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Renewable energy dominates this year's Top 100 Projects list - with little help from the Stimulus Fund

(Courtesy of Logotipo REVE)

Good news! Let's hope that they bulldoze and rebuild Saint-Lambert station!

Here's a map I created based on what I think the CSL area should look like years down the road, looking at various projects that have been discussed and a few of my own 'wants' for the area. I'm no expert at urban planning or urbanity so feel free to comment and critique. http://maps.google.com/maps/ms?ie=UTF&msa=0&msid=108856777922929088479.00046d1191982597c7992

Think big, Tremblay urges Montrealers People are too ready to slam projects: mayor By JAMES MENNIE, The GazetteMay 23, 2009 Citing a high-profile scheme for a $1-billion downtown casino and entertainment complex that spectacularly crashed and burned after it couldn't shake off public criticism, Mayor Gérald Tremblay has challenged the city's business community and Montrealers in general to support projects that can offer the city "unlimited returns." "You remember the Cirque du Soleil project?" Tremblay asked an audience of about 400 businesspeople who yesterday attended an overview meeting organized by Montreal's Board of Trade of the city's major development projects. "How many of you, individually or collectively, have said: 'I should have written something (in support); I should have taken a stand'? "If that had happened, perhaps we would have ended up with a different project that would have brought people together and created wealth. "The problem is that we only, or almost only, hear from people who are against something; we rarely hear from those in favour." Tremblay's remarks, coming in the middle of a five-hour presentation extolling the virtues of such projects as the Quartier des Spectacles, the 2-22 project slated for St. Laurent Blvd. and the development of the Université de Montréal's science centres, were a stark reminder of how major projects can collapse because of an apparent lack of public support. The Cirque du Soleil entertainment and casino complex had been the object of public criticism and government study ever since the idea was broached in 2004. When a provincially commissioned report found in 2006 that even more study was needed, both the Cirque and Loto-Québec pulled out of the scheme. A year later, Tremblay found himself in the usual position of asking Montrealers to put aside their "negative attitudes" as he announced the $1-billion Griffintown development project, the single biggest private investment in the city's history. But that project, too, was beset by criticism and has since been put on hold because of the economic downturn. Saying he's "fed up of hearing that we're doing nothing in Montreal," Tremblay yesterday told his audience there are still plenty of other projects out there. "Go visit the city of Montreal's website, you'll see 130 projects with a total value of $60 billion. They told me not to talk about them because it's too ambitious. "But too many people continue to look at the $60 billion as an expenditure rather than an investment with unlimited returns." Speaking to reporters afterward, Tremblay said he challenged his audience because "it's easy to work behind closed doors, but it's something else to say, loud and clear, that you're proud of Montreal, that there are good projects out there for the city and that we want to be a part of it. "It's important that citizens have their say, but once they've done so, a decision must be made, and when that time comes, it's nice to hear occasionally from the private sector." jmennie@ thegazette.canwest.com © Copyright © The Montreal Gazette

Avison Young Montreal | 2008 Review and 2009 Forecast | 2008 In Review At the start of 2008, a strong Canadian dollar negatively impacted the province’s export industry. However, Montreal still posted positive economic growth of 1.7% for the year.2008 was a challenging year for the Montreal economy. The combination of a strong Canadian dollar for most of the year and the recent financial crisis in the United States negatively impacted the province’s export industry. Quebec’s economy is positioned in industrial sectors that are lagging or in a slump, such as the clothing, forestry, furniture and manufacturing industries. However, despite all this, Montreal still posted positive economic growth of 1.7% in 2008. Employment grew by 1.3% in the year and is anticipated to increase by another 1.5% in 2009. Consumer spending remained high and has contributed tremendously to economic growth. Office Engineering firms, many of whom are expanding to support major infrastructure projects in the province, spurred demand for office space. Downtown office vacancy closed the year at 5.4%, a significant drop from 6.2% at the end of 2007 and 9% at the end of 2006. The decrease in vacancyrates in the downtown market was accompanied by only a slight increase in rental rates. The suburban office vacancy rate has remained stable over the past four years, and closed the year at 13.1%. In 2008, 400,000 square feet (sq. ft.) of space was absorbed in the market, significantly lower than the 2007 absorption of 1.37 million sq. ft. Absorption of office space has been modest due to lack of quality space. Certainly, what is left of quality office space in downtown Montreal is quickly being absorbed, and options for tenants are becoming increasingly limited. Industrial Montreal’s manufacturing sector has been strongly affected by the rise in the value of the Canadian dollar. As a result, the industrial market has moved away from manufacturing to logistics and distribution type industries that drove demand for industrial space in Montreal. These types of companies require smaller spaces with greater clear heights. Consequently, vacancy rates increased for large spaces of 100,000 sq. ft. and more, whereas spaces between 15,000 and 25,000 sq. ft. became increasingly more difficult to find. Buildings with clear heights of 24 feet are in great demand and have an extremely low vacancy rate of approximately 1%. The rental rates for these buildings have therefore increased. Limited availability of appropriate space motivated tenants to construct built–to-suit projects that provide the amenities they require. Many of the older, more obsolete buildings are being demolished or completely renovated by developers. Retail Substantial consumer demand in Montreal created an active retail market in 2008, and retail sales rose by 5.5% in the year. In the downtown core’s central area, rental rates have quadrupled and vacancies are nonexistent. Rental rates closed the year at between $200 to $215 psf at the corner of Ste-Catherine and Peel Streets. Newcomers to Ste-Catherine Street include Apple Computer’s first Montreal retail location at 1321 Ste-Catherine Street West and H&M at the corner of Peel Street, with 20,000 sq. ft. Investment The financial crisis in the United States has softened the investment market in Montreal. Assets offered for sale require a longer exposure period. Investors using financial leverage as the basis for investment are having trouble completing acquisitions, thus diminishing the occurrence of successful transactions. As a result capitalization rates increased by approximately 25 basis points this year. Despite this, many successful transactions were completed earlier in 2008. Industrial Alliance Insurance and Financial Services Inc. invested approximately $100 million to acquire a 50% interest in 1981 McGill College, together with a major financial partner that acquired the remaining 50%. Cominar REIT acquired 2001 McGill College for $165 million. Canderel and Proment sold the first Phase of the Bell Campus for $185 million to a German real estate investment fund. 2009 Forecast Office Montreal is the only city in Canada with no significant downtown office construction projects. Until recently, large tenants have been able to find suitable alternatives that were much less expensive than proposed new projects. However, as vacancy rates continue to plunge, the availability of quality space will become even more limited. Tenants will soon have no choice but to consider one of the new construction projects. Expect to see the beginning of one or two office construction projects in 2009. Potential office developments include Canderel’s development of 1201-1215 Phillips Square, Hines’ development of 900 de Maisonneuve, Magil Laurentienne’s office or mixed-use building at 701 University and Westcliff’s development of Phase 2 of Place de la Cité Internationale. Quebec’s 2008 budget aimed to stimulate business investment by eliminating tax on capital for manufacturers and by offering a tax credit for the purchase of manufacturing equipment and a tax credit for new information technology companies. Accordingly, the Province of Quebec agreed to provide investment banking giant Morgan Stanley with $60 million in tax credits for opening a new global technical support centre in Montreal. Morgan Stanley is currently searching for office space in anticipation of bringing staff levels to 500 or more. Phase 1 of the new Bell campus on Nun’s Island was officially opened in August of this year. Phase 2 is anticipated to be ready for occupancy in February 2009. It will comprise 235,000 sq. ft. of office space and amenities, bringing the total to 840,000 sq. ft. A third phase is also planned, thus bringing the campus total to approximately 1.4 million sq. ft. The downtown core office market has absorbed a large percentage of the space formerly occupied by Bell. Retail In 2009, Canadians will likely be faced with weakening job prospects, tighter credit conditions and economic uncertainty, thus leading to moderated consumer spending. Retail sales are expected to grow by only 3.5% in 2009, as opposed to the 5.5% growth seen in 2008. Demand for space on Ste-Catherine Street will slow dramatically in 2009. As a result, retail vacancy rates are anticipated to increase and if retail sales continue to lag, we expect to see some retailers walking away from stores that do not perform. This will give tenants the upper hand in lease negotiations. Industrial The diminishing strength of the Canadian dollar will benefit the export industry in 2009. Demand for industrial space will likely come from the logistics, distribution and aerospace industries. We anticipate the overall vacancy rate to increase, as more space comes to market and older buildings that lack required ceiling heights remain empty. However, the vacancy rate for smaller buildings with adequate clear heights will remain low. Rental rates for the older, more obsolete buildings will decrease and rates for newer, smaller spaces with adequate ceiling heights will remain flat. Industrial construction activity will continue to slow in 2009 as a result of financing difficulties coupled with high land and construction costs. However, industrial growth will continue off the island of Montreal due to lower land costs and higher availability. Investment Banks have tightened credit significantly and consequently, financing is more difficult to obtain. Borrowers that lack liquidity will likely have difficulty acquiring assets. This, however, will leave the door open for REITs and international investors with capital at their disposal. In 2009, we anticipate a general slowdown in the investment market. The majority of investment sales deals in 2009 will be concentrated on a few portfolio deals; mostly smaller transactions involving retail and warehouse properties. Prices for commercial real estate product will likely decrease and cap rates will increase by 50 to 100 basis points. http://www.avisonyoung.com/library/pdf/National/forecast2009.pdf Également présent dans la section "Ressources".

$14B in projects ready to go: Municipalities BY MIKE DE SOUZA, CANWEST NEWS SERVICE JANUARY 14, 2009 12:21 PM OTTAWA - More than 1,000 municipal infrastructure projects worth nearly $14 billion are “shovel ready” for job creation from coast to coast, according to a new list unveiled Wednesday by the Federation of Canadian Municipalities. The list represents an inventory of projects that are awaiting funds to start and was compiled following weeks of extensive consultations by the federation and its members. The federation says many municipalities have put these projects on the backburner, but could launch them this year and create thousands of jobs if money was available from the different levels of government. “The municipal world is ready to co-operate with the provinces, territories and the Canadian government to (tackle) the economic problems of Canada,” said Sherbrooke, Que., Mayor Jean Perrault, the president of the federation, during a media conference call. “The construction phase of an infrastructure project creates most of the jobs and getting projects underway this spring is crucial to offsetting the economic slowdown.” The projects include new investments in roads and bridges, waste management, buildings, public housing, water and waste water treatment facilities as well as public transit for cities and communities that are home to more than 19 million people across the country. The federation has been urging the Harper government to fast-track transfer payments from a new infrastructure program so that municipalities can get started on the projects and begin putting people to work as part of a stimulus package for the economy. Municipal officials have complained that there is too much red tape and administrative delays in getting the money flowing into their communities, but federal Transport, Infrastructure and Communities Minister John Baird has pledged to speed up the process by reducing red tape. Perrault said the funding should be modelled after the federal gas tax transfer which provides federal money for cities based on the size of their population. He also argued in favour of reducing double environmental assessments of new projects by both the federal and provincial governments explaining that many of the projects on hold in their list would not put Canada’s environment in jeopardy. “The environment is important. There are mechanisms and rules that we must follow,” said Perrault, “but what we told Prime Minister (Stephen) Harper and John Baird to reduce the red tape and that if there were environmental studies that overlap, why not have just one and ensure that it’s propitious.” Conservation groups and the NDP have both criticized the federal government for musing about reducing federal environmental assessments in favour of a single review of some of the smaller infrastructure projects. Baird said on Tuesday that the gas tax transfer program worked well since it did not require federal environmental assessments to operate. © Copyright © Canwest News Service Voici la liste des projets : http://www.fcm.ca//CMFiles/FCM%20Shovel%20Ready%20report_list%20En1KDL-1142009-4963.pdf

Downturn Ends Building Boom in New York Charles Blaichman, at an unfinished tower at West 14th Street, is struggling to finance three proposed hotels by the High Line. NYtimes By CHRISTINE HAUGHNEY Published: January 07, 2009 Nearly $5 billion in development projects in New York City have been delayed or canceled because of the economic crisis, an extraordinary body blow to an industry that last year provided 130,000 unionized jobs, according to numbers tracked by a local trade group. The setbacks for development — perhaps the single greatest economic force in the city over the last two decades — are likely to mean, in the words of one researcher, that the landscape of New York will be virtually unchanged for two years. “There’s no way to finance a project,” said the researcher, Stephen R. Blank of the Urban Land Institute, a nonprofit group. Charles Blaichman is not about to argue with that assessment. Looking south from the eighth floor of a half-finished office tower on 14th Street on a recent day, Mr. Blaichman pointed to buildings he had developed in the meatpacking district. But when he turned north to the blocks along the High Line, once among the most sought-after areas for development, he surveyed a landscape of frustration: the planned sites of three luxury hotels, all stalled by recession. Several indicators show that developers nationwide have also been affected by the tighter lending markets. The growth rate for construction and land development loans shrunk drastically this year — to 0.08 percent through September, compared with 11.3 percent for all of 2007 and 25.7 percent in 2006, according to data tracked by the Federal Deposit Insurance Corporation. And developers who have loans are missing payments. The percentage of loans in default nationwide jumped to 7.3 percent through September 2008, compared with 1 percent in 2007, according to data tracked by Reis Inc., a New York-based real estate research company. New York’s development world is rife with such stories as developers who have been busy for years are killing projects or scrambling to avoid default because of the credit crunch. Mr. Blaichman, who has built two dozen projects in the past 20 years, is struggling to borrow money: $370 million for the three hotels, which include a venture with Jay-Z, the hip-hop mogul. A year ago, it would have seemed a reasonable amount for Mr. Blaichman. Not now. “Even the banks who want to give us money can’t,” he said. The long-term impact is potentially immense, experts said. Construction generated more than $30 billion in economic activity in New York last year, said Louis J. Coletti, the chief executive of the Building Trades Employers’ Association. The $5 billion in canceled or delayed projects tracked by Mr. Coletti’s association include all types of construction: luxury high-rise buildings, office renovations for major banks and new hospital wings. Mr. Coletti’s association, which represents 27 contractor groups, is talking to the trade unions about accepting wage cuts or freezes. So far there is no deal. Not surprisingly, unemployment in the construction industry is soaring: in October, it was up by more than 50 percent from the same period last year, labor statistics show. Experience does not seem to matter. Over the past 15 years, Josh Guberman, 48, developed 28 condo buildings in Brooklyn and Manhattan, many of them purchased by well-paid bankers. He is cutting back to one project in 2009. Donald Capoccia, 53, who has built roughly 4,500 condos and moderate-income housing units in all five boroughs, took the day after Thanksgiving off, for the first time in 20 years, because business was so slow. He is shifting his attention to projects like housing for the elderly on Staten Island, which the government seems willing to finance. Some of their better known and even wealthier counterparts are facing the same problems. In August, Deutsche Bank started foreclosure proceedings against William S. Macklowe over his planned project at the former Drake Hotel on Park Avenue. Kent M. Swig, Mr. Macklowe’s brother-in-law, recently shut down the sales office for a condo tower planned for 25 Broad Street after his lender, Lehman Brothers, declared bankruptcy in September. Several commercial and residential brokers said they were spending nearly half their days advising developers who are trying to find new uses for sites they fear will not be profitable. “That rug has been pulled out from under their feet,” said David Johnson, a real estate broker with Eastern Consolidated who was involved with selling the site for the proposed hotel to Mr. Blaichman, Jay-Z and their business partners for $66 million, which included the property and adjoining air rights. Mr. Johnson said that because many banks are not lending, the only option for many developers is to take on debt from less traditional lenders like foreign investors or private equity firms that charge interest rates as high as 20 percent. That doesn’t mean that all construction in New York will grind to a halt immediately. Mr. Guberman is moving forward with one condo tower at 87th Street and Broadway that awaits approval for a loan; he expects it will attract buyers even in a slowing economy. Mr. Capoccia is trying to finish selling units at a Downtown Brooklyn condominium project, and is slowly moving ahead on applying for permits for an East Village project. Mr. Blaichman, 54, is keeping busy with four buildings financed before the slowdown. He has found fashion and advertising firms to rent space in his tower at 450 West 14th Street and buyers for two downtown condo buildings. He recently rented a Lower East Side building to the School of Visual Arts as a dorm. Mr. Blaichman had success in Greenwich Village and the meatpacking district, where he developed the private club SoHo House, the restaurant Spice Market and the Theory store. He had similar hopes for the area along the High Line, where he bought properties last year when they were fetching record prices. An art collector, he considered the area destined for growth because of its many galleries and its proximity to the park being built on elevated railroad tracks that have given the area its name. The park, which extends 1.45 miles from Gansevoort Street to 34th Street, is expected to be completed in the spring. Other developers have shown that buyers will pay high prices to be in the area. Condo projects designed by well-known architects like Jean Nouvel and Annabelle Selldorf have been eagerly anticipated. In recent months, buyers have paid $2 million for a two-bedroom unit and $3 million for a three-bedroom at Ms. Selldorf’s project, according to Streeteasy.com, a real estate Web site. “It’s one of the greatest stretches of undeveloped areas,” Mr. Blaichman said. “I still think it’s going to take off.” In August 2007, Mr. Blaichman bought the site and air rights of a former Time Warner Cable warehouse. He thought the neighborhood needed its first full-service five-star hotel, in contrast to the many boutique hotels sprouting up downtown. So with his partners, Jay-Z and Abram and Scott Shnay, he envisioned a hotel with a pool, gym, spa and multiple restaurants under a brand called J Hotels. But since his mortgage brokers started shopping in late summer for roughly $200 million in financing, they have only one serious prospect for a lender. For now, he is seeking an extension on the mortgage — monthly payments are to begin in the coming months — and trying to rent the warehouse. (He currently has no income from the property.) It is perhaps small comfort that his fellow developers are having as many problems getting loans. Shaya Boymelgreen had banks “pull back” recently on financing for a 107-unit rental tower the developer is building at 500 West 23rd Street, according to Sara Mirski, managing director of development for Boymelgreen Developers. The half-finished project looked abandoned on two recent visits, but Ms. Mirski said that construction will continue. Banks have “invited” the developer to reapply for a loan next year and have offered interim bridge loans for up to $30 million. Mr. Blaichman cuts a more mellow figure than many other developers do. He avoids the real estate social scene, tries to turn his cellphone off after 6 p.m. and plays folk guitar in his spare time. For now, Mr. Blaichman seems stoic about his plight. At a diner, he polished off a Swiss-cheese omelet and calmly noted that he had no near-term way to pay off his debts. He exercises several times a week and tells his three children to curb their shopping even as he regularly presses his mortgage bankers for answers. “I sleep pretty well,” Mr. Blaichman said. “There’s nothing you can do in the middle of the night that will help your projects.” But even when the lending market improves — in months, or years — restarting large-scale projects will not be a quick process. A freeze in development, in fact, could continue well after the recession ends. Mr. Blank of the Urban Land Institute said he has taken to giving the following advice to real estate executives: “We told them to take up golf.” Correction: An article on Saturday about the end of the building boom in New York City referred incorrectly to the family relationship between the developers William S. Macklowe, whose planned project at the former Drake Hotel is in foreclosure, and Kent M. Swig, who shut down the sales office for a condominium tower on Broad Street after his lender, Lehman Brothers, declared bankruptcy. Mr. Swig is Mr. Macklowe’s brother-in-law, not his son-in-law.

Ottawa's '09 deficit may hit $14B Nov 20, 2008 11:16 AM Les Whittington OTTAWA BUREAU OTTAWA–An independent parliamentary review of the Harper government's finances concludes the federal Conservatives are likely to run budget deficits "in the near term," possibly beginning this year. The report by Kevin Page, the new Parliamentary Budget Officer, says the weaker economic outlook poses a risk to the government's attempts to achieve its "short-term and medium-term fiscal targets." Assuming no changes in Finance Minister Jim Flaherty's policies, "the downgraded economic outlook suggests the government would record modest and temporary deficits in the near term,"according to the analysis released this morning. While a budget surplus is still possible this year, the report warns the negative impact on government revenues because of the turmoil on financial markets is not yet known. "As a result, a deficit for this (2008-09) fiscal year is a distinct possibility." Page says the deterioration of the federal government's financial picture in the first nine months of 2008 is not so much the result of the weakened economy as Flaherty's policies, particularly the latest reduction in the GST tax and reduced corporate income taxes. This has caused federal revenues to decline by $353 million in the first nine months of this year. The budget office projects a budget deficit of $3.9 billion in 2009-10, although it adds that, if the economic downturn proves worse than expected, next year's federal deficit could hit $14 billion. The budget office was created in 2006 to provide independent fiscal forecasts for parliamentarians. This is Page's first budgetary study. Parliament's budget watchdog said Thursday Ottawa is in danger of running deficits starting this year, ballooning to as high as $13.8-billion next year, before returning to a surplus position starting in 2011-12. Nevertheless, the watchdog still projects a surplus for this fiscal year of at least $1.7-billion. Its "average" scenario, which is midway between worst- and best-case, projects a $3.9-billion deficit next year and a $1.4-billion shortfall in 2010-11. The outlook comes from the Office of the Parliamentary Budget Officer, a newly-created body that aims to provide non-partisan economic analysis. It used nearly a dozen private-sector forecasts to develop its outlook, and made judgments as how certain changes in growth would affect federal coffers. It made its budget deficit call based on what is expected to be weak economic growth for the country as the global economy tries to pull itself out of a financial crisis. The "external factors" that supported recent growth in Canada have "reversed course," the office's report said. "The weaker Canadian outlook ... poses a risk for the government to achieve its stated short-term and medium-term fiscal targets," the budget officer, Kevin Page, said his outlook. "Assuming no major fiscal policy changes, the downgraded economic outlook suggests the government would record modest and temporary deficits in the near term." The budget office also warned that a deficit for this fiscal year remains "a distinct possibility," due to decisions to cut the GST and corporate taxes - and not weakened economic conditions. But officially, the office projects a surplus this fiscal year as low as $1.7-billion to as much as $6-billion. "While the year-to-date fiscal results, as well as all of our projection scenarios, suggest a modest surplus in 2008-09, it will be some time before the implications for [government] revenues of the recent financial market turmoil are known." Opposition politicians immediately pounced on the report, saying misguided Conservative decisions on spending and tax cuts put the country into a deficit position. "Will the Prime Minister admit, coming from his own appointee, Kevin Page, that he is no longer anywhere to hide? The deficit is not the fault of the international community. He and his reckless Finance Minister are the sole proprietors of Canada's deficit," John McCallum, head of the Liberal Party's economic team, said during debate in the House of Commons. Stephen Harper, the Prime Minister, responded: "We need to correct the facts. There are numerous prognostications about the future. And the Minister of Finance will deliver his fiscal update in the week to come -- and that will provide the facts to all members of Parliament." The fiscal update, scheduled for some time next week, will provide the Department of Finance's outlook on the economy. But Mr. Page's report steals some of the thunder. Mr. Harper added Thursday Canada remains in a surplus position, and is one of the few countries in the industrialized world that can boast about that during this current downturn. Meanwhile, Mr. Page said there are a range of policy initiatives the government can enact to address the current economic slowdown, among them a stimulus package to boost demand. But, he added, "the key challenge for policymakers is to address short-term pressures while maintaining a longer-term vision, enacting policies that are fiscally sustainable and address the fundamental long-term challenges." Chief among those long-term challenges is boosting Canada's lacklustre productivity growth. "With population ageing reducing growth in the labour force going forward, fostering productivity growth will be absolutely essential for ensuring sustained increases in living standards," Mr. Page said. In the Speech from the Throne, delivered Wednesday, the government warned of "misguided" attempts to stay in a budget surplus position given the state of the global economy. The last time Ottawa recorded a deficit was in 1996-97, when former finance minister and prime minister Paul Martin oversaw a shortfall of $8.7-billion. pvieira@nationalpost.com

Economic turmoil halts glitzy condo project FRANCES BULA Special to The Globe and Mail November 14, 2008 Tony Pappajohn's Greek immigrant parents spent half a century building up a modest empire of apartment and commercial buildings in Vancouver. After taking that business into big-time development, Mr. Pappajohn this week had to sit down with contractors and tell them that his latest project - a cutting-edge new condo tower - has become another casualty of global economic turbulence. Working with his two brothers, he had taken his parents' empire to an ambitious new level in the past decade. They built a couple of small, attractive apartment buildings in Kitsilano and South Granville that sold or rented immediately. Then, five years ago, they decided to climb even further up the ladder in Vancouver's booming development world. They bought property downtown and, as plans progressed, found themselves the developers of a 37-storey, London-architect-designed glass tower with condos priced between $500,000 and $5.3-million. Print Edition - Section Front Section S Front Enlarge Image The Globe and Mail Mr. Pappajohn loved the project, the Jameson House, which combined cutting-edge environmental architecture by a team from the prestigious Norman Foster firm with the chance to restore two heritage buildings next door. Although it was in the city's business district - an unusual location for a condo tower - and not on the waterfront, it had the cachet of being on the same block as two of the city's most exclusive private clubs, and brochures promised stylish Italian fittings. But on Wednesday, he told his contractors he was stopping construction because one of his key lenders from a syndicate of three had backed out of the $180-million project. The lender, a major Canadian bank that Mr. Pappajohn declined to identify, pulled out Oct. 28, telling the Pappajohns only that "market conditions" weren't good. There was no reference to any doubts about his ability to sell remaining condos and Mr. Pappajohn said their presentation centre had still been getting steady business. He has spent the past two weeks looking for another lender and been unable to find one. While he's still frantically working with his lead lender to fill in the missing major piece, he decided he couldn't keep people working when he might run out of cash with which to pay them. "We made the hardest decision to stop," Mr. Pappajohn said yesterday in an interview at the downtown office of his family's company, Jameson Holdings. "But I had to ask myself, 'Is that fair to keep them working when you don't know if you can pay the bills? What if it doesn't work out and I can't get the financing and I can't pay these people? They have families.' " About 40 people were working on the site, and had just finished digging a 21-metre hole. Mr. Pappajohn now has to decide what to do for the people who bought 105 of the 144 condos. His marketer, Bob Rennie, said he's waiting to hear the results of Mr. Pappajohn's efforts at financing before figuring out what to do for the original purchasers, who had to provide deposits of 15 to 25 per cent of the price. The Jameson House is one of a growing number of condo projects in the Vancouver region that have been hit by a storm of bad economics: high construction costs, an abrupt condo sales slowdown that started in June, and a global financial crisis that has resulted in some lenders collapsing entirely while remaining banks are reluctant to lend. Two projects in Surrey have been halted, while the Olympic athletes village has been making headlines because of its difficulties in getting additional financing for cost overruns. And major developers like Concord Pacific, Westbank, ParkLane and others say that they are simply putting projects on hold until the market steadies. "It's not a project failure," Mr. Pappajohn said about his situation. "It's a market failure." Analysts say it could be months before the condo market becomes stable. That's a long time for a developer to hold expensive land and outstanding construction loans from a project halfway done. Mr. Pappajohn said he'd like to find a solution sooner than that. "Would I sell the project? In a heartbeat. I need to do what's prudent for everybody. If I could pay everybody's bills and be back to where I was five years ago, I'd have the world's most expensive MBA and be happy." In the meantime, "I'm out there. I'm looking for an angel. I'm looking for help to finish a beautiful project."

Mayor wants answers on city issues The Gazette Published: 6 hours ago Montreal Mayor Gérald Tremblay has written a letter to Jean Charest to find out where the Liberal leader stands on issues that are important to Montreal. Tremblay said he would like Charest to outline his government's plan for the city. He said improving the economy of Montreal will yield economic spinoffs in the rest of the province as well. In the letter, dated Nov. 12, Tremblay said he is anxious to hear Charest's proposals on how to "give Montreal the tools to properly assume its role as the economic motor of the province." Tremblay outlined several key areas his administration is working on that need government support: - A 20-year $8.1-billion transportation plan, which outlines major projects to renovate roads, improve public transit, and add bicycle paths. He said Charest needs to commit major public funds to help this project along. - Tremblay said the province must work to accelerate several infrastructure projects that have been stalled for many years, including the modernization of Notre Dame St. in Montreal's east end, the English and French superhospitals, and the revitalization of the harbourfront, which includes moving the Bonaventure Expressway away from the shoreline. - Tremblay also asked Charest to invest in urban renewal projects and to commit money for new social housing units. - He asked the province to help finance a new waste management plan, and to invest in the city's universities, research centres and museums. Tremblay also said Charest needs to work with Prime Minister Stephen Harper to free up Montreal's share of an $8.8 billion infrastructure program pledged in the federal government's 2007 budget. The funds have not yet been passed on to Canadian cities because of a complex application process for project approval and other delays in negotiations between the federal and provincial governments. Tremblay said it's imperative Montreal get access to that money now, to offset the effects of an economic downturn. He added Quebec also needs to change some of the rules governing cities to to give them access to new sources of revenue. Tremblay has been asking for a share of the Quebec sales tax or the ability to implement an entertainment tax on the island of Montreal. His administration has also mulled the idea of imposing tolls to drivers coming onto the island of Montreal. The city would need the permission of the Quebec government before imposing a new tax.

New York Times, October 1, 2008 Failed Deals Replace Boom in New York Real Estate By CHARLES V. BAGLI After seven years of nonstop construction, skyrocketing rents and sales prices, and a seemingly endless appetite for luxury housing that transformed gritty and glamorous neighborhoods alike, the credit crisis and the turmoil on Wall Street are bringing New York’s real estate boom to an end. Developers are complaining that lenders are now refusing to finance projects that were all but certain months or even weeks ago. Landlords bewail their inability to refinance skyscrapers with blue-chip tenants. And corporations are afraid to relocate within Manhattan for fear of making the wrong move if rents fall or a flagging economy forces layoffs. “Lenders are now taking a very hard look at each particular project to assess its viability in the context of a softening of demand,” said Scott A. Singer, executive vice president of Singer & Bassuk, a real estate finance and brokerage firm. “There’s no question that there’ll be a significant slowdown in new construction starts, immediately.” Examples of aborted deals and troubled developments abound. Last Friday, HSBC, the big Hong Kong-based bank, quietly tore up an agreement to move its American headquarters to 7 World Trade Center after bids for its existing home at 452 Fifth Avenue, between 39th and 40th Streets, came in 30 percent lower than the $600 million it wanted for the property. A 40-story office tower under construction by SJP Properties at 42nd Street and Eighth Avenue for the past 18 months still does not have a tenant. And the law firm of Orrick, Herrington & Sutcliffe last week suddenly pulled out of what had been an all-but-certain lease of 300,000 square feet of space at Citigroup Center, deciding instead to extend its lease at 666 Fifth Avenue for five years, in part because they hope rents will fall. “Everything’s frozen in place,” said Steven Spinola, president of the Real Estate Board of New York, the industry’s lobbying association, shortly after the stock market closed on Monday. Barry M. Gosin, chief executive of Newmark Knight Frank, a national real estate firm based in New York, said: “Today, the entire financial system needs a lubricant. It’s kind of like driving your car after running out of oil and the engine seizes up. If there’s no liquidity and no financing, everything seizes up.” It is hard to say exactly what the long-term impact will be, but real estate experts, economists and city and state officials say it is likely there will be far fewer new construction projects in the future, as well as tens of thousands of layoffs on Wall Street, fewer construction jobs and a huge loss of tax revenue for both the state and the city. Few trends have defined the city more than the development boom, from the omnipresent tower cranes to the explosion of high-priced condominiums in neighborhoods outside Manhattan, from Bedford-Stuyvesant and Fort Greene to Williamsburg and Long Island City. Some developers who are currently erecting condominiums are trying to convert to rentals, while others are looking to sell the projects. After imposing double-digit rent increases in recent years, landlords say rents are falling somewhat, which could hurt highly leveraged projects, but also slow gentrification in what real estate brokers like to call “emerging neighborhoods” like Harlem, the Lower East Side and Fort Greene. At the same time, some of Mayor Michael R. Bloomberg’s most ambitious large-scale projects — the West Side railyards, Pennsylvania Station, ground zero, Coney Island and Willets Point — are going to take longer than expected to start and to complete, real estate experts say. “Most transactions in commercial real estate are on hold,” said Mary Ann Tighe, regional chief executive for CB Richard Ellis, the real estate brokerage firm, “because nobody can be sure what the economy will look like, not only in the near term, but in the long term.” Although the real estate market in New York is in better shape than in most other major cities, a recent report by Newmark Knight Frank shows that there are “clear signs of weakness,” with the overall vacancy rate at 9 percent, up from 8.2 percent a year ago. Rents are also falling when landlord concessions are taken into account. The real estate boom has been fueled by a robust economy, a steady demand for housing and an abundance of foreign and domestic investors willing to spend tens of billions of dollars on New York real estate. It helped that lenders were only too happy to finance as much as 90 percent of the cost on the assumption that the mortgages could be resold to investors as securities. But that ended with the subprime mortgage crisis, which has since spilled over to all the credit markets, which have come to a standstill. As a result, real estate executives estimate that the value of commercial buildings has fallen by at least 20 percent, though the decline is hard to gauge when there is little mortgage money available to buy the buildings and therefore few sales. Long after the crisis began in 2007, many investors and real estate executives expected a “correction” to the rapid escalation in property values. But after Lehman Brothers, the venerable firm that had provided billions of dollars of loans for New York real estate deals, collapsed two weeks ago, it was clear that something more profound was afoot. And there was an immediate reaction in the real estate world: Tishman Speyer Properties, which controls Rockefeller Center, the Chrysler Building and scores of other properties, abruptly pulled out of a deal to buy the former Mobil Building, a 1.6 million-square-foot tower on 42nd Street, near Grand Central Terminal, for $400 million, two executives involved in the transaction said. Commercial properties are not the only ones facing problems. On Friday, Standard & Poor’s dropped its rating on the bonds used in Tishman’s $5.4 billion purchase of the Stuyvesant Town and Peter Cooper Village apartment complexes in 2006, the biggest real estate deal in modern history. Standard & Poor’s said it cut the rating, in part, because of an estimated 10 percent decline in the properties’ value and the rapid depletion of reserve funds. The rating reduction shows the growing nervousness of lenders and investors about such deals, which have often involved aggressive — critics say unrealistic — projections of future income. “Any continued impediment to the credit markets is awful for the national economy, but it’s more awful for New York,” said Richard Lefrak, patriarch of a fourth-generation real estate family that owns office buildings and apartment houses in New York and New Jersey. “This is the company town for money,” he said. “If there’s no liquidity in the system, it exacerbates the problems. It’s going to have a serious effect on the local economy and real estate values.”

On the job, on solid ground The road to finding full-time employment in Quebec has many twists and turns. It also has lots of rotten bridges and overpasses. And that's good news if you're in the construction and engineering business. JEFF HEINRICH, The Gazette Published: 6 hours ago Shoring up all those massive old structures of rusted steel and cracked concrete is keeping many qualified workers on the job this summer. In fact, 2008 is the costliest year ever for infrastructure renewal in the province. How costly? Just look out your car window. Ottawa and Quebec are spending $3.2 billion to fix bridges and overpasses and repair roads at 1,800 sites across Quebec, including several major projects around Montreal. What began with a tragedy - the September 2005 collapse of the de la Concorde Blvd. overpass in Laval, which killed five people - has turned into a massive, government-financed job boom. Motorists may curse, but the boom has been a godsend for those who, it might be said, need a break the most: new immigrants trying to snag a first job in their adopted land. Since January, The Gazette has been following the progress of six of them, all enrolled in an intensive civil-engineering diploma program of 17 students at CEGEP du Vieux Montréal, their costs covered by Emploi-Québec. They wrote their final exams in mid-July and started apprenticing at Montreal-area companies soon after. The unpaid "stages," as they're known in French, last four weeks. The students are keeping a daily log of the 120 hours they're on the job and will return to class at the end of the month to give a PowerPoint presentation summing up their experience. After that, by the end of September or early October, it'll be graduation time. And diploma in hand, the eager engineers will hit the job market, finally getting off government assistance and earning a decent salary. One of the most energetic of the bunch is Agaton Oba-Buya, a Congolese man who spent half his life in Russia before starting a new life here in the spring of 2006 with his Russian wife and their two children. These days the 44-year-old PhD in technical science - who also had an engineering company in his hometown, Brazzaville - wears the hard hat and workboots of Demix Construction, a Longueuil general contractor. He was hired as an apprentice at the firm's Laval office two weeks ago. For Oba-Buya, Quebec's infrastructure woes spell one word: Opportunity. "Le malheur des uns fait le bonheur des autres," he said with a grin this week, quoting Voltaire's famous maxim. It was Tuesday and Oba-Buya had just spent the morning observing repairs to the 55th Ave. overpass of Highway 520, in Dorval, on behalf of his employer, a unit of Ciment Saint-Laurent. There's plenty of good fortune to be made out of Quebec's antiquated infrastructure, and if Oba-Buya keeps up the good work - and the repair contracts keep coming, which no one doubts - there's a good chance he'll turn his apprenticeship into a full-time job. "There's been a great deal of demand for workers because of all these private-public partnerships, projects like Highway 25 (between Montreal and Laval) and Highway 30 (on the South Shore)," said his boss, Dominic Martel, who also took on three others from the CEGEP program this month. "Usually we make do with apprentices out of the university programs, but this summer that wasn't enough, so we jumped at the chance for more workers when the CEGEP called us," he said. "Agaton has an advantage. He has a driver's licence and a car, which means he can easily get to the sites we're working on," he added. "I'm very satisfied with him so far. He expresses himself well, knows the technical terms we use, speaks several languages. He's autonomous, this gentleman, and that's what we're looking for." Getting his foot in the door wasn't easy for Oba-Buya. He sent his CV to close to 80 companies before his apprenticeship supervisor at the college stepped in to help land him an interview at Demix. It was in the interview that he began to practise the fine art of being accommodating. "They told me what projects they're involved in, such as overpasses, aqueducts, asphalt, sewers and drainage, and they asked me which one I felt most qualified to work on. I had experience with dams in Russia, so maybe a drainage project would have been a good choice," recalled Oba-Buya. "But in the end, I just told them to put me wherever I could be useful to the company, and that's what they did." His first day, he got a 45-minute seminar on health-and-safety procedures - essential to the job. (Three years ago, Demix was fined for negligence by the CSST after one of its superintendents was struck by a dump truck and killed at a job along Highway 40 on the West Island. The site is not far from the Dorval site Oba-Buya visited this week.) After the safety course, the budding apprentice was given a mound of documentation to wade through: details of projects, client profiles, bids from subcontractors, cement specifications, ISO norms - "everything so he wouldn't be thrown into a work site and feel like a tourist," Martel said. But what struck Oba-Buya the most was how his boss made a point of introducing him to everyone in the building. To him, that meant he was welcome - something every immigrant dreams of but doesn't always get. "It impressed me a lot - the kindness, the smiles - from everyone, too. It made an important step - leaving my studies, starting a new phase - all that much easier." Then, at the end of the week, he was taken out into the field, to three sites, including the 55th Ave. site. The overpass is so decrepit, it is slated for demolition in 2010. In the meantime it needs to be properly repaired and supported so that traffic, as well as companies like Bell Canada and Vidéotron that have cables to tend to down there, can circulate safely. To that end, Demix and its subcontractors are installing 64 foundation pylons to prop up the overpass. Behind concrete barriers last Tuesday, the site appeared muddy and noisy, its workers' clothing smeared with dust and grime amid the din of generators and drilling machines. Later in the week, Oba-Buya had a choice of revisiting a project on Highway 25, dealing by phone and fax with an electrician subcontracted for a project on Highway 55, and learning billing techniques using Excel software - all tasks he looked forward to with optimism and good cheer. And why not? He's got a whole new life to look forward to. Fall is coming, a big season in Demix's business. The company's human-resources department will likely offer one-year contracts to some of its summer apprentices, Martel said - salaries for management jobs like the one Oba-Buya has his eye on being non-union and strictly negotiable. Now comes Step 2 in the art of being accommodating: Don't ask for too much. As a permanent resident to Canada, not yet a full citizen, Oba-Buya feels the humility of being a newcomer. From his Moscow days, he retains his Russian citizenship and passport (and speaks only Russian at home in Villeray), and that gives him pride. And he remembers being his own boss in Brazzaville, one more thing to be proud of. In this country, he's not holding out for a barrel of gold. He just hopes that come graduation, Demix will hire him as a technician in civil engineering, whatever the salary. "I'll take what they want to pay me," he said. "The money isn't important. The important thing is to get the work." jheinrich@thegazette.canwest.com THE QUEBEC DREAM: SIX STORIES. Look for Part 4 of this occasional series at the end of August, when reporter Jeff Heinrich checks back in with the students when they return to class to make a presentation about their apprenticeship experience - the final step before graduation. - - - Where they are now Since July 28, the 17 students in the CEGEP du Vieux Montréal's civil-engineering diploma program have been working as apprentices in various sectors. An asterisk (*) appears in front of the names of the six being followed by The Gazette: Real estate and buildings Le Groupe GENINOV Inc., Montreal: *Mohammed Tazi Mezalek, *Marie-Juline Jean-Baptiste and one other student. Construction EBC Inc., Brossard: *Hocine Merzouk, *Lady Alexandra Vega Contreras. Civil engineering Demix Construction (Ciment St-Laurent Inc.), Laval and Longueuil: *Agaton Oba-Buya and three other students. Geotechnical / materials / environment Groupe Qualitas Inc., Montreal: *Ahmed Gherbi. ABS Environnement Inc., Anjou: one student. Labo SM Inc., Longueuil: one student. Solmatech Inc., Repentigny: two students. Industrial engineering GCM Consultants Inc., Anjou: one student. Municipal City of Verdun: one student. Electricity distribution networks Transelec Common Inc.: one student. CEGEP du Vieux Montréal

Postez des images des projets qui n'ont jamais étés construits à Montréal dans ce fil. Post images of projects that were never built in Montreal in this thread. Nouveau Station Bonaventure (1900) - Pour remplacer l'ancienne station:

May 20, 2008 Lodging Econometrics Reports Canadian Construction Pipeline At a High in Q1 2008 with 265 Projects/33,964 Guestrooms The Pipeline Has Now Begun to Unfold in Earnest USA – Lodging Econometrics (LE), the Global Authority for Hotel Real Estate, announced that Canada’s Construction Pipeline totaled 265 projects and 33,964 guestrooms at the end of Q1 2008, a high for the cycle. Hotel construction in Canada has been solid. The total number of guestrooms in the Pipeline grew for an eighth consecutive quarter, and is up 14.2% year-over-year. All projects included in the LE Pipeline have dedicated land parcels, are being actively pursued by developers and have been verified by the brands. The total Pipeline appears to have reached its peak, as project and room counts have held steady for the past three quarters. Those to Start Construction in the Next 12 Months, 93 projects/11,649 rooms, and those in Early Planning, 83 projects/9,975 rooms, are at highs for the cycle. Meanwhile, the totals for Under Construction, 89 projects/12,340 rooms, are down from the cyclical peak established in Q2 2007.” Several Factors Have Developers Becoming Cautious Certain dynamics have aligned to cause developer caution. The Bank of Canada instituted three consecutive decreases to its key interest rate since December 2007, down a quarter-point in both December and January, then a further half-point in February, indicating concern about a slowing in the economy. Hotel operating statistics were strong in 2006 and 2007, however, a continued decline in visitors from the United States due to the low US Dollar, higher gasoline costs and reductions in discretionary spending, along with indications that domestic travel is apt to decline as well, mean that guestroom demand is likely to soften moving forward. With these emerging concerns, it appears that hotel developers are taking a cautious approach for the moment. The number of New Projects announced into the Pipeline, 15 projects/2,038 rooms in Q1 2008, represents a 58.3% decrease from Q4 2007 for both projects and rooms. It is the smallest count seen in over three years. Construction Starts for Q1 2008 totaled just 9 projects/1,329 guestrooms. Although first quarter Construction Starts are historically slower than the rest of the year, the counts for Q1 2008 are at a very low level. Projects already in the Pipeline are proceeding at a sluggish pace, with projects backlogged in the Scheduled Starts and Early Planning stages, suggesting that developers are more conservative and taking a wait-and-see approach. LE’s Forecast for New Hotel Openings LE’s Forecast for New Hotel Openings estimates that 82 projects having 9,554 rooms will come online in 2008, while 88 projects/10,807 rooms are slated for 2009, with 12,340 rooms already Under Construction. This represents a gross growth rate of 3.5% and 3.8%, respectively, before any guestrooms are removed from inventory. Net New Supply grew 2.0% in 2006 and 1.9% in 2007. Currently, The Pipeline, growing throughout the decade, is beginning to unfold just as demand is modestly starting to soften. Development is Concentrated in Key Markets Of the 33,964 rooms in the total Pipeline, only 16% of those rooms are full-service, with 57% in the select or limited service segments. Another 27% is currently designated as Independent. Approximately 70% of those rooms in the Independent segment will choose a brand prior to opening, mostly in the select and limited service category. The bulk of hotel development is in the Central and Western regions. Ontario leads the Central provinces in terms of pipeline counts, with 94 projects/14,072 rooms, while Quebec has 25 projects/3,800 rooms. In the Western Region, Alberta, with 61 projects/6,457 rooms, and British Columbia, with 44 projects/5,430 rooms, have the largest provincial pipelines. Ten markets have the significant share of the Pipeline. In these markets, there are 123 projects/18,902 rooms, or 56% of the total Pipeline. In Ontario, Toronto leads with 34 projects/5,946 rooms, with Niagara Falls second at 13 projects/3,013 rooms. In Quebec, Montreal’s pipeline stands at 11 projects/1,786 rooms. For the Western Region, Vancouver, at 19 projects/2,628 rooms, Edmonton, at 13 projects/1,526 rooms, and Calgary, at 10 projects/1,486 rooms have the largest pipelines. All other markets have six or fewer projects. Global Brands Lead the Way Global brands currently make up 72% of projects within the total Pipeline. InterContinental leads with 55 projects/5,626 rooms, with 40 Holiday Inn Express’ and 9 Holiday Inns. Marriott International has 28 projects/4,115 rooms under development, 15 of which are Residence Inn and Fairfield Inn properties. Hilton Hotels follows, with 24 projects/3,701 rooms, then Starwood Hotels & Resorts with 15 projects/3,021 rooms. Super 8 accounts for 31 projects/2,184 rooms of Wyndham Worldwide’s total pipeline, most of which are being developed by master franchisor, Superior Lodging Corporation. It’s a Time of Transition After rapid growth mid-decade, the Construction Pipeline may be at its cyclical peak. The economy appears to be moderating and lodging demand slowing, yet New Openings flowing from the Pipeline will be accelerating throughout 2008 and 2009. Developers have sensed the economic transition and turned cautious, as both New Project Announcements and movement within the Pipeline are slowing. It’s early in the transition. More time will be required to assess trends for the near term. :thumbsup: :thumbsup: This info comes from http://www.lodgingintelligence.com/2008/Canada%201Q08/1Q08CanIndustry.htm

Montreal projects get $17M The Gazette Published: Monday, June 16 International Science and Technology Partnerships Canada Inc. today announced $17 million in research and development funding to support three Montreal-based projects involving Canadian and Indian companies. Beneficiaries include CAE Inc., Pratt & Whitney Canada Corp. and McGill University, according to an announcement today by Foreign Affairs Ministers David Emerson. The three projects include the application of biofuels for aviation, the design and development of a new generation of regional transport aircraft and an improved system for storing dangerous materials in aboveground tanks. "Our government understands the importance of establishing international research partners and the critical role science and technology plays in the new economy," said Emerson. "These joint projects will enhance the collaboration between our scientists and commercialize their discoveries." http://www.canada.com/montrealgazette/news/business/story.html?id=d92f9f3c-9ed2-48f3-a340-ded06146a499

UQAM's financial fiasco is a major problem for Montreal The university is key to educating our local workforce HENRY AUBIN The Gazette Tuesday, June 10, 2008 I'd argue that the No. 1 short-term problem that the Montreal area faces today is the financial fiasco at the Université du Québec à Montréal. (Long-term problems such as decaying infrastructure and adapting the region to climate change are another story.) It's easy to overlook UQAM's importance. Its not the most prestigious of the four universities that are the four pillars of the region's knowledge economy. Yet UQAM's role in forming an educated local workforce is arguably greater than that of the most internationally renowned school, McGill. That's because a greater share - far greater - of its graduates actually remain in the metropolitan area and make their careers here. UQAM's real-estate expansion has rung up a debt costing $50,000 a day in interest. It could reach half a billion dollars by 2012. To reduce costs, the university cut its operating budget by 10 per cent, hiked student fees and announced the elimination of 30 specialized programs (each of which typically contains four courses). In all, it's cutting $41 million per year for five years. But this is hardly enough. To be sure, the Charest government would never let the university downsize drastically. UQAM is too valuable economically. The political cost to any government would be too great. But there has been profound damage to the institution's reputation - which is ironic, given that the aim of the expansion, centred on the construction of two glittering new downtown campuses, was in large part to lend UQAM prestige. More important, however, will be the damage to the calibre of the education itself. How many professors will not be hired? How many more courses will be dropped? How many potential students will decide against going to university because of spiralling fees and slipping quality? The crisis raises two questions. The first: Who ought to pay for whatever is needed to bring the university back to health? The bill could come to about $300 million. Should the university pay? Or should Quebec taxpayers pick up this hefty tab? The argument in favour of the university paying for itself would be that it is the author of its misfortune. No one told it to build the science campus (completed between Sherbrooke St. and Place des Arts) and the humanities campus (unfinished at the Voyageur bus terminal). UQAM's new head, Claude Corbo, who has the unenviable job of cleaning up UQAM's finances, made the case last week that Quebec taxpayers should pay. I have deep respect for Corbo's record of public service over the decades, but his argument is weak. He said that since Quebec paid for the Laval métro's cost overruns, it should now pay for UQAM's. That would bolster the idea that planners of public projects can toss prudence to the winds. Indeed, as Quebec's auditor-general showed last week, accountability was dysfunctional at every level. UQAM's head at the time, Roch Denis, kept real-estate details from UQAM's board of governors, the board placed too much trust in Denis, the body that oversees the Université du Québec's six universities across the province was asleep at the switch and so was the person at the top, then-education minister Jean-Marc Fournier. The problem for his successor, Michelle Courchesne, however, is this: If she does the principled thing and makes UQAM pay for its errors, this could further harm the institution's quality. No one wants that. The second question is: How do you change the culture of laxity the is at the root of this project? The UQAM and Laval métro debacle are examples of a trend. Major projects in Montreal tend to elude serious study. McGill and the Université de Montréal wasted years dreaming up grandiose hospitals that, even now that their scale is smaller, keep climbing in cost. Highway 25 and U de M's Outremont campus have never received adequate study. And two big projects of the day, Quartier des spectacles and the private Griffintown mega-project are also avoiding credible scrutiny. I've written about this absence of checks and balances for four years. The void is as glaring as ever. True, the arrival of public-private partnerships (in the case of the hospitals and the highway) could keep taxpayers from getting hit by cost overruns. But PPPs address the management of projects, not their justification. The core problem remains After the Olympic Stadium fiasco, a provincial inquiry headed by the late Judge Albert Malouf urged screening of major projects by independent experts. How many more clinkers must Quebecers endure before politicians accept that common sense? - - - The knowledge economy's four pillars The Université du Québec à Montreal produces the second most diplomas and certificates of Montreal's universities. The figures are from 2006. University Baccalaureat Masters Doctorate Total* Concordia 4,379 1,080 72 5,833 McGill 4,665 1,499 345 7,608 UQAM 4,466 1,542 115 10,303 Univ. de Montréal 5,030 1,433 257 11,286 Source: Ministry of Education *including certificates http://www.canada.com/montrealgazette/features/viewpoints/story.html?id=c694a84a-2719-4a9b-ac0c-b290eb76b092

Investing in Montreal Halifax developer Homburg building properties, portfolio in city By BILL POWER Staff Reporter Mon. Apr 7 - 5:47 AM Richard Homburg, president of Homburg Invest. Inc, has just launched the $35-million Phase II of the 333 Sherbrooke St. E. luxury condominium project in Montreal. He also has an ambitious plan for the CN Central Station in the city, a project that will bring Homburg Invest Inc.’s portfolio in Montreal up to the $1-billion mark. (CNW) A HALIFAX property developer is helping reshape the Montreal skyline and attributes increasing investor interest in the city to its annual Grand Prix and acclaimed jazz and comedy festivals. Richard Homburg just launched the $35-million Phase II of the 333 Sherbrooke St. E. luxury condominium project and at the same time unveiled an ambitious plan for the CN Central Station in the heart of the city that he scooped up last year for $355 million. The completed project will bring the Homburg Invest Inc. portfolio in Montreal up to the $1-billion mark. Mr. Homburg said in Montreal he will build two $150-million 24-storey office towers at the CN Central Station site to take advantage of a proposed new link between the downtown location and Pierre Elliott Trudeau International Airport at Dorval. "The best is yet to come for property investment in the Montreal region," the Halifax-based developer said in a release. "The Montreal office market is on fire, and downtown core vacancy rates have fallen sharply with little new space on the horizon. . . . The condo market will continue to flourish for several more years." Mr. Homburg told the Montreal Real Estate Forum he believes Montreal real estate is undervalued compared to that of other cities in Canada and around the world. "Montreal is ideally situated at a major crossroads for European and North American trade and business," he said. The Sherbrooke Street project is in the heart of Montreal’s Plateau neighbourhood and consists of 83 condominium units in the first phase and another 67 in the second phase, and 30 townhouses connecting to the property. Initial occupancy is set for fall 2008 and the first phase is sold out. Units cost $350,000 to $2 million. Mr. Homburg said the real estate market in Montreal is supported by rising investment in both public and private projects. "Major tourist events like the Grand Prix, the jazz festival and the comedy festival attract people from all over the world who also come here to shop in the city’s highly developed shopping districts and eat in the city’s renowned restaurants," he said. Homburg Invest has been very busy in Montreal for the past three years. Major acquisitions include Place Alexis Nihon, as part of the $485 million Alexis Nihon REIT purchase; the CN Central Station for $355 million and a partnership interest in the $400-million redevelopment of the historic Chateau Viger site. Through these and other properties the company says it owns more than 1.5 million square feet of prime retail space in Montreal. Beacon Securities Ltd. in Halifax said it was initiating coverage of Homburg Invest with a buy rating and a 12-month price target of $4.75. It noted Homburg shares were recently trading at about $3.60 on the TSX. "Homburg’s $3-billion development pipeline has a total of 15 projects, with completion dates ranging over the next decade," analyst Michael Mills said in his outlook and financial forecast, distributed Friday. "However, many of the projects are condo resales and the commercial projects in the pipeline will not add to leasable square footage during our two-year forecast period," the forecast said. ( bpower@herald.ca) ‘The best is yet to come for property investment in the Montreal region.’ RICHARD HOMBURGProperty developer http://thechronicleherald.ca/Business/1048082.html

What Avenue du park could have become: Montreal at the 70': The projects: More about Avenue du park:

Habitat ‘67 developed out of architect Moshe Safdie’s 1961 thesis design project and report ("A Three-Dimensional Modular Building System" and "A Case for City Living" respectively). The building was realized as the main pavilion and thematic emblem for the International World Exposition and its theme, Man and His World, held in Montreal in 1967 (movie). Born of the socialist ideals of the 1960s, Safdie’s thesis housing project explored new solutions to urban design challenges and high-density living. His ideas evolved into a three-part building system which pioneered the combined use of a three-dimensional urban structure, specific construction techniques (the prefabrication and mass-production of prototypal modules), and the adaptability of these methods to various site conditions for construction conceivably around the world (Safdie would later be commissioned to design other 'Habitat' projects in North America and abroad). The outcome of Safdie’s thesis explorations, Habitat ’67 in essence gives life to these ideas. The design for Habitat relies on the multiple use of repetitive elements, called boxes or modules, which were arranged to create 16 differently configured living spaces, for a total of 158 residences within the complex. http://cac.mcgill.ca/safdie/habitat/default.htm