New Westminster learned of office tower decision after election.

The City of New Westminster learned that the Uptown Property Group was pulling out of the civic centre project nine day’s after last fall’s civic election.

Jim Lowrie, the city’s director of engineering, said the Uptown Property Group notified the city of its decision to withdraw from the project on Nov. 28, 2011.

The City of Vancouver has unveiled its proposed new concept for the land under the Georgia and Dunsmuir viaducts based on input from stakeholders and an open ideas competition. The public is invited to view this new concept for the viaducts and provide their feedback at upcoming open houses. Staff is expected to report to council in July 2012.

The viaduct issue has been contentious as it weighs some urban benefits against the idea of using valuable public resources to tear down infrastructure that has not reached the end of its useful life.

Key Points of the Concept:

• Removal of Georgia and Dunsmuir Viaducts
• Georgia Street connection to Pacific (combined with Expo Blvd.)
• New bike lane connections, including option for bike lane on W. Georgia Street
• Approx. 850,000 sq ft of development potential (likely residential) between Quebec and Gore St.
• 10% increase in park area

Have your say at Public Open Houses:

Tuesday, June 5
4:00 – 7:00pm
Woodward’s Atrium
111 West Hastings

Thursday, June 7
3:30 – 6:30 pm
Creekside Community Centre
1 Athletes’ Way

Saturday, June 9
10:00 am – 2:00 pm
Central Library Promenade
350 West Georgia

Source: City of Vancouver

The Bank of Nova Scotia’s iconic tower in Downtown Toronto has sold to a partnership between Dundee Real Estate Investment Trust and H&R REIT for a record $1.27 billion which represents $640 per square foot and a 5.2% cap rate.  The property is 61% leased to the Bank of Nova Scotia for 13.5 years and will be financed by a 7 year mortgage bond at 3.45%.

Courtesy of The Globe & Mail (http://www.theglobeandmail.com/globe-investor/landmark-scotia-plaza-sold-for-record-127-billion/article2440355/)