Articles from Storeys

The article argues that criticism towards development 'flippers', who prepare land for resale rather than building on it, is misguided. It suggests that the real issue lies in the complex and costly regulatory framework that makes such investment attractive. The authors assert that these intermediaries add value by navigating the complex entitlement process, thus allowing builders to focus on construction. Consequently, the blame for stalled development should be directed at policy, not the flippers.

TransLink, the regional public transportation provider in Metro Vancouver, acquired a 5.06-acre industrial property for $63 million to expand its Vancouver Transit Centre. The transaction price per acre was significantly higher than the regional average, indicating a strong industrial real estate market despite rising vacancy rates. This acquisition continues TransLink's trend of expanding its real estate assets to support operations, following previous purchases and ongoing construction of new facilities. The broader Metro Vancouver industrial market is currently experiencing increased vacancies, although tenant demand is expected to recover as trade tensions ease.

Peterson completed a buyout of Create Properties' stake in the Burnaby Lake Village project, allowing the project to exit creditor protection. The two companies had previously been at odds over management disputes and a $210 million loan default, which resulted in Create Properties opposing debt repayment. With Peterson now owning 100% of the project, they have secured new financing to continue development. Meanwhile, Create Properties is advancing its neighboring project at Burnaby Lake Heights despite financial challenges.