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865 Kleinburg Dr. London

Receiver selling Applewood Marketplace development project and land in London, Ont

Steve McLean, RENX

Two adjacent development sites in London, Ont., where Phase 1 of the 584-unit residential and retail Applewood Marketplace is nearing completion, have been put on the sale block by a court-appointed receiver.

EY is handling the sale, having been appointed receiver over all the assets, undertakings and properties of Applewood Marketplace Inc.

Construction of the first phase of the north London development was about 75 per cent complete but had experienced a series of delays that added to its costs and eventually put the project into receivership.

Applewood Marketplace consists of a five-storey building with 107 rental apartments, nine rental townhouses and 15,000 square feet of ground-floor commercial space on 2.5 acres at 865 Kleinburg Dr.

However, work at the site had stopped on June 1, according to documents filed as part of the proceeding.

READ MORE >>

in Editorial Posted by Jessica Wright
Benjamin Tal

CIBC’s Benjamin Tal on inflation, interest rates and CRE

The Bank of Canada is attempting to convince people it’s serious about decreasing inflation, which reached 6.9 per cent last month – the highest rate in 31 years.

Steve McLean, RENX, June 8, 2022

CIBC managing director and deputy chief economist Benjamin Tal told an audience at the June 7 Land & Development conference at the Metro Toronto Convention Centre, however, that rising interest rates should be at least as big a concern.

The Bank of Canada increased its policy interest rate by half a percentage point on June 1 to 1.5 per cent as part of its effort to get the inflation rate back to its two per cent target.

in Editorial Posted by Jessica Wright
McMaster Innovation Park

McMaster Innovation Park wants more residential development

Steve McLean, May 16, 2022

A multiresidential housing component was always planned for the McMaster Innovation Park (MIP) in Hamilton, but now its developer wants more.

Current zoning allows for residential uses on the employment lands to amount to eight per cent of overall gross floor area in a maximum of two buildings. MIP, however, has asked Hamilton city council and staff for permission to boost that to 15 per cent and have 524 residential units in buildings of 26, 22 and 14 storeys.

“As the innovation park has evolved and the density has increased for life sciences, the appropriate ratio of 15 per cent of the GFA was requested as a revision based on a residential study,” MIP vice-president of development and design Frances Grabowski said in an email interview with RENX. READ MORE >>

in Editorial Posted by Jessica Wright

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