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Nothing is more awkward than eating schnitzel and staring silently at your co-worker. So we've kept an eye on what's been happening around town to give you a handful of 1) The “Manhattanization” of Toronto  Toronto council's approval of 18 new buildings for downtown had local-newspaper headlines heralding the “Manhattanization” of the rapidly intensifying core. Three office towers were green-lit, including Cadillac Fairview's 54-storey tower at Front Street West and Simcoe Street. The development includes 1.3M of office and retail space and will incorporate a six-storey brick heritage building at the base.  Council also gave the nod to a 36-storey mixed-use development at 57 Spadina Ave, just south of King Street West. The project, by Diamond Corp and Allied Properties REIT, will see the replacement of an existing two-storey Winners location (built in 1900) with 313 residential units, 18k SF of street-level retail space, and 35k SF of office space—designed by Diamond Schmitt Architects. 2) The City's New Shopping Mecca  At the Aug. 24 grand opening for The Stockyards at St. Clair Ave West and Keele Street, Toronto FC star Dwayne De Rosario “kicked” things off. Developed by RioCan REIT, The Stockyards—which CEO Edward Sonshine calls the new “go-to” retail destination for Toronto's Central West End—has more than 50 retailers, including Target, Winners, and HomeSense. 3) Dinner (And Drinks!) And Movie  Across town at Shops at Don Mills, movie-goers no longer have to wait to grab drinks and a nibble, with the opening of Cineplex VIP Cinemas Don Mills. The company says it's the first Canadian movie theatre "built exclusively for adults." (There are two other VIP cinemas in the GTA, with two more planned in 2015—Markham and Yonge and Eglinton.) Beer, wine, and cocktails are on offer before, during, or after the movie, plus appetizers and entrees, including chicken parmesan sandwiches and fish and chips. (We've never had chicken parm on top of popcorn, but we're willing to try.) 4. The End of Summer  Over at Menkes' AeroCentre in Mississauga, the annual tenant appreciation barbecue saw nearly 2,000 office-park inhabitants chow down on burgers and dogs while being serenaded by the soothing sounds of a calypso band. We're pocketing this photo to help keep us warm when the winter winds begin howling. |
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Hotel Transactions Tumble |
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 There have been $570M in hotel transactions nationwide in 2014, considerably less than the $840M recorded by this time last year. But Colliers International Hotels' manager Russell Beaudry (here with group VP Robin McLuskie) sees things picking up by year-end. There's a “broad appetite” for hotels across all segments, and Russell predicts overall total volume for 2014 to potentially hit $1.5B, in line with the running five-year average. Among the most significant ones this year was the sale of the 477-room Fairmont Empress Hotel in Victoria, B.C. to Bosa Developments. (Transaction volume this year has been weighted more heavily in Western Canada.) |
 Russell says “fierce” competition for real estate classes like office and retail is prompting investors to venture into the hotel sector. Brands like Hilton Garden Inn and Courtyard by Marriott are in particularly high demand. For its part, Colliers sold the Holiday Inn Mississauga (above) for $70M in August as part of a three-property, 416-room portfolio. |
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