Weathering the global recession better than other developed economies and supproted by strong capital market conditions, Canada’s commercial real estate investors plan to continue to punch above their weight in offshore investing, says the 2014 Colliers International Investor Sentiment Survey.
The survey of more than 500 major institutional, REIT and private investors, with most of the largest players from Canada, revealed that Canadian investors are searching beyond the domestic market to get higher investment returns and diversify risk, said Colliers.
According to transaction data from Real Capital Analytics, Canadians are the largest foreign buyers of commercial property in the U.S. with closed and under-contract transaction volumes reaching $US8 billion. Investor activity in other foreign markets places CanadaaaS. ($US37.5) and Singapore ($US14.4 billion), it said.
Redevelopment plans for the Eau Claire Market include 5 towers, 1,000 residential units, 800,000 square feet of office space, and 550,000 square feet for retail.
The ambitious plans by Regina-based Harvard Devlopments Inc. would change the market into a more vibrant mixed-use area.
Its objective would be to start construction in the fall of 2014 and the entire phased project would take 7 to 10 years.
Rosanne Hill Blaisdell, managing director of Harvard Buildings Inc. and vice-president of leasing for Harvard Developments Inc., said the developer has been working with the city and different community groups over the last year to come forward with a design. It is gearing up for a land-use application to be submitted before the end of this year or early in 2014 with a development permit following soon after.
The current structure of Eau Claire Market will not come down until the project moves into its third phase in a few years and another structure will be built there to fit retail use.
Canada Lands Company is partnering with Embassy Bosa Inc. to build a mixed-use town centre at the Currie Barracks in Calgary.
The vision is for the town center to turn into a main hub of activity for the residents of Currie and its neighborhood. Offering local retail shops and services, plus parks and other outdoor gathering places, the area will be completely revitalized into a unique urban community of its own near downtown Calgary.
Cassidy stated construction will take place in several phases with the retail component expected to be completed within 5 years.
Phase 1 of Currie Barracks is largely complete already with 250 homes. Phase 2 will have about 300 homes with that aspect of the project just beginning.
The town centre plan is being build with retail, office and multi-family components key elements.
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