Andrew Petrozzi on LinkedIn: New Costco location with a gas station set for Metro Vancouver | Urbanized (2024)

Google will cut its space at 215 Fremont St. in downtown San Francisco by 54% as it renews its lease in the building, marking the latest office downsizing for the tech giant, reported Bisnow."Going forward, Google will lease 64K SF, down fromits previous 140K SF. Clarion Partners and LPC Westbought the building in 2019, theSan Francisco Chronicle reported. The smaller lease mirrors other deals taking place in the Bay Area as companies rethink their space needs in the new hybrid work environment."https://lnkd.in/gQusG2_m#unitedstates #sanfrancisco #tech #office #leasing

The Port de Montreal / Port of Montréal announced that it completed its extensive project to optimize rail capacity, a project to improve the performance and fluidity of its logistics services. Phased in over three years at a total cost of $62.4 million, this ambitious project that extends from Bourbonnière Avenue to Panet Street, near the Jacques-Cartier Bridge, signals a major increase in the Port of Montreal’s rail capacity, reported ReNew Canada.https://lnkd.in/g22x2y-n#montreal #port #infrastructure #development

AtkinsRéalis Group Inc. announced that it has been awarded a contract from the Société québécoise des infrastructures (SQI) for the expansion and modernization of the Maisonneuve-Rosemont Hospital, reported ReNew Canada.https://lnkd.in/g2iTjnbi#quebec #medical #infrastructure #development

The arrival of new purpose-built rental housing onto Toronto’s market has pumped up the City’s tax assessment base by an average of $1.12 billion in each of the past five years, translating into an average annual influx of $6.28 million in additional property tax revenue. A newreportto City Council’s executive committee projects that discounts flowing from a recently authorized optional tax subclass for new multi-residential developments could have a fairly modest impact on revenue growth with relatively negligible initial tax shifts between property classes, reported Canadian Apartment Magazine."Earlier this year, the Ontario government filed a regulation giving municipal governments theflexibilityto convey discounts of as much as 35 per cent below the residential tax rate for up to 35 years to encourage construction of new rental housing buildings with at least seven units. Under those rules, municipalities will first have to pass a bylaw to establish the subclass and properties will qualify only if a building permit is issued after the bylaw is in place.""Purpose-built rental projects now under construction, or in the development pipeline with a building permit already secured, will continue to fall into the existing new multi-residential tax class, which is taxed equivalently to the residential tax rate for a 35-year period from first occupancy. After that time, all properties revert to the multi-residential tax class, which is taxed at a higher rate than residential properties in most Ontario municipalities."https://lnkd.in/gGwXNPgQ#ontario #rental #property #tax

Mass timber construction is making headlines, especially in Toronto and Vancouver where high-profile projects are turning heads, but the “fast-growing” new industry still only makes up about one per cent of all construction in Canada, reported Connect CRE."Like many young industries, the sector faces hurdles to growth. One of those is the lack of product standardization."https://lnkd.in/g_aC9XUp#canada #masstimber #construction

With airplane manufacturer Bombardier gone from Downsview, work can start on what will essentially be a city within a city —15 transit-oriented neighbourhoods, without any single-family homes, to be built from scratch, reported the Toronto Star."The runway that Bombardier used to test jets is now clear to be repurposed for walking, biking and event spaces linking communities that will need schools, libraries, community centres and other amenities for which funding must be determined. “The scale of the opportunity is the headline,” for the 540 acres unlocked by Bombardier’s departure, says Sarah Phipps, the city planner overseeing the project."https://lnkd.in/grD9xSQg#toronto #development #masterplanned #community

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Vancouver’s most famous quality might be its scenic backdrop of dazzling coastal mountains. But city councilors have now voted in favor of cutting off the iconic vistas for some residents. The plan is to liberalize planning guidelines to make it easier for homebuilders to erect extra, higher towers — at the cost of cutting off views, reported Bloomberg."The proposal to eliminate and narrow a series of so-called “view cones” that restricted development is part of an effort by Mayor Ken Sim to deal with the downside of the city’s desirability — it doesn’t have nearly enough houses, and home prices and rents have surged."https://lnkd.in/gywr2_xG#vancouver #development #policy

Two major Canadian pension funds and Brookfield Asset Management are trying to sell one of their downtown Toronto office buildings for a second time after failing to get the price they wanted in 2022, according to two sources, reported The Globe and Mail."The sale of the 20-storey property at 2 Queen St. E. is likely to be closely watched as it will test buyer appetite amid a multiyeardownturn in the country’s commercial real estate sector. Landlords are dealing with the shift to remote working and a slower-than-expected return to the office. The situation is being exacerbated by an abundance of new office space that has come on to the market since the pandemic started.""The office tower is fully leased and includes tenants such as CI Investments, Bank of Montreal and Bechtel Canada, according to the marketing materials viewed by The Globe and Mail. The tenants are paying about a third less than the going leasing rate for similar buildings and, according to the marketing materials, this means the new owner will be able to “capture meaningful rental upside over the coming years.”https://lnkd.in/gezM6gN7#toronto #downtown #office #sale

The office investment sector in Edmonton is experiencing one overarching trend these days - the “total dominance of private buyers” in transactions during the past couple of years according toAvison Young’s Capital Markets Team, reported Real Estate News Exchange (RENX).“Avison Young has continued to represent many publicly traded and institutional vendors (includingMelcor REIT,PROREIT,Slate Asset Management,Manulife,Artis REIT,Canadian Urban,AIMCo), but less than two per cent of our buyers since 2020 have been publicly traded companies,” Cory Wosnack, principal and managing director of Avison Young in Edmonton, told RENX. He said in the past year-and-a-half 12 office buildings larger than 60,000 square feet have been sold. Eleven were divested by large investment funds with national or international portfolios. All 12 properties were acquired by Edmonton-based investors."https://lnkd.in/g69kG2A9#edmonton #office #investment #sales