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Found 16 results

  1. http://www.icisource.ca/commercial_real_estate_news/ When NIMBYism is warranted, and when it isn’t Of course, the question is whether a proposed development, infill project or new infrastructure build really does pose a risk to these cherished things. Developers and urban planners must always be cognizant of the fact that there is a segment of the population, a fringe element, who will object to just about anything “new” as a matter of principle. I’ve been to many open houses and public consultations for one proposed project or another over the years. There is almost always that contingent of dogged objectors who invariably fixate on the same things: Parking – Will there be enough if the development increases the population density of the neighbourhood or draws more shoppers/workers from elsewhere? Traffic – Will streets become unsafe and congested due to more cars on the road? Transit – Will this mean more busses on the road, increasing the safety hazard on residential streets, or conversely will there be a need for more? Shadowing – is the new build going to leave parts of the neighbourhood stuck in the shade of a skyscraper? These are all legitimate concerns, depending on the nature of the project in question. They are also easy targets for the activist obstructionist. Full and honest disclosure is the best defence Why? Because I see, time and again, some developers and urban planners who should know better fail to be prepared for objections rooted on any of these points. With any new development or infrastructure project, there has to be, as a simple matter of sound public policy, studies that examine and seek to mitigate impacts and effects related to parking, traffic, shadowing, transit and other considerations. It therefore only makes sense, during a public consult or open house, to address the most likely opposition head on by presenting the findings and recommendations of these studies up front in a clear and obvious manner. But too often, this isn’t done. I’ve was at an open house a few years ago where, when asked about traffic impact, the developer said there wouldn’t be any. Excuse me? If your project adds even one car to the street, there’s an impact. I expect he meant there would be only minimal impact, but that’s not what he said. The obstructionists had a field day with that – another greedy developer, trying to pull the wool over the eyes of honest residents. This is a marketing exercise – treat it like one This is ultimately a marketing exercise – you have to sell residents on the value and need of the development. Take another example – a retirement residence. With an aging population, we are obviously going to need more assisted living facilities in the years to come. But in this case, the developer, speaking to an audience full of grey hairs, didn’t even make the point that the new residence would give people a quality assisted-living option, without having to leave their community, when they were no longer able to live on their own. I also hear people who object to infill projects because they think their tax dollars have paid for infrastructure that a developer is now going to take advantage of – they think the developer is somehow getting a free ride. And yet, that developer must pay development charges to the city to proceed with construction. The new build will also pay its full utility costs and property taxes like the rest of the street. City hall gets more revenue for infrastructure that has already been paid for, and these additional development charges fund municipal projects throughout the city. Another point, often overlooked – when you take an underperforming property and redevelop it, its assessed value goes up, and its tax bill goes up. The local assessment base has just grown. City hall isn’t in the business of making a profit, just collecting enough property tax to cover the bills. The more properties there are in your neighbourhood, the further that tax burden is spread. In other words, that infill project will give everyone else a marginal reduction on their tax bill. It likely isn’t much, but still, it’s something. Developers must use the facts to defuse criticism Bottom line, development is necessary and good most of the time. If we didn’t have good regulated development, we would be living in horrid medieval conditions. Over the last century and a bit, ever growing regulation have given us safer communities, with more reliable utilities and key services such as policing and fire. Yes, there are examples of bad development, but if we had none, as some people seem to want, no one would have a decent place to live. It just astonishes me that developers and urban planners don’t make better use of the facts available to them to defuse criticism. It’s so easy to do it in the right way. Proper preparation for new development public information sessions is the proponent’s one opportunity to tell their story, and should not be wasted by failing to get the facts out and explaining why a project is a good idea. To discuss this or any other valuation topic in the context of your property, please contact me at [email protected] I am also interested in your feedback and suggestions for future articles. The post Why do public planning projects go off the rails? appeared first on Real Estate News Exchange (RENX). sent via Tapatalk
  2. Tensions build over Roxboro high-rise project by Raffy Boudjikanian Article online since November 24th 2009, 13:00 Holly Arsenault shows the property line dividing her land from that of a developer whose potential project leaves many on Fifth Avenue North in Roxboro unhappy. Chronicle, Raffy Boudjikanian. Tensions build over Roxboro high-rise project Even as some residents of Fifth Avenue North in Roxboro, a dead-end street lined with single-unit bungalows, are concerned over the possible development of a multiple-storey condo at the end of their street, Pierrefonds officials at a lively public meeting last Wednesday night were at pains to explain nothing could move ahead yet. "Before the project can be accepted or acceptable, the developer must present plans that conform to our legislation. For now, that isn't the case yet," said Pierre Rochon, urban planning and business services department director, in answer to citizen questions. However, residents are concerned after seeing land surveyors walk into the swampy wooded area over the last few weeks. Holly Arsenault, who lives in a home right on the property line of the area, even said one of them told her the owner, Jacob Wolofsky, has already acquired all necessary permits and construction will begin in February. "If that's true, he's dreaming in colour," Rochon replied. When The Chronicle went to visit the street last Thursday, Arsenault showed a row of rocks that separates her yard from Wolofsky's property. Planted alongside both sides of that makeshift border are 45 trees, which Arsenault said play a large role in keeping her home from flooding when nearby Rivière des Prairies rises in the spring. "He said he's going to cut them down," Arsenault said, adding about half of them are on the developer's side. Another Fifth Avenue North resident, France Marsant, voiced her displeasure at the Wednesday meeting too. "Our street had a very peaceful, very calm character," she said. "We find it unthinkable to have a big block of eight floors on the street, which could lead to 300 cars going into the street by the summer." Borough Mayor Monique Worth insisted Pierrefonds was doing all in its power to ensure legal norms force the developer to create a reasonable project. "Our norms are getting higher and higher," she said. Rochon said previous bylaws allowed a 12-storey high project on the site, but the borough's revisions have already cut that size down to eight. At least one resident of the street was skeptical anything could be built at all. "I wouldn't even invest a cent into that land, it's a swamp," said Michel Davuluy, who has been living there for several years. After the meeting, Worth conceded the city of Montreal would, in an ideal world, like to buy up that land and turn into green space. "I think, in a way, we would like it to be a part of green space that would start, let's say, west of the Rapides du Cheval Blanc and end with that piece of property," Worth said. "But we can't force him to sell at a lower price because we would like to. It's up to him, it's his decision," she said. Though the land is valuated at about $188,000, a purchase by Montreal would cost millions because it is a public body, Worth said. Montreal had a right of expropriation on the property in question up to last May, but did not renew it after it expired, Marsant mentioned at the meeting. Wolofsky did not return calls for comment.
  3. Bonjour à tous, La compilation des projets sur les forums skyscrapercity et skyscraperpage n'a pas été mise à jour depuis longtemps et de part ça qualité, n'est pas très digne de Montréal! (c'est moi qui l'est faite en plus...) J'ai fait plusieurs recherches sur tous le projets, afin de compléter quelques renseignements et ainsi faire une nouvelle compilation. Je suis pourri en anglais, donc ne vous gêner pas pour me corriger. Je veux vos commentaires, afin de finaliser le fil et le mettre sur les deux autres forums. Merci bien! Gilbert P.S. Au risque de me répéter, le premier qui, après avoir vu ce fil, dira encore que Montréal stagne et ne bouge pas aura affaire à moi... ------------------------------------------------------ Updated compilation – by Gilbert (mtlurb.com) Under construction Hilton Garden Inn Expected Occupancy: 2008 Developer: Groupe Canvar Architect: Geiger Huot Architectes Floors: 37 fl Designation: 200-room hotel (first 13 fl), residential Louis Bohème Expected Occupancy: 2009 Developer: SacresaCanada, Iber Management Architect: Menkès, Shooner, Dagenais, Letourneux Height : 85m Floors: 28 fl Designation: Residential Crystal de la Montagne Expected Occupancy: 2008 Developer: Le Crystal de la Montagne / S.E.N.C. Architect: BLT Architectes Floors: 27 fl Designation: 131 suites, 59 luxurious condominium residences Le Vistal 1 & 2 Expected Occupancy: 2008 - 2009 Developer: Groupe Proment Designation : Residential Floors: 2*28 fl Designation: Residential Westin Montreal Expected Occupancy: 2008 Developer: Atlific Architect: Geiger Huot Architectes Floors: 20 fl Designation: 432 deluxe rooms and suites Quebecor Head Office Expansion Expected Occupancy: 2008 Developer: Québécor Architect: Cardinal Hardy / Arcop Floors: 19 fl Designation: Office space Université de Sherbrooke Expected Occupancy: 2009 City : Longueuil Developer: Université de Sherbrooke Floors: 17 fl Designation: University building Boisé Notre-Dame Expected Occupancy: 2008 City : Laval Developer: Groupe Joyal Floors: 3*17 fl Designation: Residential Îlot Voyageur Expected Occupancy: 2009 Developer: UQAM Floors: 2*9 fl / 16 fl Designation: University building and a new bus terminal Villa Latella - Mont-Carmel Expected Occupancy: 2008 Developer: San Carlo Construction Inc. Floors: 15 fl Designation: Residential John Molson School of Business Building Expected Occupancy: 2009 Developer: Concordia University Architects: KPMB Architects – FSA Architectes Floors: 15 fl Designation: University building Sir George Simpson Expected Occupancy: 2009 Developer: Groupe Lépine Architects: DCYSA Floors: 13 fl Designation: Residential LUX Résidences Gouverneur Expected Occupancy: 2009 Developer: Gouverneur Residences Architects: DCYSA Floors: 4*12 fl Designation: Residential Lowney 3 Expected Occupancy: 2008 Developer: Groupe Prével Architects: DCYSA Floors: 10 fl Designation: Residential 333 Sherbrooke Est Expected Occupancy: 2008 Developer: Homburg Invest Inc. Architects: Cardinal Hardy et Associés Floors: 2*10 fl Designation: Residential Stade Saputo Team : Impact de Montréal Expected Occupancy: 2008 Developer: Groupe Saputo Architect: Zinno Zappitelli Architectes Number of seats: 13,000 seats, expandable to 17,000
  4. (CNN) -- For architecture buffs numbed by the ongoing global battle to crank out record-breaking tall buildings, here's something innovative to spark the imagination. The South Korean government has granted approval to begin construction on the world's first "invisible" tower. Designed by U.S.-based GDS Architects, the glass-encased Tower Infinity will top out at 450 meters (1,476 feet) and have the third highest observation deck in the world. The project is backed by Korea Land & Housing Corporation, a state-owned land and public housing developer. The invisibility illusion will be achieved with a high-tech LED facade system that uses a series of cameras that will send real-time images onto the building's reflective surface. It will be built just outside of Seoul near the Incheon International Airport. Neither the developer nor GDS have released a target completion date. The development will reportedly be used primarily for leisure activities. It will include a series of observation decks, a movie theater, roller coaster, water park and numerous food and beverage outlets. Though height isn't its main selling point, Tower Infinity is no slouch in the vertical department. When completed, it's expected to come in sixth on the list of the world's highest towers, behind Tokyo SkyTree, Guangzhou's CantonTower, Toronto's CN Tower, Moscow's Ostankino Tower and Shanghai's Oriental Pearl. Editor's note: The original version of this paragraph said Tower Infinity would be one of the world's tallest buildings, not towers. The error has been corrected. How it works Tower Infinity's invisible face is essentially just state of the art camouflage. Cameras will be placed at three different heights on six different sides of the building to capture real-time images of the surroundings; three other sections, each filled with 500 rows of LED screens, will project the individual digital images. Through digital processing, images will be scaled, rotated and merged to create a seamless panoramic image that appears on the LED rows to create the illusion of invisibility. In essence, whatever is going on behind the building will be projected onto the front of the building. According to GDS, managers will be able to alter the level of power used to give the building different levels of invisibility. "Instead of symbolizing prominence as another of the world's tallest and best towers, our solution aims to provide the world's first invisible tower, showcasing innovative Korean technology while encouraging a more global narrative in the process," said Charles Wee, GDS design principal, in a statement. In 2011 GDS, in collaboration with firms Samoo Architects and A&U, was awarded first prize in a National Design Competition sponsored by the Korea Land & Housing Corporation to provide design and engineering services for the observation tower. http://www.cnn.com/2013/09/12/travel/seoul-invisible-skyscraper-tower-infinity/index.html?hpt=hp_c4
  5. Developer floats alternate proposals for a $900 million tower project on Boston’s waterfront It’s not the best economic climate for building office space. But Don Chiofaro, a Boston-based developer seems unfazed. He is moving fast and furious to get approvals for a 1.5 million sq ft mixed -use project for Boston’s waterfront, betting the market will change by the time the project goes into construction. In January he proposed a two-tower scheme for the site, a prime location between the New England Aquarium and the City’s new Greenway. But when that scheme was met with little enthusiasm, Chiofaro unveiled yet another design last week, this three-tower scheme designed by New York architect Kohn Pederson Fox. While this scheme is reportedly the developer's favorite, he has an arsenal of ten different designs that he is prepared to launch on the public until one sticks. The current scheme, which has been likened to a "matched set of furniture" by Boston architecture critic Robert Campbell, features three tall slender glass towers framed with terra cotta walls. Pederson told the Boston Globe that the intent was to create a high rise that made sense in Boston, a city that has an architectural pedigree of brick townhouses and warehouses. “In both types you have long masonry bearing walls at both sides with large openings in the front and rear” said Pederson. The two "bookend" towers will be occupied while the middle tower is intended as sculpture and has no program. One tower will hold a 200-300 room hotel topped by approximately 120 condos. The second one will contain 850,000 sq ft of office space. The lower floors of the entire complex will contain 70,000 sq ft of retail space. Sharon McHugh US Correspondent http://www.worldarchitecturenews.com/index.php?fuseaction=wanappln.projectview&upload_id=11108
  6. March 15, 2009 KEY | SPRING 2009 By JIM LEWIS New York is the capital of glass, the city of windows. Other cities get their gravitas from marble or stone, but New York is made of silica, soda ash and lime, melted to make this vitreous stuff: transparent, translucent and opaque; reflective, tinted, frosted, coated, clear. The slightest shift in the angle of sun fall can hide or reveal entire worlds, and as evening comes the city gradually turns itself inside out — the streets go dark and the buildings open up, offering their rooms like stagelets upon which our little lives are played. 25 Cooper Square: The Cooper Square Hotel Completed: 2009 Architect: Carlos Zapata Developer: Sciame Photo date: Sunday, Jan. 18, 2009 As old as the material is, glass remains a mystery. No one quite knows what goes on, down where the molecules bind — whether it’s a slow-moving liquid, an especially mutable solid or something in between. Still, new compounds appear regularly, with new qualities that promise new possibilities. The substance has never been exhausted, and may yet prove inexhaustible, an endless inspiration to architects and designers as it grows stronger, lighter, clearer and more flexible. 731 Lexington Avenue and 1 Beacon Court: Global headquarters for Bloomberg L.P. and other offices, as well as retail and residences Completed: 2005 Architects: Cesar and Rafael Pelli (Pelli Clark Pelli Architects) Developer: Vornado Realty Trust Photo date: Thursday, Jan. 15, 2009 For this issue, In Sook Kim, an artist with a special interest in intimacy and display, photographed five buildings in Manhattan — chips in the kaleidoscope of the city and homes to some of its most emblematic activities: business, the arts, putting up tourists and, of course, staying in for the night. 405 West 55th Street: The Joan Weill Center for Dance, home of the Alvin Ailey American Dance Theater Completed: 2004 Architect: lu + Bibliowicz Architects L.L.P. Photo date: Friday, Jan. 16, 2009 For each photograph, Kim, who is based in Germany, lit interior rooms with colored gels and arranged the occupants of the buildings in everyday tableaux. She then parked herself across from the buildings with a large-format camera, the glass of her lens facing the glass of the facades, creating portraits of the city as a crystalline beehive, always bright and always busy. 48 Bond Street: Condominium residence Completed: 2008 Architect: Deborah Berke & Partners Architects Developer: Dacbon L.L.C. Photo date: Wednesday, Jan. 21, 2009 http://www.nytimes.com/2009/03/15/realestate/keymagazine/15KeyGLASS-t.html?ref=keymagazine&pagewanted=print
  7. Je me disais que plusieurs aimeraient lire ça... (Oui oui à Toronto ils ont longtemps considéré qu'il y avait une phobie des hauteurs) Toronto skyscrapers rise ever taller The city may finally be getting over its irrational fear of heights Marcus Gee Published on Friday, Apr. 23, 2010 6:59PM EDT Last updated on Friday, Apr. 23, 2010 7:00PM EDT Yesterday, Mayor David Miller was on hand for the ceremonial ground-breaking of the tallest residential building in Canada. The 75-storey, 243-metre-high Aura condominium will be a dramatic addition to the city skyline, a blade-like glass-and-steel skyscraper that is the final stage of the College Park complex at College and Yonge. With 931 units and 1.1 million square feet of living space, it is the King Kong of condos, boasting more residential footage than the Burj Khalifa in Dubai, the world’s tallest building. Aura is a sign that Toronto is getting over its fear of heights. New office and condominium towers are popping up downtown like mushrooms after a summer rain. The Shangri-La hotel and condo on University Avenue will rise 66 storeys; architect Daniel Libeskind’s L Tower on the Esplanade, 57 storeys. The Ice condos down by the waterfront will comprise two towers of 65 and 55 storeys. By 2014, Toronto could have close to 100 buildings over 400 feet tall, nearly double the number of a decade earlier. City councillor Kyle Rae says this city has become the “Manhattan of Canada,” a comparison that would have seemed absurd even a few years ago. For a city that used to quiver and squirm whenever a developer threatened to put up a skyscraper outside the financial district, it is a startling change. Back in the 1970s, worries about congestion and overbuilding led Mayor David Crombie to slap a 40-foot height limit on downtown buildings. In the early 2000s, the city was consumed by a debate over the Minto project, a high-rise condo opposed by neighbouring homeowners. A couple of years later, developer Harry Stinson was forced to cancel plans for the spectacular, 90-storey Sapphire Tower on Temperance Street. It seemed too tall, too big, too flashy. All that seems dated now. Though neighbours still complain about shadow impacts, traffic congestion and other often-imaginary problems with proposed tall buildings, Torontonians are coming to accept the merits of building into the heavens. The thicket of downtown high-rises fits perfectly with the drive to promote urban “intensification,” planner-speak for packing people more closely together to save energy and counteract urban sprawl. The Aura project is right on the Yonge subway line, so thousands of people will be able to get around without their cars. It will bring new life to the tatty corner of Yonge and Gerrard and kick-start revitalization of the crummy Yonge Street strip. Even so, the city at first failed to see Aura’s aura. The site was zoned for just 36 storeys and planners bridled at the notion of more than doubling that. When a City of Toronto planner first discussed Aura with Mr. Rae, a champion of urban density and downtown living, she called it a disgrace. “I turned to her and said, ‘Is that a planning term?’ and it deteriorated from there.” But the city soon realized it was on thin ice if it hoped to oppose Aura. Both Toronto’s official plan and Ontario’s smart growth policies call for increasing density around nodes such as Yonge and College. To ease the city’s concerns, developer Michael La Brier agreed to set up a five-member panel with leading U.S. and local architects to review the tower’s design. The result is a sleek and handsome building that will cost about half a billion dollars. The tower will stand on a three-storey granite-and-glass podium with high-end stores such as Bed, Bath and Beyond. More than 97 per cent of the condos have been pre-sold, says Mr. La Brier, though if you have $17.5-million in your pocket, there is still a penthouse available. That a developer can charge such a sum for a condo in Toronto is a sign of confidence in the city and its vibrant downtown. Aura was financed in the midst of the world financial crisis and more than 85 per cent of the units were sold within six weeks, sight unseen. The building’s dramatic height is a draw, not a drawback. Mr. La Brier’s remembers the fuss when College Park’s early phases went up, with towers of 45 and 51 storeys. “In those days, 51 storeys was as scary as 75 is today.” With Aura’s unabashed embrace of height, the city has moved on. If we can get over our fear of 75 storeys, why not 80 or 90 or even 100? In this new vertical city, the sky is the limit. http://www.theglobeandmail.com/news/national/toronto/toronto-skyscrapers-rise-ever-taller/article1545218/
  8. Ritz-Carlton condo project stalls in Vancouver Construction of one of Vancouver's most prestigious condominium projects has been halted, but the developer says design changes, and not the international credit crisis, are behind the move. Work halted on the Ritz-Carlton construction site on Friday, and crews did not return on Monday after the weekend, leaving a giant hole in the ground near the corner of West Georgia Street and Bute Street in the heart of Vancouver. Fifty per cent of the condominium units were reportedly pre-sold, but the building's developer Simon Lim, president of the Holborn Group, told CBC News financial concerns were not behind the decision to put the project on hold. According to Lim, the work was halted so some design changes can be made, and it made no sense to keep crews working, or to keep the sales office open while those changes were underway. Advertising signage around the construction site was missing on Tuesday and construction trailers had been removed from the site. About 50 per cent of the excavation for the foundation of the project had already been completed. The 60-storey tower, which twists 45 degrees as it rises, is an Arthur Erickson design. The design features a high-end Ritz-Carlton hotel on the lower floors and 123 luxury condos on the upper floors priced between $2.5 million and $10 million, with the penthouse priced at $28 million.
  9. http://inhabitat.com/skye-halifax-green-skyscrapers-to-be-the-tallest-towers-in-nova-scotia/
  10. From Wikipedia, the free encyclopedia The Barcode Project is a section of the Bjørvika portion of the Fjord City redevelopment on former dock and industrial land in central Oslo. It consists of a row of new multi-purpose high-rise buildings, due to be completed in 2014. The developer is marketing the project as "The Opera Quarter." There has been intense public debate about the height and shape of the buildings. video from Kristian Larsen
  11. Details on first page here: http://www.westmountindependent.com/WIv7.6a.pdf Essentially: Demolish building, build condos Developer: EMD Construction 2 story underground parking 57 unites, six stories
  12. Construction loan on hold for Waterview Tower By Alby Gallun, Nov. 05, 2008 (Crain) — About seven months after agreeing to finance the 90-story Waterview Tower and Shangri-La Hotel, the Export-Import Bank of China has gotten cold feet over the stalled Wacker Drive development. The Waterview Tower and Shangri-La Hotel at 111 W. Wacker Drive remains unfinished. The bank’s refusal to approve a $400-million construction loan for the condominium-and-hotel high-rise reduces the already slim chances that the building’s current developer, a group led by Teng & Associates Inc. President and CEO Ivan Dvorak, will be able to finish the luxury project. And it increases the odds that Bank of America Corp. will move to foreclose on the property at 111 W. Wacker Drive. The Export-Import Bank has put the financing on hold until the U.S. economy improves and it sees “signs that there is a market for the condominiums,” says Zac Henson, CEO of the U.S. subsidiary of Beijing Construction Engineering Group Ltd., which was arranging the loan. While that could be a very long time, he stopped short of saying the loan had been denied. “We’re not pushing rewind, we’re not pushing eject, we’re just pushing pause,” Mr. Henson says. “I certainly think that the for-sale condo market in the U.S. needs to rebound” for the bank to reconsider the loan. The bank’s decision leaves Mr. Dvorak in a tough spot. He has been courting equity partners for the $500-million project for some time, and more recently has been trying to sell off its hotel, condo and parking components separately, according to people familiar with the development. Under one scenario, the developer would finish the hotel and sell the rights to build the condos later, when the condo market recovers. But running a luxury hotel while construction is under way on the building’s upper floors would be extremely disruptive and a potential deal-killer. Another option: Convert the current structure, a 26-story concrete shell, into apartments. “They’re looking for anything, any option for a transaction,” says one person aware of Mr. Dvorak’s plans. Mr. Dvorak and Teng executive Sean McMahon did not return phone calls for comment. Unlike most developers, who don’t break ground until they get a construction loan, Mr. Dvorak and his partners financed the early construction of the Waterview project with their own money, betting that they could secure a loan later. They took out a $20-million bridge loan from Chicago-based LaSalle Bank N.A. in February 2007, but financing sources started to dry up several months later as the credit markets froze. With U.S. banks halting most construction lending, Mr. Dvorak looked overseas for a savior and seemed to have found one in April, when the Export-Import Bank said it would finance the project. But as the loan approval process dragged on and panic gripped the financial markets this fall, the financing looked increasingly shaky. LaSalle has already extended its loan once, but the bank’s new owner, Bank of America, probably won’t be as patient given the project’s dimming prospects. The loan has yet to be transferred to Bank of America’s workout group, but it may be only a matter of time before the bank files a foreclosure suit, say the people familiar with the project. A bank spokesman declines to comment. Construction firms walked off the job several months ago, and liens for unpaid bills from them have been piling up. The list of firms that are owed money include Teng, a Chicago-based architecture and engineering firm, and its affiliates, which together have filed liens on the project for more than $32 million. Buyers have signed contracts for 156, or 67%, of the residential condos in the building, according to Chicago-based consulting firm Appraisal Research Counselors. With an average price of more than $800 a square foot, the condos are among the most expensive in new buildings in the city. The tower’s 200 hotel units are also being sold off individually as condos; buyers have signed contracts for 80 of the condo-hotel units, or 40%, according to Appraisal Research. Shangri-La Hotels & Resorts, the Hong Kong-based luxury hotel chain that would run the hotel, remains committed to the development, according to an executive. The developer “has fulfilled its obligations to us,” says Shangri-La Regional Vice-president Stephen Darling. “We’re excited about the project and we hope that everything will materialize as it should.”
  13. 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. ( [email protected]) ‘The best is yet to come for property investment in the Montreal region.’ RICHARD HOMBURGProperty developer http://thechronicleherald.ca/Business/1048082.html
  14. Wednesday September 21, 2016 Mississauga condo developer forgets to put 120 bathrooms in brand new building Condo living is supposed to be simple. So you can imagine the shock of some Mississauga condo owners when they moved into their units and discovered that something simple was missing: None of the units in the 35 storey building had been equipped with a bathroom. In his interview with This is That, developer Jordan Petrescu, admitted a mistake had been made but surprisingly was not willing to take the blame. "There are no bathrooms in the units, but there were also no bathrooms on the plans or in our show suites," says Mr. Petrescu, "so technically, our customers bought these units knowing they were bathroomless." Click listen to hear how residents are now forced to use a porta-potty in the parking garage as a bathroom.
  15. Deyanira

    Le Amherst

    Where: Amherst corner of de la Gauchetière Size: 1 and 2 bedroom apartments. 40 units in total How much: Between $151,900 - $199,900 Developer: Mondev Construction And this is what it looks like now... Source: Montreal Real Estate Blog