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The proposed redevelopment of the Safeway grocery store site next to SkyTrain Commercial-Broadway Station will now see 100% secured purpose-built rental housing for its residential uses. There will be zero market strata condominiums, reported Daily Hive. "This is the latest drastic revision of the redevelopment plan, which has been in the works for nearly a decade, located next to one of Metro Vancouver’s busiest public transit hubs." "A new rezoning application now proposes a total of 981 secured purpose-built rental homes, including 99 below-market rental units and 882 market rental units. At least 35% of these units will be sized for families — defined as units with at least two bedrooms." "This new critical mass of rental housing is achieved by fully converting the project’s previous market strata condominium uses into rental housing. Westbank Corp and Crombie REIT have been chipping away at the condominium uses in favour of more rental housing with every revision made to the project over the years, with condominium uses originally being the primary residential use." https://lnkd.in/gJ652EA2 #vancouver #mixeduse #redevelopment #transitorienteddevelopment

When Burnaby City Council first approved the master plan for the redevelopment of the old Brentwood Town Centre in 2013, it triggered one of the first major transit-oriented developments of Metro Vancouver’s traditional suburban malls, reported Daily Hive. "The 2013 master plan approval granted SHAPE Properties the ability to pursue up to 7.96 million sq ft of total building area in their redevelopment, now known as The Amazing Brentwood. This included 3.87 million sq ft of commercial uses — retail, restaurants, and offices — and 4.09 million sq ft of residential uses, with the developer primarily planning to build condominiums." "But now, a decade later, the developer is looking to more than double the amount of strict residential uses found on the 28-acre development site next to SkyTrain Brentwood Town Centre Station and the core of the city’s Brentwood district." "The municipal government is currently in the process of seeking Shape Properties’ revised master plan to add 4.67 million sq ft of strict residential uses, with at least 50% — or 2.36 million sq ft — required to be secured purpose-built rental housing." "No changes or additions are proposed for commercial uses, although City policies enable 49% of the commercial density to be used for secured purpose-built market rental housing (“commercial residential rental”) if the remaining 51% of the commercial density is used for traditional commercial uses such as retail, restaurants, offices, and hotels. This potential means the additional overall residential uses could exceed 4.67 million sq ft." https://lnkd.in/gPm8aAxS #burnaby #mixeduse #development

𝗛𝗼𝘄 𝘁𝗼 𝗔𝘃𝗼𝗶𝗱 𝗮 “𝗭𝗼𝗺𝗯𝗶𝗲 𝗠𝗮𝗹𝗹” From apartment buildings rising in shopping centre parking lots to the redevelopment of dead-mall sites as housing, retail-to-residential conversions are an increasing trend that is seeing partial or complete “scrapes” make way for mixed-use ‘Life-Style Living’ communities. As online shopping becomes the norm, there has been a movement to transform shopping malls into residential communities. This trend is not just about building homes; it's about creating integrated neighborhoods where people can live, work, play, shop, and learn. In Welland, for example, Elevate Living's Warbler Place is a prime illustration. This project is converting a space near Seaway Mall, previously occupied by Target, into an urban village. The plan includes 1,300 dwelling units, with 700 in four high-rise buildings, some directly connected to the shopping center. This approach to higher-density living extends the property's activity to nearly 18 hours a day, fostering a vibrant community hub. In downtown Toronto, 'The Well' by Allied and Riocan is a highly anticipated project set to complete this year. Located on eight acres at Front Street and Spadina Avenue, it features six residential towers, an office building, and a multi-level mall. This development epitomizes the concept of modern urban living. The Greater Toronto Area is witnessing a surge in such projects, with 14 developments planned to create or enhance shopping center sites. In Brampton, Mississauga, and Toronto, approximately 200 residential buildings are proposed on the sites of older malls. This shift reflects a broader trend of population and employment migration, as municipalities strive to avoid the blight of 'zombie malls' and instead foster lively, integrated communities. Do you see an opportunity here? If you’re afraid of taking those first steps alone, learn how we can help you reach your financial goals through Passive Investing in real estate with us. At Paramount we’re not only a Real Estate Brokerage, we are solution providers. Take us up on a free 15 minute consultation. #paramountrealestategta #commercialrealestate #commercialopportunities

The developer behind a proposal to build three residential towers along Vancouver’s Broadway corridor near Commercial Drive have submitted yet another version of their plans with even higher towers – but this time composed entirely of rental units rather than condos, reported The Globe and Mail. "The proposed site, on what is now a Safeway grocery store that would also be redeveloped, is important because it is next to the Commercial-Broadway SkyTrain station, which connects two of Vancouver’s rapid-transit lines. It’s also in the heart of the Commercial Drive neighbourhood on the city’s east side and has the potential to transform it. The question is how it will transform the area." "The proposal at 1780 E. Broadway from developer Westbank Corp and landowner Crombie REIT now includes three towers at 35, 36 and 39 storeys above a retail podium level. A little more a year ago, in 2022, they were at 31, 34 and 38 storeys, which was already several storeys higher than what was proposed in 2019. There have been several updates to the plan." "The increase is to accommodate 981 secured purpose-built rental units, says architect Peter Busby. The new focus on rentals is a response to policies that have come along in recent years designed to incentivize greater density around transit hubs." https://lnkd.in/g75EWgAu #vancouver #development #transitorienteddevelopment

RICHMOND, VA - 2ND BEST MULTIFAMILY MARKET IN THE COUNTRY HAS ANOTHER PROJECT COMING - 650 UNITS Next stop for Richmond’s longtime Greyhound bus station: a potential major redevelopment. Plans have been filed by an out-of-town developer for a two-building, mixed-use project totaling 650 apartments at the 5-acre bus depot at 2910 N. Arthur Ashe Blvd. across from The Diamond. Split across a pair of seven-story buildings, the new project would be among the highest-density developments the city has seen in recent years. Nearly 11,000 square feet of retail space fronting Arthur Ashe Boulevard is also included in the plans.  The existing 42-year-old Greyhound bus station would be razed to make way for the new development, and it’s unclear whether Greyhound would relocate elsewhere in the region. Requests for comment sent to Greyhound went unreturned by press time.  Behind the project is Allen Investment Properties LLC, a developer based in New York and California that, according to its website, targets “distressed or undervalued real estate” in “gateway cities and secondary markets exhibiting strong local demand and growth patterns.”  Allen’s website says it has over 2.6 million square feet of new development in the works across the country. The Arthur Ashe Boulevard project looks to be its first in Virginia. Principal Scott Allen wasn’t available for comment Thursday.  The Greyhound station property is owned by Connecticut-based Twenty Lake Holdings, a subsidiary of hedge fund Alden Global Capital. Twenty Lake picked up the Richmond station last year in a $140 million portfolio sale for dozens of Greyhound stations throughout the country, many of which have since been either shuttered or moved, according to an Axios report.  City records show the Richmond station wound up selling to Twenty Lake for $11.1 million in a deal that closed in February. The station is still in operation. The property was most recently assessed by the city at $11.2 million.  The redevelopment of the site would come in two phases, plans show. A 392-unit building closer to Arthur Ashe Boulevard would make up the first phase and include 10,600 square feet of retail space. The second-phase building is planned to rise behind it with 258 apartments. Each building would reach seven stories and include a parking deck. Plans also show the development would include 659 parking spaces and 163 long-term bicycle parking spots. Poole & Poole Architecture is listed as the project designer, and Timmons Group is the engineer.  Redevelopment of the Greyhound site has long been anticipated, particularly given its prime location. It sits directly across from the city’s $2.4 billion Diamond District project that’s planned to span 67 acres and include a new ballpark for the Richmond Flying Squirrels.  For all the details, click on the link below. #escrowcredirt #newmarktitleservices

Metrotown continues to be an active market for major mixed-use developments for a number of reasons, although the economic situation is starting to slow things down, Mark Goodman, principal with Goodman Commercial Inc. in Vancouver, said. "Metrotown is a well-established neighbourhood and offers all the conveniences developers look for in an urban market: excellent transit connections, a large concentration of amenities in the form of retail and services, and close proximity to large employment hubs both within the neighbourhood and nearby in Vancouver and other parts of Burnaby," Goodman told RENX in an email. "It also has a relatively clear and consistent community plan so developers can acquire sites and move forward with confidence. The City of Burnaby in general has done a better job than most in trying to incentivize developers," Goodman said. Market conditions now eating into transactions However, most development projects moving forward now are sites acquired prior to the spring of 2022, Goodman said. "There has certainly been a slowdown in new acquisitions given the headwinds facing the development community: significant increases in interest rates, ongoing construction cost inflation, more and higher charges levied on new development from all levels of government, lengthy approvals processes and increasingly complex building codes and design criteria." Citing his firm’s 2023 Mid-Year Review, Goodman said not a single multifamily property transaction was recorded in all of Burnaby in the first six months of this year. In 2022, there were 20 transactions, 12 in the first half of the year. Most of those sales would be purpose-built rental apartments, but some of them could eventually be redeveloped. "While sales have slowed and prices adjusted to the new reality, there is still strong demand from developers who are forward-looking and recognize we are in the midst of a severe supply shortage with record-high population growth,” Goodman said. Read the article: https://lnkd.in/g_CE-SBt Ian Brackett Cynthia Jagger

Strip retail centers are located in every community, and this Enterprise Community Partners sponsored report found converting just 10% of them -- typically older, underutilized properties, could create 700,000 new homes. Half would be lower density multifamily, and half would be higher density, up to mid-rise mixed use buildings. The author asserts, "It's not only housing strategy, but you can add the economic development lens, the urbanism lens by making it more pedestrian-friendly and walkable and accessible by transit." While structural unsuitability often hinders conversion of urban office buildings, the major redevelopment hurdle on strip malls is existing single-use zoning. In the DMV, conversion at the inner ring suburbs offers housing where is is needed the most -- people places instead of parking lots. #affordablehousing #neighborhoods #commercialrealestate #creativefinancing #zoning

HENRICO, VA - More residential units are in store for Regency. Thalhimer Realty Partners, Inc. and The Rebkee Company, which co-own the western Henrico mall, are planning to break ground by mid-2024 on more than 300 new apartments as part of their ongoing redevelopment of the shopping mall. The upcoming project follows the completion of the Rise at Regency, the center’s first apartment complex, which was built on the site of a now-demolished Sears store. The new apartments project, called Rise II, is slated to take shape on a roughly 2-acre portion of the mall’s parking lot that is located between the Rise at Regency complex and Starling Drive on the western side of the mall. The project is expected to cost $76.2 million, a figure that includes construction, land, permitting and other expenses. The Henrico Board of Supervisors approved a resolution last week in support of Regency’s application to Virginia Housing, the state’s housing authority, to acquire financing for Rise II. That financing program requires 20 percent of the units constructed at the new complex be reserved for people who make less than 80 percent of the area median income. The first phase of the Regency apartments utilized the same program. “We want to ensure we’re supplying housing to that segment of the market,” Rebkee Co. Principal Rob Hargett said in an interview last week, adding that the first phase of apartments are 96 percent leased. The Rise II apartments are expected to be largely comparable to Rise’s 320-unit first phase, and will accordingly feature mostly one- and two-bedroom units with a few three-bedroom apartments. However, the upcoming apartment complex won’t include a parking deck, as had formerly been the plan for the Rise II project. In eliminating the parking structure, there was space available to increase the unit count from a previous plan of about 230 units. The new apartments also will feature different finishes and color schemes than the existing complex, as well as a pool, fitness center and other amenities. “We’re going to take it up a notch because we want to differentiate it,” Hargett said. The developers decided to nix an additional parking structure as part of the second phase because the one that was built along with the first apartments is considered underutilized. Residents at the yet-to-be-built apartments will be directed to share the existing 372-spot parking deck with residents at the existing apartments and utilize surface parking, which current residents already do. Hargett said the hope is to have a building permit in hand by early March in anticipation of breaking ground on the upcoming apartment project no later than June 1. Purcell Construction is the project’s general contractor, and Poole & Poole Architecture is handling design of the apartments. Both firms worked on the first phase of Regency’s apartments. Click on the article below for all the details. #escrowcredirt #newmarktitleservices

Cincinnati kills apartment proposals for Town Center Garage site, leaving open arena possibility - In a major development decision, the city of Cincinnati will not sell the Town Center Garage in the West End nor approve one of two proposals to redevelop the site with a major residential component, according to a letter signed by City Manager Sheryl Long obtained by the Business Courier. “I have determined that the time is not right to recommend selling this asset or to make an award and the request for proposal that was issued for the site,” Long wrote in an Oct. 13, 2023, memo to stakeholders. “With the forthcoming FCC development and HUD Choice application, the West End neighborhood is facing an immense amount of change. There is no need for the city to sell this asset as a catalyst for development at this time.”  If the city had chosen one of two apartment-centered mixed-use projects that developers had proposed in response to a request for proposal, an arena at the site would be dead. Long’s letter contemplates further “extensive engagement, conversation and evaluation about the site” and how it should serve residents, Music Hall and FC Cincinnati, a process the city manager’s office says is underway. “Therefore, in collaboration with the mayor, I am directing that in 2024, the city lead an intensive community engagement process to listen to the needs of our residents and partners and deeply evaluate all options for future use of this site,” Long’s letter said. Three developers proposed two different mixed-use projects at the site, which sits across Central Parkway from Music Hall. -Hines - proposed a $100 million, 360-unit apartment project along with a 1,000-space garage and an updated home for WCET-TV, Cincinnati’s public television station. -CIG & Model Group - proposed a $186 million, 312-unit project with a 128-room hotel, new office space for WCET and an 855-space parking structure. https://lnkd.in/gpGp9gSq #cincinnati #westend #cre #commercialrealestate #development #visitcincy #hines #cig #modelgroup #construction #apartments #retail #commercial #arena #residentfeedback #residentneeds #communityengagement #FCC #hud #affordablehousing

Value Add / End User Opportunity with Redevelopment Upside Unique opportunity to purchase a 11,867 square foot mixed-use retail building located near the intersection of Canada Way and Edmonds St in Burnaby’s Edmonds neighborhood. The property is in close proximity to Edmonds School Park and Community Centre in addition to transit hubs, restaurants and other community amenities. The 2 storey building currently has 13 units (3 commercial retail units (CRUs) and 10 office units). The 10,012 square foot lot also has a OCP designation allowing for a 4+ storey mixed-use development. At present, there are 10 parking stalls at the rear with one point of ingress and egress in addition to streetside parking at the front. Recent lease transactions support market rates of $25/SF/YR + in the Edmonds neighborhood. From a repositioning standpoint, one has an exceptional opportunity to increase market rents/rental income in order to add significant value. Lease provisions also allow for end-users to occupy a substantial percentage of the building, while benefiting from holding income/appreciation. $25/SF/YR + for retail & office in the Burnaby Submarket https://lnkd.in/dcVHjYHC