Articles tagged with "Commercial"

GWL Realty Advisors commenced construction of a new 24-storey rental tower in Calgary's Beltline district. The project will deliver 219 rental units and 6,000 sq. ft. of retail space, enhancing the area's residential offerings and amenities. The development, managed by Axiom Builders and designed by Arcadis, aims for occupancy by mid-2028 and includes features such as modern layouts, a fitness center, and pet-friendly facilities. Calgary Mayor Jyoti Gondek expressed support for the development, highlighting its contribution to the city's urban core and livability goals.

The U.S. and Canadian leaders, Donald Trump and Prime Minister Mark Carney, are at odds over trade deal concepts, which could significantly impact Canadian commercial real estate. Differences in opinions revolve mainly around tariffs, with Trump favoring a straightforward tariff approach. Although differences remain, both leaders expressed optimism about reaching an agreement. The ongoing discussions could influence investment decisions, development projects, and leases across the Canadian CRE market.

Two businesses in the Belgravia neighborhood of Edmonton report a significant decline in sales, up to 50%, which they attribute to an apartment construction project taking place on their street. The construction is reportedly causing disruptions that affect customer access and visibility. Business owners are expressing frustration and concern over the impact on their livelihoods. They are seeking resolution or support to mitigate the economic strain caused by the ongoing construction.

Heidelberg Materials North America has acquired Concrete Crushers Inc. in Calgary, which is the largest concrete recycler in the region. This acquisition includes a recycled aggregates yard and a mobile contract crushing business. This move aims to enhance Heidelberg's market presence in Calgary and support its commitment to sustainable construction by expanding their recycled-concrete offerings. Financial terms of the deal were not disclosed.

The Calgary Municipal Land Corporation (CMLC) and the Calgary Stampede have partnered with Truman to develop a new hotel at Stampede Park, Calgary's Culture + Entertainment District. This 13-storey hotel, featuring 320 rooms and extensive amenities, is part of a broader effort to boost the area's appeal and address growing hotel demand due to increased visitors. The project represents a significant private investment in the area and reflects confidence in Calgary's development potential. Construction is expected to begin in late 2025 and complete in late 2028.

Beacon AI Centers has enlisted Stantec, an Edmonton-based consulting engineering firm, to design and engineer six AI data center campuses in Alberta to meet growing demand. Stantec will provide a range of services, including architectural and sustainability, across five municipalities. The projects will span hundreds of acres, with design and permitting starting in 2024 and construction commencing this year. Stantec aims to position Alberta as a key player in data-driven AI innovation.

Clark Builders has been awarded a contract for the $110 million CASA Mental Health Capital Expansion project in Alberta, aimed at improving mental-health care for children and youth. The expansion will include four new facilities in Fort McMurray, Calgary, Medicine Hat, and Edmonton, with a focus on trauma-informed design. These facilities will be built using the Integrated Project Delivery model and are supported by the Government of Alberta and community fundraising. The locations in Fort McMurray and Calgary are set to open in 2027, with Medicine Hat and Edmonton following in 2029.

CIMA+, a consulting engineering firm, has acquired B&A, an urban planning company based in Calgary with additional offices in Vancouver and Edmonton, as part of its expansion in Western Canada. This acquisition marks CIMA+'s entry into the urban planning sector and aims to enhance support for sustainable development across the nation. The merger allows CIMA+ to broaden its service offerings from the conceptual phase to project completion. The acquisition took effect on May 1.

Private investors have increased their involvement in Edmonton's industrial property market, rising to 62% in the past year from an average of about 39% over the previous five years, according to Avison Young. Alongside these investors, companies buying properties for their own use also saw an increase, contributing to a more user-driven market. The industrial vacancy rate in Greater Edmonton fell to 4.2%, supported by strong tenant demand. This dynamic is seen as indicative of a rebalance towards market stability.

Calgary's office leasing activity increased significantly, with a 60% year-over-year surge, amounting to 1.6 million square feet in the first quarter. A decrease in sublease space and positive absorption contributed to reduced downtown vacancy rates. Despite the strong start, leasing activity might slow in the second quarter due to political and trade uncertainties. Office space conversions to residential and hotel uses also contributed to vacancy rate reductions in Calgary's downtown.

Sunoco, a U.S.-based company, has agreed to acquire Parkland Corporation for $9.1 billion in a deal involving cash, shares, and debt. Parkland, which operates gas stations and a convenience-store chain, has been in conflict with shareholder Simpson Oil over its board composition. Sunoco's acquisition offer was previously rejected at $8 billion in 2023. The proposed deal has led to the postponement of Parkland's annual general meeting until shareholders can vote on the takeover.