Franchisor Happy Belly Food Group has secured a new location in the Edmonton area for its quick-service restaurant brand Heal Wellness. Slated to open in the second quarter of 2024, the restaurant will be located in the Edmonton bedroom community of Sherwood Park, Alta. Heal offers a wide variety of smoothie bowls, smoothies, and breakfast …
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Construction has begun on a new 135-unit women’s affordable housing project on Vancouver’s west side. The project’s partners include the federal government, through the Canada Mortgage and Housing Corporation; the B.C. government, the city City and Soroptimist International of Vancouver. Local firm Purpose Driven Development has provided development support and was assigned by women-led Soroptimist to …
The runway lights have been turned off at the Buttonville Municipal Airport in Greater Toronto as Cadillac Fairview prepares to redevelop the site. Buttonville officially closed this week as Transport Canada officially decommissioned it. A new era awaits the Markham, Ont., property, which includes 350,000 square feet of hangar and office space. Aviation International reported …
Canadian institutional investment giant Brookfield has raised a record $30 billion for its flagship infrastructure strategy and teamed up with Abu Dhabi’s ALTÉRRA on another multi-billion-dollar fundraising effort. Both endeavours are expected to have far-reaching commercial real estate implications. Toronto-based Brookfield announced Friday that it has raised $28 billion for the flagship infrastructure fund and …
Gestion Georges Coulombe has announced plans to build a new hotel near Montreal’s Olympic stadium in partnership with France Film. Plans call for the construction of about 200 rooms. The hotel would be built on the site of France Film’s 17-cinema StarCité complex. Some cinemas will be retained, while the site’s parking lot is slated …
Two more Canadian big banks have reported higher provisions for credit losses tied to commercial real estate and other properties. Bank of Montreal and National Bank issued quarterly reports Friday showing that provisions increased in the hundreds of millions of dollars. BMO attributed its higher PCL partly to a consolidation of its own real estate. …
Global Education Communities Corporation has sold a downtown Vancouver student residence to an undisclosed buyer. The property is located at the corner of Granville and Drake Streets at the northern foot of the Granville Street bridge. Vancouver-based GECC received gross proceeds of $70 million, the company said in a news release. That selling price spelled …
Dow will build a new net-zero-emission ethylene cracker as part of an $11.5-billion project at the company’s Edmonton-area petrochemical plant. U.S.-based Dow announced that it will invest US$6.5 billion to build the world’s first net-zero Scope 1 and 2 emissions integrated ethylene cracker and derivatives facility at the site of its plant in Fort Saskatchewan, Alta. …
Stern Partners has entered into a definitive agreement to purchase men’s clothing retailer Grafton Apparel. Toronto-based Grafton owns and operates stores under the Tip Top, George Richards and Mr. Big & Tall banners across Canada. The retailer will continue to independently operate and grow its retail and e-commerce business, the companies said in a news …
Canada’s big banks are reporting heavy financial hits tied to commercial real estate and other properties. Hundreds of millions of dollars worth of losses, impairments and charges resulted in the latest quarter from clients’ bad mortgage debts and consolidations by clients and some of the banks, the financial institutions reported. TD Bank reported that it …
Metro opened a new $12-million Super C grocery store Thursday in the Buckingham area of Gatineau, Que. The 35,000-square-foot outlet is located in a new building at 155 Avenue Lépine. Metro leased the space, a company spokeswoman told Connect. The store is the company’s 106th Super C location. Buckingham is a former city that was …
Mountain Equipment Company plans to double its store count within six years. The outdoor gear and apparel retailer intends to open three or four new stand-alone stores per year to achieve that goal, Peter Hlynsky, MEC’s new CEO, told Business in Vancouver. The aggressive expansion effort marks a change of fortunes for once troubled Vancouver-based …
High Tide will open a new Canna Cabana recreational cannabis store in Winnipeg on Friday. The store at 481 River Avenue will be the firm’s 159th Canna Cabana-branded location in Canada, the 11th in Manitoba and the sixth in Winnipeg, which is the province’s capital and largest city. In addition to selling cannabis products, the …
The number of Canada Mortgage and Housing Corporation-backed multi-residential property mortgages continued to rise in the third quarter. Total units covered by CMHC-insured mortgages jumped 18% to 51,443 from 43,457 a year earlier, the federal housing agency said in a news release. The increase was driven by new construction as 20,273 units were built. “The …
GoBolt co-founder and CEO Mark Ang has cracked Forbes’ 30 Under 30 list in the manufacturing industry leaders segment. Ang, 27, was recognized for his efforts to make the logistics sector more sustainable. Toronto-based GoBolt is a self-described technology firm that also owns and operates industrial real estate while providing fulfillment and distribution services. “Moments like …
Canada’s Onni Group has landed its first tenant at a newly renovated office tower in downtown Chicago’s Loop area. Crain’s Chicago Business reported that law firm Neal Gerber & Eisenberg has signed a lease for 90,000 square feet across three floors in the 853,000-sf landmark building. The law firm will relocate in 2025 from 2 …
Solutions Guiker has acquired fractional commercial real estate investment company Willow.ca. “Guiker’s acquisition of Willow.ca signals a pivotal shift in the real estate industry, merging Willow’s security expertise and extensive user base with Guiker’s vast network of renters and landlords,” said Montreal-based Guiker in a news release. “This integration allows Guiker to introduce fractional ownership …
Altea has opened a new fitness club in Vancouver’s False Creek Area. Known as Altea: West 6, the 43,000-square-foot club is Altea’s first in B.C. and offers fitness, wellness and social experiences. The company leased space in Cressey’s two-year-old, 10-storey office building at 425 West Sixth Avenue. Altea operates an 80,000-sf fitness centre in Winnipeg …
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