by 604 City
By Paul Brent
Toronto-based Allied Properties REIT (AP.UN) just capped off a strong 2013 financial year and is not afraid to tell investors even better times are ahead. That positive message came out in a recent conference call Allied had with investors and analysts and the theme was picked up in an interview by the REIT’s president and CEO, Michael Emory (shown in image from the company website).“It was a great year, a great quarter, and maybe even more importantly, we felt that we set a very good foundation for a very good year in 2014 and 2015,” Emory said, “to the extent that you can predict the future.”
What has changed?
After rates spiked and REITs stalled in May, the market for properties Allied is interested in have slowly and steadily recovered, meaning acquisition opportunities may be more abundant in the near term than initially expected.
Last year’s market retreat “led us to the preliminary conclusion that acquisitions may slow down. Not because we didn’t have a very favourable cost of equity and cost of debt, even after this event, but because we felt the vendors would lose some momentum and some readiness to sell,” Emory said.
“We did …read more
Source: RENX
The third of four mixed-use commercial/residential tower projects proposed for Lower Lonsdale is now coming up for scrutiny by council and the public.
Developer Polygon is looking to build a sevenstorey tower (five storeys of residential on two storeys of commercial) at 255 West First St. and 260 West Esplanade, currently home to Hollyburn Family Services and Family Services North Shore.
If approved, the building will have 208 one, two, or three-bedroom condo units, at least 62 of which have adaptable designs, to accommodate seniors and people with mobility issues. Measured from First Street, the building would be 52.5 feet tall, according to a city staff report.
Previously, Polygon had pitched a 16-storey highrise for the site, but later abandoned those plans.
Read more: http://www.nsnews.com/news/7-storey-mid-rise-pitched-for-lower-lonsdale-1.944495
A rezoning application is in the works for the Grouse Inn site at Marine Drive and Capilano Road in North Vancouver. Rafii Architects Inc. has applied for the site owner – Pacific Gate Investments Ltd. The multi-tower mixed use project was envisioned in 2012/2013 in the Lower Capilano Marine Village Centre Plan developed by the District of North Vancouver.
The proposal is for 262 residential units and 36,000 SF of commercial space with a total Floor Space Ratio (FSR) of 2.5, broken down as follows:
Housing:
- Townhouses: 10 units
- Tower #1: 154 units
- Tower #2: 98 units
- Total: 262 units
Commercial:
- Commercial 4-storey mixed retail and office building: approx 30,000 SF
- Commercial stand-alone restaurant: approx 6,000 SF
Public:
- Public Plaza at Capilano Road and Marine Drive: approximately 5,000 sq. ft.
- Public Park south of Curling Road: approximately 7,500 sq. ft.
Exclusive:
Brookfield has flipped the Shangri-La Vancouver (now Hyatt) retail podium to Aquilini Group for $55 million. Brookfield bought the property last summer.
Full story:
https://howardchai.substack.com/p/shangri-la-vancouver-hyatt-retail-brookfield-aquilini
12-unit Gleneagles townhouse project proposed in West Vancouver
A new proposal has surfaced for the parking lot next to Waterfront Station.
The redesigned project includes a 26-storey, 416,000 SF office tower, shaped like a tree, cantilevered over the existing station building.
Architect: James Cheng
Details: https://bit.ly/46aUB0W