Arts and cultural groups are scrambling to find new venues after being told that a hip evangelical church has bought The Centre for the Performing Arts in downtown Vancouver and plans to take over the 1,800-seat theatre this summer.

Directors of the Vancouver International Film Festival, Goh Ballet and Unique Lives lecture series confirmed they were told last week by the centre’s management that the venue will not be available after the Westside Church takes over ownership in August.

…Diane Heal, the centre’s vice-president of operations, said the centre was for sale but referred all questions to Michael Law of Global Pacific Properties in Denver, Colo., an affiliate of Four Brothers Entertainment, which owns the centre.

Law did not return phone calls or respond to emails from The Vancouver Sun.

According to a March 27 blog on the website of the Westside Church, Pastor Norm Funk said he was “officially” and “publicly” announcing that a purchase sales agreement had been secured with the owners of the centre.

New Westminster News Leader – Small-sized Walmart for RCC: Mayor.

Walmart will be the new anchor tenant at the Royal City Centre according to New Westminster Mayor Wayne Wright.

The mayor dropped the tidbit during a state-of-the-city address to a chamber of commerce luncheon at the Columbia Theatre on Wednesday. Wright said it would be one of the chain’s smaller outlets.

Earlier this year, the Royal City Centre applied for a development permit to build an atrium-style entrance off Sixth Avenue to service a new anchor tenant in the space vacated by Zeller’s in 2006.

Wright also revealed he is in discussions with an Indy-style kart racing circuit to run an electric kart race through Downtown New Westminster. The karts, he said, would race up Columbia onto Sixth Street, down Clarkson Street and circle back to Columbia via Begbie Street.

Read more: http://www.newwestnewsleader.com/news/207619701.html

The design for a proposed 32-storey office building at the corner of Granville and Cordova (currently a multi-level parking garage) have been changed in advance of an Urban Design Panel meeting next week. As we reported last year, the project is for an office tower with a density of 25.5 FSR and 380,000 sq. ft.

Here’s a look at the new design:

Photos courtest: Built Form @ SSP

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/