After more than a year constructing the underground parkade, construction at the site of the new luxury hotel/residential project at 1153 West Georgia Street, has reached grade level. Sales are expected commence later this year. The developer, Holborn Group, had originally anticipated completion by 2010, but the project was delayed.

Trump Tower Vancouver Construction, picture by Built Form (SSP)

Trump Tower Vancouver Construction, picture by Built Form (SSP)

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.

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.