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Offices, seniors living coming to Vancouver's Lonsdale Square – Real Estate News EXchange

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The Lonsdale Square redevelopment by Darwin Properties, in North Vancouver, is scheduled to kick off this summer. (Courtesy Darwin Properties)

The redevelopment of Lonsdale Square on the North Shore of Vancouver is scheduled to kick off this summer with a high-quality seniors living residence as well as an office building.

Both will be built by North Vancouver-based Darwin Properties, whose future plans for the mixed-use development include more than 800 new housing units.

“There is an opportunity to create more housing options for all stages of life in the North Vancouver community that do not currently exist,” said Oliver Webbe, president of Darwin Properties. “Families rely on the community services offered in their area and we want to create a hub that makes access to these services more convenient, including more for the aging population.”

The Sunrise Senior Living building will be six storeys with 99 units for assisted living and dementia care. The office building at the development site will be 100,000 square feet over five storeys.

“We are excited to work with Sunrise to bring peace of mind to local families, with the availability of assisted living and memory care services right in their neighbourhood,” Webbe said.

Construction to begin in late summer

Construction will likely start in August or September and will take about 24 months to complete.

“Part of this overall development (Lonsdale Square) is that it’s probably one of the largest projects ever built in the City of North Vancouver,” Webbe said.

“We feel this project will be a key centre for upper Lonsdale especially with the community centre right across the street . . . so we want to put uses into this project that are going to be uses that will benefit the community.

“There’s a high demand for office space from the medical practitioners on the North Shore looking to stay on the North Shore, which is why we’ve included that in our first building, in our office building.

“And then we know there’s a huge demand for seniors housing across the North Shore. Twenty-three per cent of the population in Canada is going to be over the age of 65 by 2030.

“There’s a huge, aging population on the North Shore that really needs some new seniors facilities developed.”

Sunrise’s Canadian operations

IMAGE: Jerry Liang, senior vice president of development and investments for Sunrise Senior Living. (Courtesy Sunrise)

Jerry Liang, senior vice-president of development and investments for Sunrise Senior Living. (Courtesy Sunrise)

Jerry Liang, senior vice-president of development and investments for Sunrise, which has its international headquarters in Virginia, said the company is one of North America’s largest and oldest assisted senior living developers and operators. It was founded 36 years ago and has operated in Canada for close to 20 years.

“We currently have three existing buildings in the broader B.C. market. One on the North Shore that’s over on Lynn Valley Road that was built back in 2002. One that’s over on the mainland on Oak Street and 57th Avenue which was built in 2003 and then we have one that’s over on Victoria Island that was built in 2001,” said Liang.

Liang said Sunrise has 12 other locations in Canada outside of B.C. There are nine in Ontario, with eight in the Greater Toronto Area and one in Windsor. The other three residences are in Montreal.

“We think the North Shore is a really special place and it is an under-served market. We think that residents in the North Shore want to stay here,” he observed.

“Many of the residents have lived here their whole lives and we wanted to be in a place that we can better serve seniors on the North Shore for the next 20 years.”

The company’s Lynn Valley Road location with 93 units has been full for quite some time.

“There’s so much pent-up demand and need for our services and so few options on the North Shore that we basically draw from the entirety of it, going all the way out to the Deep Cove and deep into West Vancouver,” said Liang.

“We knew there was this need for providing high-quality, best-in-class service and care for the elderly residents of the North Shore.”

The Lonsdale Square development

IMAGE: Oliver Webbe, president of Darwin Properties. (Courtesy Darwin Properties)

Oliver Webbe, president of Darwin Properties. (Courtesy Darwin Properties)

Lonsdale Square will eventually encompass 812,036 square feet of office, retail and residential use and include the new Harry Jerome Community Recreation Centre. There will be 48 retail and office strata units ranging from 1,086 square feet to 3,669 square feet. Housing will eventually include 486 condominiums, 126 rentals, 91 non-profit or below-market rentals, plus the seniors’ housing.

The first phase comprises the office building and the seniors housing building. The second phase will include residential condos with rental housing, as well as restaurants and daycare facilities.

“We’re working through the details of that with the city right now,” Webbe said. “At this point we don’t have a defined start date for when we’re going to be starting construction on the second phase.”

Darwin is a construction and development firm founded by Webbe’s father, David, in 1987. It was created as a construction company.

About 10 years ago Darwin established a real estate development company, which currently focuses its real estate development on the North Shore – from West Vancouver to Deep Cove.

“We build throughout British Columbia for developers, non-profit organizations, municipalities, the province . . . you name it. We’ve pretty much built everything from swimming pools to high-rises and townhomes,” said Webbe. 

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Equity in metrics: Women in commercial real estate | RENX – Real Estate News EXchange

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Synthia Kloot is the senior vice president, operations at Colliers International in Canada.

As a data-driven individual, I know the value of metrics. They demonstrate performance. They tell a story. They make an impact. They prompt action. They propel change.

According to CREW Network’s 2015 Benchmark Study Report: Women in Commercial Real Estate, women constitute approximately 37 per cent of the commercial real estate workforce in Canada; nine per cent hold C-suite positions.

EDITOR’S NOTE: Today we welcome our newest contributed column, CRE Matters. The column, being provided by Colliers International (Canada), will explore a variety of commercial real estate issues and topics. Watch for future instalments approximately once per month.

Subsequent publications from CREW indicate 65 per cent of employees have experienced or witnessed gender bias against females in their commercial real estate workplace in the last five years (2011-2016), while 55 per cent of employees have experienced or witnessed gender bias against females outside of the physical workplace.

I recently celebrated my 10 years in the industry and with Colliers International. Upon reaching this milestone, I reflected on my journey, acknowledging my challenges and accomplishments, and the relationships I’ve forged along the way.

The industry and our company have evolved in the last decade – and there is still much opportunity to foster a truly diverse and inclusive workforce. Since CREW network’s benchmark report was released five years ago, circumstances remain largely unchanged in commercial real estate with regard to gender equity.

The early days

I joined Colliers as National Director of IT. A woman foraying into an industry with an “old school” composition and very few female leaders, I was ready to question status quo as I was used to more diverse workforces in my previous roles.

Adding more challenge, my first objective was to implement a company-wide system, which involved convincing our professionals to not only trade in their Rolodexes for a web-based tool, but also share the contents of said Rolodexes.

I met resistance. I experienced bias: I wasn’t heard. I’d present an idea without it landing. I learned to embrace the challenge and found allies.

I persevered, determined to deliver a robust product, advance IT within the business – and break through the barriers. And I hoped that circumstances would change: It would only be a matter of time before a shift occurred that would see gender equity and women not having to fight so hard for their rightful place.

Success, and breakthroughs

I also experienced bright spots: accolades for a breakthrough project, words of encouragement from colleagues who recognized my contributions, a fellow female professional making her mark in the business, to name a few.

My resolve for the next few years resulted in the creation and deployment of a robust CRM and globally aligned intranet, both of which continue to play a big part in our professionals’ day-to-day work and business pursuits.

I was ready for more. Fuelled by my desire to work more closely with people to drive change, I took on the position of vice president of operations for Western Canada. Two years later, I became senior vice president of operations for Canada.

During my tenure as head of brokerage operations, I have helped nearly double Colliers’ brokerage business – and been able to advocate for diversity and inclusion.

Knowing first-hand the impact of not having “a seat at the table”, I ensure individuals from various teams and with a range of expertise participate in conversations, initiatives and decision-making are included. When differing minds and opinions converge, it makes for richer dialogue and more creative solutions, not to mention a better experience for employees and clients.

I mentor female professionals within Colliers, using my knowledge and experiences to help them navigate the industry and company, and set and steer their own paths to professional success.

Changing times

As I had hoped, circumstances did begin to change.

Recognizing the obstacles women encounter within the industry and organization, including conscious and unconscious bias and lack of mentoring and sponsorship, Colliers launched its diversity and inclusion program in 2016. Colliers has since taken important steps to help identify and create opportunities for female employees, and provide the mentorship and tools we need to be successful experts and leaders.

In the last year, following discussions with people from all levels within our organization that made evident the need for our employees to be empowered to speak up, stand up and push back, I created Colliers’ Inclusive Workplace Workshop. A forum for our employees – male and female – to share their stories, seek and provide support, and learn practical ways to address challenges, the workshop tackles topics such as stepping up to be a leader, shutting down bullying and harassment in the workplace, and transitioning from being bystanders to upstanders.

I have held 12 Inclusive Workplace Workshops in five cities. The sessions have received overwhelmingly positive feedback and inspired desired behaviour. I have noticed a tangible difference in participants’ language and actions, and witnessed them holding one another accountable to their words and deeds.

There are proven business benefits to fostering a diverse and inclusive workforce.

There’s a return on diversity

The same CREW report cited research conducted by management consulting firm McKinsey & Company, demonstrating that “companies in the top 25 per cent for gender diversity are 15 per cent more likely to have financial returns above their respective national industry medians, while those in the top 25 per cent for racial and ethnic diversity are 35 per cent more likely to have higher returns.”

Given these findings and the fact that striving for equality in the workplace is overdue and the right thing to do, how could one not work toward this goal?

At Colliers, we have work to do, and the positive steps we will continue to take will drive benefits for our professionals, company and clients. In early 2020, Colliers refined the vision for its diversity and inclusion program, moving the focus to inclusion, with the intent to “clear the path to further promote diversity”.

I am excited and honoured to continue championing inclusion and diversity within Colliers in Canada. And I look forward to sharing our progress, and seeing numbers telling a more promising story for women in commercial real estate.

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Commercial real estate will ‘hold up relatively well’ amidst coronavirus fears – Yahoo Canada Finance

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Commercial real estate investments will fare well in the face of the coronavirus, which has sent equity markets plummeting to record lows.” data-reactid=”15″>Commercial real estate investments will fare well in the face of the coronavirus, which has sent equity markets plummeting to record lows.

Fears over the coronavirus will cause a short-term slowdown in commercial real estate transactions, but investments in office, retail and warehouse properties will be more resilient than other asset classes, say experts. 

Compared to other industries, like tech, commercial real estate investments will “hold up relatively well,” said Heidi Learner, chief economist at Savills, a global real estate services provider based in London, adding that real estate is less reactive to market conditions. 

“It’s not something that’s going to be disrupted by intermediate products or lack of manufacturing capability in Asia,” said Learner. She noted that there is still demand for data centers even considering the virus’s impact on Microsoft and Apple’s supply chains.

Additionally, “it’s a little bit too early to see valuations be affected, but I would be shocked if we didn’t see a decrease in transaction volume,” said Learner.

The Chrysler Building stands next to One Vanderbilt on September 18, 2019 as it tops out at 1,401 feet, and becomes the tallest office building in Midtown, New York. - The building is designed by Kohn Pedersen Fox, and the tower is now Midtowns tallest office building and the fourth-tallest skyscraper in New York City. (Photo by TIMOTHY A. CLARY / AFP) (Photo credit should read TIMOTHY A. CLARY/AFP via Getty Images)
The Chrysler Building stands next to One Vanderbilt on September 18, 2019 as it tops out at 1,401 feet, and becomes the tallest office building in Midtown, New York. – The building is designed by Kohn Pedersen Fox, and the tower is now Midtowns tallest office building and the fourth-tallest skyscraper in New York City. (Photo by TIMOTHY A. CLARY / AFP) (Photo credit should read TIMOTHY A. CLARY/AFP via Getty Images)

Some Chinese investors are trying to finish existing deals virtually, according to experts, but new transactions will likely be delayed to the second half of 2020, assuming travel bans and quarantines lift, according to Learner. 

“New commercial transactions will likely decline because of the preference of Chinese investors to visit a property in person at least once before a deal closes,” said Jacky He, CEO of DMG Investments, the U.S. subsidiary of DoThink Group, a Hangzhou, China-based developer.

Prices would only be impacted if the virus became a more “pronounced problem,” forcing investors to sell their real estate holdings, said Learner.

“It’s largely going to be a short-term reaction. I think if you think of real estate as a long-term asset, losing income… for the next six months shouldn’t really affect long-term valuations,” said Learner.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Sarah Paynter is a reporter at Yahoo Finance. Follow her on Twitter @sarahapaynter” data-reactid=”35″>Sarah Paynter is a reporter at Yahoo Finance. Follow her on Twitter @sarahapaynter

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the latest financial and business news from Yahoo Finance” data-reactid=”36″>Read the latest financial and business news from Yahoo Finance

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.” data-reactid=”37″>Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="More from Sarah:” data-reactid=”38″>More from Sarah:

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CMHC sees Calgary's real estate moving toward balanced – Calgary Herald

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Calgary’s real estate market is starting to approach balanced territory.


File / Postmedia

Home buyers remain in the driver’s seat in Calgary despite a recent report showing the market is showing more balance between sellers and buyers.

“The Calgary market still does favour buyers, but it really is on a track to a more balanced state,” says Eric Bond, housing and real estate economist with Canada Mortgage and Housing Agency (CMHC).

CMHC released its latest market assessment this month — based on data from the third quarter of 2019 — showing risks to the market were low.

This is a marked difference from 2018 when the market was considered high risk due to high inventory and low demand.

The recent report, however, showed little had changed from the previous assessment in this past November. It notes low risks for overheating, price acceleration and overvaluation. The one sore spot is overbuilding, which CMHC saw as a moderate risk, same as the November report.

Yet because conditions had improved in all categories, CMHC moved the overall assessment for the first quarter of 2020 to low risk from moderate risk from the fourth quarter of last year.

Realtor Tim Jones says the report accurately reflects improving conditions in the city.

“I feel we are out of the bottom of the market with sales volumes increasing and inventory decreasing,” says the broker/owner of Re/Max Prime in Calgary.

Still, he remains slightly wary after recent news the Teck Resources’ Frontier Mine — an oilsands development — had been shelved because the project was not economically viable.

Jones remains cautiously optimistic, particularly following recent announcement the federal mortgage stress test rules would loosen slightly, which would increase affordability for many buyers.

While Bond says it’s too early to determine what the changes’ impact will be, the health of Calgary’s economy remains the most critical piece of the puzzle.

To that end recent metrics for employment have improved. Unemployment fell to 7.1 per cent in the fall from 7.9 in April last year. And most recent Statistics Canada data points to the rate falling below seven per cent this year.

More people working means “a potentially larger pool of buyers,” Bond says.

And sales are rising on the resale side while inventory is falling. Together they are pushing the market into a more consistent balance between buyers and sellers. Bond notes the sales-to-new-listings ratio, for example, is now at about 55 per cent.

He adds the ratio has been in the 50 to 60 per cent range — considered a sign of balance — for about six months.

Despite improvement, the report notes prices continue to fall. Bond says this is partly a reflection of very strong activity in the low-priced segment. Rising sales for low-cost options have a dampening effect on average prices. As well, growing demand for affordability has led to falling inventories for condominiums —  typically less costly than single-detached homes. At the same time inventory for single-family detached resale homes has been rising, Bond notes.

Over-building in the new market also remains relatively high, meaning buyers are still seeing growing options even as the resale market tightens. Rising completions in the new market can lead sellers on the resale side to cut prices, he says.

Still, a more balanced market is a more predictable one. And that’s a good for everyone, Bond says.

“So sellers can expert to sell their home in a shorter time and, likewise, buyers can expect to still have a good number of choices.”

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