A federal Crown corporation and three Lower Mainland First Nations announced Wednesday a long-awaited and “historic” agreement to acquire and develop some of the most valuable real estate in the country.

Canada Lands Company and the three First Nations will be 50-50 owners of three properties, including the 21-hectare Jericho Lands in Vancouver’s exclusive West Point Grey neighbourhood.

While financial details of the sale weren’t immediately available, realtors speculated earlier this year that the re-development and sale of the Jericho Lands alone could fetch $1.1 billion to $1.7 billion, depending on how the city re-zoned the land for development.

The other two properties are the 8.5 hectare “Heather Street Lands” between West 33rd and West 37th avenues, and a former fisheries department-owned property located on two hectares of land in West Vancouver on Marine Drive near Burkehill Road.

The announcement was made by Canada Lands, a federal government-owned entity that buys and develops surplus federal properties, and the Musqueam, Squamish, and Tsleil-Waututh Nations.

Read more: http://www.vancouversun.com/news/metro/Jericho+Lands+Vancouver+finally+sold+deal+develop+high+real/10252565/story.html

Beedie Living has filed a rezoning application for an 18,287 SF site it acquired in 2013 at 105 Keefer Street and 544 Columbia Street. The proposal is for a 14-storey mixed-use building that includes:

• 137 residential units;
• commercial space on the ground and 2nd levels;
• a total density of 7.92 FSR;
• three levels of underground parking; and
• a height 127 ft.

Allied REIT isn’t quite as active in Vancouver as out East, but a notable buyer nonetheless…

By Paul Brent

For many real estate companies, it has been a tough year to complete acquisitions.

That has definitely not been the case for Allied Properties REIT (AP.UN-T), which last month announced two more deals to increase its 2014 tally to $225 million.

While the frenetic deal-making activity may have taken many observers by surprise, Allied anticipated the dam would break this year, according to Michael Emory, the REIT’s president and chief executive. “We got a sense late last year and early this year that the pace of acquisitions was going to pick up. It was more a function of availability than anything else.”

The REIT, known for acquiring older, trendy office space in the downtown cores of major Canadian cities, has racked up seven purchases so far this year, the latest two in Toronto: 555 Richmond Street West and 460 King St. W.

That’s a change for Allied Properties REIT.

Stabilized rental property

“I don’t think that we acquired anything much in Toronto, especially in terms of the stabilized rental property portfolio, last year or the year before that,” said Emory. “We did, of course, acquire The Well with RioCan and Diamond …read more

Source:: RENX

This article in the New York Times highlights some challenges in incorporating social housing in a higher-end market condo building. This is an issue that may become more prominent in Vancouver as the City tries to generate new social housing units by requiring social housing in new market developments; particularly in higher density areas like the West End.

‘Poor Door’ in New York Tower Opens Housing Fight

New York Times, August 27, 2014

A 33-story glassy tower rising on Manhattan’s waterfront will offer all the extras that a condo buyer paying up to $25 million would expect, like concierge service, entertainment rooms, and unobstructed views of the Hudson River and miles beyond.

The project will also cater to renters who make no more than about $50,000. They will not share the same perks, and they will also not share the same entrance.

 The so-called poor door has brought an outcry, with numerous officials now demanding an end to the strategy. But the question of how to best incorporate affordable units into projects built for the rich has become more relevant than ever as Mayor Bill de Blasio seeks the construction of 80,000 new affordable units over the next 10 years.

 The answer is not a simple one. As public housing becomes a crumbling relic of another era, American cities have grown more reliant on the private sector to build housing for the poor and working class. Developers say they can maximize their revenues, and thus build more affordable units, by separating them from their luxury counterparts.

Read more: http://www.nytimes.com/2014/08/27/nyregion/separate-entryways-for-new-york-condo-buyers-and-renters-create-an-affordable-housing-dilemma.html