs of the community and would like the site to provide other uses as well. In the future, this area could welcome new residential, office, retail and community amenity uses.

The City is initiating a comprehensive planning program to create a policy statement to guide the redevelopment of the Pearson Dogwood site. This process will include opportunities for community members and stakeholders to offer their feedback and ideas.

OPEN HOUSE:

Dates & Times

Thursday, January 31^st , 5-8 pm

Saturday, February 2^nd, 10 am – 2 pm

Location:

Pearson Dogwood Project Office, 601 West 59^th Avenue, Vancouver

Melcor Developments Ltd. Announces Commencement of Strategic Process.

EDMONTON, ALBERTA–(Marketwire – Jan. 8, 2013) – Melcor Developments Ltd. (“Melcor” or the “Company”) (TSX:MRD) today announced that it has commenced a strategic process to advance its business interests through the creation of a Real Estate Investment Trust (“REIT”) in which the Company would maintain a significant interest. The Company is considering vending a substantial portion of its income-producing assets into this new vehicle. This process would provide capital to the Company, and allow it to grow and continue to pursue numerous value creating opportunities in strong western Canadian economies. A Special Committee of independent Directors of the Board, Chaired by Gordon Clanachan, has been constituted to oversee the strategic process.

The Company cautions that the Board of Directors has not set any deadline for completing any transaction, and that any such strategy may, or may not, be executed. Accordingly, there can be no assurance that the Company will ultimately pursue, or complete, any transactions, and investors, or potential investors, should not trade based on this information.

The Company has engaged RBC Capital Markets and CIBC as its financial advisors and Bryan & Company LLP as its legal advisor with respect to this process.

Morguard North American REIT signs two deals in U.S. worth a total of US$633M.

MISSISSAUGA, Ont. – Morguard North American Residential Real Estate Investment Trust (TSX:MRG.UN) has signed a pair of deals worth a total of US$633 million to buy 6,474 apartments and townhouses in the United States.

Under the first deal, the trust will acquire a dozen apartment and townhome complexes including a total of 3,752 units in Dallas, Denver, Tampa, Fla., Raleigh, N.C., and Atlanta.

The second deal will see the trust buy a dozen apartment and townhome complexes including a total of 2,722 units in Pensacola, Fla., Mobile, Ala., and south-west Louisiana from Morguard Corp.

The trust said it will assume about US$400 million in mortgages and pay the rest using other available sources of funds.

“Given investors’ exceptionally strong interest in apartments, it was only a matter of time before that interest extended to brokerage firms that specialize in bringing buyers and sellers of apartment properties together, and perhaps providing them with financing at the same time.

In a deal that closed on the last day of 2012, Berkadia Commercial Mortgage acquired Phoenix-based Hendricks & Partners, a national multifamily sales brokerage firm with 37 offices in the U.S. Berkadia is a commercial real estate lender and special servicer that was formerly part of Capmark Financial and is now owned by Warren Buffett’s Berkshire Hathaway investment firm.”

View the full article HERE.

Dava Developments has acquired a 4-lot assembly located at 4412-4488 Cambie Street. The total property size is 39,180 SF, represents a partial city block with no direct neighbour, and is designated under the Cambie Corridor Plan for 2.5 FSR residential. The site sold for $14,840,000, or $151 per buildable sq ft. The properties had been listed for sale for a combined value of $19,552,000.

This will be Dava’s second project in the Cambie Corridor. They have submitted a rezoning application for a site they acquired at Cambie and 26th.