Connect with us

Real eState

Calgary retains commercial real estate team to revive new arena – CTV News Calgary

Published

 on


The City of Calgary has recruited three people from the commercial real-estate sector in an effort to get a new event centre to replace the aging Scotiabank Saddledome.

CBRE executive vice-president John Fisher, director of strategic initiatives with NAIOP Calgary Guy Huntingford and Ayrshire Group executive chairman Phil Swift have been retained to engage both the city and the and Calgary Sports and Entertainment Corporation (CSEC) to reach a new deal.

At Wednesday’s meeting, the city’s planning and development manager Stuart Dalgleish told committee members the group has already begun their work.

“We are at a stage where our third party is having discussions with both the Calgary Sports and Entertainment Corporation and the City of Calgary, with a view to determining whether there is interest in discussions toward a new event centre, and a new deal towards the new event centre,” Dalgleish said.

Mayor Jyoti Gondek is optimistic the team will be able to break the impasse between the city and CSEC.

“Today’s news is good news, and we need to be patient with what comes following this,” she said.

Ward 1 Coun. Sonya Sharp, who chairs the event centre committee, says naming a third party to assist in negotiations is a big step to seeing a new arena rise from the ashes of the failed deal.

“I’m very satisfied. There’s been a lot of work been put into this to get to where we are today,” she said.  “Everybody wants an event centre built.”

However, sports economist Moshe Lander says it might not be such a great deal for most Calgary taxpayers.

“The issue about who should pay for it is something that goes on in every city, more or less, anytime there’s an arena or stadium discussion,” he said.

“In almost every single case, the public sector blinks first and ends up throwing money at a project that’s not going to recoup its costs.”

“Really, it’s just an issue at this point of how much money does the City of Calgary want to throw at this project, understanding that it’s not going to get it back? How much does it want to sell to the taxpayers that this is what you’re going to be on the hook for, even though the vast majority of residents in the city are not going to use that arena in any capacity?”

CTV reached out to CSEC on Wednesday to ask if the owners still had any interest in reviving the deal. There was no response by publishing deadline.

The original agreement was signed in December 2019. In it, the city and CSEC agreed to split the cost of the $550 million project. When the price tag jumped to over $630 million, the Flames ownership group balked and cancelled the deal. It officially expired New Year’s Eve 2021.

Earlier this month, NHL commissioner Gary Bettman met with CSEC to discuss the arena, among other topics. At the time, he told reporters he remained hopeful a deal could be struck.

“I’m always optimistic,” said Bettman. “There’s nothing going on right this second to report that would indicate there is going to be a solution immediately, but my hope is that everybody can figure this out.”

Bettman also warned without a new arena or an updated Saddledome, Calgary would miss out on significant NHL events such as All-Star games.

The Saddledome is the second-oldest NHL arena behind only New York’s Madison Square Garden.

Adblock test (Why?)



Source link

Continue Reading

Real eState

Inside LeBron James’s Sizable Real Estate Portfolio – Architectural Digest

Published

 on


LeBron James has built quite the legacy for himself both on and off the court. The all-star athlete, who famously hails from Akron, Ohio, has invested quite a bit in his home state since he’s risen through the ranks of the NBA. In fact, though he’s relocated several times while playing for different teams, he’s always found a way to give back. “Akron, Ohio, is my home. I will always be here,” James said at the opening of his I Promise School in 2018. “I’m still working out at my old high school.” The NBA star, who currently plays for the Los Angeles Lakers, has also made his mark in other major cities throughout the U.S. Over the past two decades, James has amassed an impressive real estate portfolio that includes homes in Los Angeles and Miami, where he played for the Miami Heat for four seasons. Take a peek into his properties below.

2003

James wasted no time building his real estate portfolio shortly after the Cleveland Cavaliers selected him as the first overall pick in the 2003 NBA Draft. He reportedly paid $2.1 million for a Bath Township property just northwest of Akron and built a 30,000-square-foot mansion on the land in subsequent years, spending millions to make the house a home. He was just 18 at the time. Presently the property features six bedrooms, eight full and six half bathrooms, as well as a recording studio, a movie theater, an aquarium, a barbershop, a two-lane bowling alley, and a sports bar. The primary suite even features a two-story walk-in closet. James still owns the compound, and it’s now reportedly worth around $9.2 million.

2010

James sent shock waves through the sports world when he opted to leave the Cavaliers in 2010 to sign on with the Miami Heat as a free agent. He secured his living situation there shortly afterward, paying $9 million for a custom-built, three-story mansion in Coconut Grove, Florida, that November. The bachelor pad was prime for entertaining and featured an eight-seat home theater, a wine cellar, a backyard pool area with a multicolored LED lighting system, and a private waterside balcony off the primary suite. There was also a separate guest house situated atop a three-car garage and a dock that could accommodate two 60-foot boats. James listed the 12,178-square-foot mansion for $17 million in 2014 and it sold for $13.4 million the following year.

2015

By the time James went back to the Cavs, he was ready to expand his real estate reach to the west coast. He snapped up a 9,440-square-foot white brick and stone colonial mansion for $21 million that fall—his first of three L.A.-area abodes. The Brentwood place featured six bedrooms and eight bathrooms, with a double-height foyer, a wood-paneled office, a Calacatta marble kitchen, and a home gym. Outdoors there was an infinity-edge swimming pool that spanned nearly the width of the house, a handful of patios, and a basketball court next to a three-car garage. James listed the home for $20.5 million in early 2021 and ultimately sold it for a slight loss at $19.6 million that September.

Adblock test (Why?)



Source link

Continue Reading

Real eState

Chinese real estate developers accepting watermelons as payment: Heres why – Business Standard

Published

 on


The deep recession in China’s property market has compelled real estate companies to float a bizarre marketing strategy to lure home buyers.

China’s have started accepting payments for homes in watermelons and other agricultural produce.

in Chinese third- and fourth-tier cities have launched various promotional campaigns recently, including encouraging home buyers to pay part of their down payment with wheat and garlic, in a bid to attract farmers to purchase newly built homes to offload excess housing inventory,” Global Times reported.

One developer in Nanjing said it would allow home buyers to pay for their homes using watermelon at a rate of 20 yuan per kilogram, as per Global Times.

The media outlet quoting a representative of the company said that the bizarre promotional event has been suspended after being ordered by the headquarters.

“We were told to delete all promotional posters on the social media platforms,” said the representative, noting that they may design other types of promotional activities.

A poster for the promotional event starting from June 28 to July 15, reads the property developer would allow home buyers to make a maximum payment of 5,000 kilograms of watermelon, valued at 100,000 yuan, noting the purpose of the promotion is to support local watermelon farmers.

The property market was one of the few cherished destinations for household savings. The developers and homebuyers were also willing to take loans from the banks but these good days for China ended last year.

The household debt touched over USD 10 trillion. And around 27 per cent of bank loans in China are tied to real estate, reported a think tank, Policy Research Group (POREG).

This industry was known to be the biggest job creator in China but now it is termed as “Lehman moment”, in comparison to the 2008 bankruptcy of Lehman Brothers, which was a trigger for the global financial crisis. More so, when the number of empty homes has crossed the 65 million mark (90 million according to some estimates) – enough to house the population of France, and raised the spectre of a global economy on crutches.

The housing market in China is now seen as ‘a national threat’ as prices rise sky-high, just like the buildings, according to Think Tank citing New York Times.

Developers borrowed money in the form of onshore and offshore bonds, trust loans, and wealth management products, in addition to bank loans. Thus, lenders span from institutions to the general people both at home and overseas.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Adblock test (Why?)



Source link

Continue Reading

Real eState

This Week's Top Stories: Canadian Real Estate Prices Are Falling, and Regulator Prepares – Better Dwelling – Better Dwelling

Published

 on


[unable to retrieve full-text content]

This Week’s Top Stories: Canadian Real Estate Prices Are Falling, and Regulator Prepares – Better Dwelling  Better Dwelling



Source link

Continue Reading

Trending