‘Modello’

Boffo Developments‘ project at 6225-6255 Cassie Avenue has now gone through the first reading stage of rezoning, and has been referred to a rezoning scheduled for May 28, 2013. The plan is for a 170-unit, 37-storey residential tower above a commercial podium with frontages on Beresford and Willingdon Avenue. The commercial component will include retail, office and a liquor primary establishment.

The project is being rezoned under the Metrotown Centre Development Plan, which allows higher density for existing RM-3 and RM-5 zoned properties.

Project stats:

• Site area: 46,166 SF
• Total density: 6.28 FAR
• Total floor area: Residential: 224,323 SF; Retail/Rest: 24,959 SF; Office: 33,600 SF
• Unit Mix: 170 units              (36 one-bedrooms, 87 two-bedrooms, 47 3-bedrooms)

Source: City of Burnaby, Boffo Developments

Park Royal seeks condo highrises.

Park Royal is aiming to be less of a mall and more of a neighbourhood.

The mall’s management announced plans April 30 to add residential towers to the mix, along with a host of new stores and a refurbishment of the north mall.

“The vision is creating, as many shopping centres are doing today, a move from being a single-purpose delivery of goods and services . . . to becoming a much more inclusive neighbourhood. That neighbourhood would include, obviously, residential as a component of the deliverables,” said Rick Amantea, Park Royal vice-president.

If approved by the District of West Vancouver, Park Royal will build two towers, 24 and 19 storeys in height, holding 289 units of housing at 752 Marine Drive, the location of White Spot today.

Upon news that Canadian Tire is starting a REIT later this year, here is a look at what Canadian Tire owns and operates in Metro Vancouver and B.C.

A search indicates the following:

• as of 2012 there were 52 Canadian Tire stores in B.C. (11% of the 490 total stores nation-wide)
• there are currently 17 Canadian Tire stores in Metro Vancouver
• Canada-wide, Canadian Tire owns 358 of its stores (73%) and leases 129 of its locations from third parties (27%)
• in B.C., the ownership ratio is about the same, with 35 properties owned by Canadian Tire Corp., and 17 leased.
• only 4 of the Metro Vancouver stores are located within properties that are corporately owned, the rest are leased.
• most of Canadian Tire’s B.C. assets are in secondary markets like Kamloops, Kelowna and Prince George.

Canadian Tire Corp. is taking a page from Loblaw Cos. Ltd.’s books, unveiling plans to spin off most of  its billions in property holdings into a real estate investment trust.

The REIT would own the Canadian chain’s portfolio of some 250 properties, roughly 18 million square feet worth $3.5-billion, the company announced Thursday. Canadian Tire would hold 80 per cent to 90 per cent of the REIT, with the rest going to investors through an initial public offering planned for the fall.

The company holds more than that going into the REIT, but stores under scrutiny for replacement, development or relocation wouldn’t be included.

“We are executing a strategy that reinforces the strength of our Company while pursuing new growth opportunities organically and through acquisition,” said chief executive officer Stephen Wetmore.

Read more: http://www.theglobeandmail.com/report-on-business/canadian-tire-plans-35-billion-reit-with-ipo-in-the-fall/article11811229/

The Real Estate Board of Greater Vancouver has released stats for April which show mixed results, but cautious optimism across Metro Vancouver. A sample of selected areas in Metro Vancouver shows pricing at various trajectories as follows:

 Year over year pricing is still in decline pretty much across the board, with the exception of some of the Fraser Valley suburbs which did not exhibit significant price increases over the past two years. Pitt Meadows condos, for example, have shown a slight increase of 5.5% since May 2012. Other markets with much higher levels of new inventory, such as North Burnaby, have declined about 2.5% year over year.

Prices appear to have stabilized on the Westside of Vancouver after a solid 10-month decline that saw a drop of 8.5% in benchmark prices. Prices are actually up 3.5% since hitting a two-year low in January.

Source: REBGV Stats.