Articles tagged with "Commercial"

The Boston-based construction firm Suffolk is expanding its operations in Southern California, focusing particularly on healthcare projects. This strategic move aims to increase its presence in the healthcare sector within the region. According to General Manager Stephen Green, the company sees significant opportunities for growth in the Golden State's healthcare construction market.

Nonresidential construction spending has decreased for the sixth time in seven months. This slowdown is attributed to uncertainties surrounding tariffs and labor, leading many construction owners to delay or cancel planned projects. The challenges in the industry might be linked to external economic factors affecting the overall confidence among stakeholders.

In the second quarter, the U.S. hotel construction pipeline saw a 3% year-on-year increase. The growth is driven by higher-tier and extended stay hotels, with expansion expected to continue into 2025 according to Lodging Econometrics. This trend highlights a robust demand for luxury and long-term accommodation options.

Construction is set to commence in September on a new $200 million ballroom at the White House, realized from President Donald Trump's long-held vision. The 90,000-square-foot project, designed by McCrery Architects in a luxurious style inspired by Trump's private clubs, will replace the East Wing with a seating capacity for 650 people. Trump is personally funding the project along with private donors, aiming to create a legacy space for hosting large events. The ballroom is expected to preserve the neoclassical architectural heritage of the White House.

The Canada Pension Plan Investment Board (CPPIB) is investing $225 million in a 54-megawatt hyperscale data-centre expansion in Cambridge, Ontario. The funding is provided through a joint loan with Deutsche Bank, and the facility has been preleased to a major AI cloud-compute provider. The project is part of CPPIB's broader strategy to expand its data-centre presence globally. The federal government has also committed to supporting Canadian AI innovation through significant investments.

Strategic Group is transforming the former Chevron office tower in downtown Calgary into a residential building with 332 units. The developer purchased the 25-storey tower for $17 million but is not using the city's Downtown Development Incentive Program for the conversion. Originally built by Chevron in 1982, the building offers strategic advantages for residential conversion due to its excellent floorplate and location near key transit lines. The conversion is part of a broader trend of energy firms downsizing and repurposing office spaces in response to economic shifts and the pandemic.

A major redevelopment is proposed for 245 Eglinton Avenue East in Toronto, featuring two mixed-use towers designed by Superkül for Crestview Investment Corporation. These towers, rising 60 and 65 storeys, will offer residential units, retail space, and added amenities, adjacent to the new Eglinton Line 5. The development aims to capitalize on the location's proximity to major transit infrastructure, contributing to Midtown Toronto's high-density growth. The project includes a call for Official Plan and Zoning By-law amendments to realize this transit-oriented development.

Shindico and Cadillac Fairview have paused their planned $1 billion mixed-use development in Winnipeg's Polo Park area due to shifting economic conditions. The 84-acre transformation, which includes the Polo Park shopping mall and former Canad Inns Stadium site, is being reassessed, with challenges such as high interest rates and a drop in international students affecting the timeline. The project remains a significant opportunity for local businesses, and updates are expected within the year. Provincial policy changes in 2021 have facilitated new housing considerations near the site.

Pacific Reach and Dilawri Group have acquired The Ritz-Carlton in downtown Toronto from Cadillac Fairview for approximately $274 million. The acquisition includes plans for upgrades to the hotel's spa, wellness amenities, and conference spaces. Pacific Reach will manage the asset while Marriott International continues to operate the hotel under The Ritz-Carlton brand. This deal signifies a strategic investment for both companies in Toronto's luxury hospitality sector.

Chard Development acquired a site on 1045 Haro Street in Vancouver under receivership and has submitted a rezoning application to construct a two-tower development. The proposed project includes a 26-storey and a 25-storey tower with a shared podium, offering a total of 542 rental units. The development will also feature childcare facilities operated by the YWCA, retail spaces, and a public plaza. The project emphasizes diverse housing options and sustainable community integration.

Morguard Corporation and Dev-West Properties Inc. propose a nine-tower redevelopment of the Woodbridge Square in Vaughan, Ontario. The development aims to transform a commercial plaza into a mixed-use community with buildings ranging from 12 to 57 storeys, including 4,388 condominium units and retail spaces. The site will feature a central publicly accessible space and is strategically located with access to various transit routes. The project joins other high-density developments transforming the Highway 7 and Weston Road area.

Revery Architecture is set to construct the PNE Amphitheatre in Vancouver, featuring the world's largest free-span mass timber roof made of more than 2,000 m3 of timber. The design includes a starburst arch roof with intersecting barrel vaults and offers flexible seating arrangements. The project aims for Zero Carbon Building certification and LEED Gold standards, highlighting its sustainability credentials. Once completed, it will serve as Vancouver’s first net-zero carbon cultural project and is slated to host events like the FIFA Fan Festival in 2026.