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Ivanhoe Cambridge's $1.5B Oakridge Centre redevelopment project got the green light from city council, but not without a few speed bumps.  Some in the community think the project restores an ugly mall surrounded by parking lots, breathing life into the Cambie corridor. (People back then didn't think it was ugly, but they also didn't think suede jackets with tassles were ugly either.) Others think that the community there will suffer from too much densification. Councillors in opposition also expressed concern about the shortage of parkland, and that the parkland factored in would be located on the roofs of buildings. (Bring sunscreen.) Ivanhoe VP retail development Graeme Silvera tells us the six acres of rooftop park the city will own is part of a “unique urban landscape not found anywhere else in the city.”  It's an excellent real-life example of a functional urban park that is similar is Emery Barnes park in Yaletown, Graeme says. Oakridge, next to the Skytrain, calls for 11 towers up to 44 storeys, including over 300k SF of new office buildings and a doubling of the current retail space. The city sees the project as a hub to help support population growth in Metro Vancouver over the next 30 years.  Graeme adds that what was not noted in the public hearing is that 50% of the site (14 acres) will be “publicly accessible open space” with almost five acres at grade in the form of parks on Cambie Street and 45th Avenue and four large public plazas. There's still work to be done with the city to finalize the zoning agreements with the city, but this is a “very significant milestone,” he says. |
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It Doesn't Get Bigger Than MIPIM MIPIM, held last week in Cannes, France, is an annual event that brings together some of the most influential players internationally from all commercial property sectors. (Sadly, they don't get to see any films.) Avison Young CEO Mark Rose sent us this pic from the ground, with him (right) standing next to AY president of US operations Earl Webb and European investment manager Udo Stoeckl. Along with October's Expo Real in Munich, it doesn't get any bigger than MIPIM, which Mark says in an ideal gathering place for clients. “As Avison Young grows in Europe, there is a benefit of connecting with recruits and M&A prospects in one place.” The event is also billed as a great place to gain access to development projects and sources of capital.  CBRE vice chairman Tony Quattrin attended MIPIM for the sixth time. “The event helps to put various markets and asset classes into context,” he says, vital considering the global nature of the business and the ease with which capital flows internationally. Canada is still prized in terms of investment because of its stability (and its poutine), but Tony adds a caveat: “Cap rate compression, in particular, has made investing here less interesting due to the limited availability of product and lower yields.” |
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Rare Multi-Rez SaleRealNet's Ryan Wise tells us about an interesting deal that just went down on the multi-rez front. The high-rise at 151 East Keith Rd sold for $25.5M. “That's noteworthy because they don't sell very often,” he says. The deal works out to just over $289k/unit. The purchasers are private investors; Flintfair Holdings is the seller. |
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Real Estate's Top Golfers?Warmer temperatures are on the way (knock on 3 wood) and the Masters is fast approaching, so we're compiling a list of Vancouver real estate's top golfers and want to hear from you. Send us your nominations for the best golfers in the biz, whether your pick is a short game whiz like Phil Mickelson or a zen master like Ty Webb. |
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