Clarice Coty's Blog » Commercial property

Construction Starts at Coldwood’s Capital City Centre

Clarice — Tue, 31 Jan 2012 19:27:56 +0000

Ground has now been broken on a $1 billion real estate and construction project at Colwood Corners on south Vancouver Island. With a build-out of 20 years, the “Capital City Centre” has the potential to draw 4,000 people to Colwood’s core, living in 2,220 condominiums and townhomes.
During phase 1 and over the next five years, the southern third of the 14-acre site is planned for a four floors of residential atop 35,000 square feet of space for London Drugs, a five-storey office building, three retail buildings and a public plaza for outdoor events and farmers’ markets.
Once completed, the next building would be a 26-storey residential tower, the tallest building planned for the Island. More retail space would round out the completion of phase 1, worth $250 million. Parking is planned underground.
Ultimately, the build-out envisions 12 residential and office towers and scores of retail units, for a total of 3.8 million square feet of space, spanning the property between Belmont Road and Colwood Crescent.

New Commercial and Residential Project Presented for Comox

Clarice — Wed, 25 Jan 2012 16:43:33 +0000

A new development proposal featuring a mix of single family homes and commercial development in the northwest corner of Comox has been presented to town council.
A rezoning/development permit application was submitted by for 2310 Guthrie Rd., near the intersection of Guthrie and McDonald Roads.
“The proposal allows for the appropriate transition between compatible land uses within one neighbourhood, all in support of the premise for compact and livable communities,” Architect Eric Ching explained.
Four commercial buildings would be situated along Guthrie and McDonald roads, while six new single family residential homes would be set between the commercial buildings and the existing residential community across Tracker Place along the southeast, Ching told council. Two of the four commercial buildings fully face McDonald and Guthrie, with active, directly accessible storefronts, he added.
Town planner Marvin Kamenz noted the proposed development addresses the town’s Official Community Plan in a variety of ways.
In his report, Kamenz also said the architecture respects the northwestern character of the surrounding residential neighbours, employing slopped asphalt shingled roofs, horizontal siding and generous timber details, all in a complimentary colour palate.
Council referred the rezoning and development permit application to the town’s Advisory Planning Commission for comment.

Sage Hills Seeks New Financial Backer for Large Scale Comox Valley Development

Clarice — Tue, 24 Jan 2012 00:21:41 +0000

Promoters of the proposed Sage Hills development in the Comox Valley say a company has been lined up to refinance their land mortgage, the Comox Valley Echo newspaper is reporting.
A signed agreement is not yet done, but Sage Hills vice president Shannon Price told the Echo they had a definite commitment from an overseas funding source. Price said they are confident of sealing the deal within the next several weeks, allowing them to pay off their existing lender and so avoid the possibility of a court-ordered land sale.
“We are working on closing the details,” she said. “We are giving ourselves a lot of leeway and we are confident. We are not seeking other financial backers – we have an agreement and the lawyers are working on it.”
Independent Academies Canada Inc – of which Sage Hills Developments Ltd is a wholly owned subsidiary – bought the 2,083 acres south of Courtenay in 2006 for $4.1 million. The company has plans for an ambitious development that would include a private school and university campus, sports academy, hotel and wellness facilities and new residential real estate.
But the Alberta company providing the existing land mortgage wants out, and has secured a court order to have the entire property put on the market in a bid to recover its money, and ‘For Sale’ signs have now gone up alongside the Inland Island Highway.
The realtor marketing the site for $4,790,000 – Ed Handja of Coast Realty Group in Campbell River told the Echo the lender “has been very patient and given them quite a few months to resolve their issues before instructing that the land be marketed.”
But he added: “They would love nothing more than for these guys (Sage Hills) to be successful.”
Handja is actively seeking offers on the land, while Sage Hills pursues its separate quest to seal new financing arrangement to allow the existing loan arrangement to be paid off and the property removed from the market.

Real Estate Construction Expected to Rise in Nanaimo

Clarice — Mon, 23 Jan 2012 22:44:27 +0000

There’s reason for quiet optimism in the central Vancouver Island area construction industry, despite lingering effects of an economic downturn.
That’s the message close to 200 audience members heard at the Canadian Home Builders’ Association Central Vancouver Island’s construction industry forum in early January. From interest rates and investment opportunities in Nanaimo, speakers talked of a stable B.C. economy with slow growth in a number of sectors expected in 2012.
Toby Seward, Nanaimo’s director of development, said there are people who want to invest in Nanaimo.
“2011 was a bit of a tough year, but it looks like 2012 is going to be a steady year,” he said. “We review the stats, review what’s going forward and the signs are looking good in our one- to five-year forecast.”
There are numerous real estate developments now happening in Nanaimo, including the Sandstone project in Cedar, the Green Thumb Nursery property on Hammond Bay and the Madill property on Bowen Road, he said. “Oceanview is still talking about moving ahead as well,” he added.
Bill Corsan, Nanaimo’s manager of real estate, said investment opportunities are being driven by low interest rates, flattened land values, low vacancy rates and lack of rental products.
Travis Archibald, Vancouver Island market analyst with the Canada Mortgage and Housing Corporation, said housing starts in Nanaimo fell in 2011, but remain relatively stable and a slight increase is forecast for this year.
“We also saw roughly 1,500 MLS transactions in 2011 and expect a slight increase to that in 2012, but nowhere near past levels,” he said. “Supply is relatively stable and there should be a bit of an increase in demand this year, but it is still a buyer’s market.”
Doug Wittal, CHBA provincial president, detects a sense of optimism among homebuilders in the central Island and likes what he sees in terms of people stepping outside the box.
“We drive the market, we drive the economy and if you’re not willing to change your product and get into the new world, you’re not going to have a market and you’re not going to be working,” he said.
Wittal pointed to the Greenrock industrial park between Bowen and Boxwood roads and the Village at Summerhill townhouse project on Dufferin Crescent as two examples. The Boardwalk is another new real estate development in Nanaimo, featuring ocean view condos and townhomes
“You have to be innovative in today’s world,” he said. “Green and affordability are key words. That’s where we have to go.”

Excerpted from the Nanaimo News Bulletin

Unique Live-Work Building Slated For Courtenay Applies For Changes

Clarice — Mon, 23 Jan 2012 20:23:53 +0000

Changes to plans for a mixed commercial and residential development in Courtenay’s downtown core have been presented to city council.
The proposal for Tessitura Flats — a recording studio and a live performance venue with a cafe and residential units — was approved for a development permit in June, at 534 Cumberland Rd. near the school board office and fire hall.
A company representative presented Courtenay council with updated plans for Tessitura Flats, which would now consist of 14 new Comox Valley homes instead of 13, and six live/work units instead of five. On the third floor, one of the two proposed retail spaces and a residential unit would become the additional live/work space. The mezzanine, would be replaced with two residential units.
“If we reduced the size of that (mezzanine) we were more likely to be able to populate rather than have this cavernous space,” explained Eirah Unger. “We thought by increasing the density it would improve our numbers.”
While the building would not physically change in height, it would now be considered five stories instead of four, as a mezzanine is not considered a floor. The development would still be oriented around a central courtyard, and the live performance space would still be the central feature of the project.
Council unanimously passed a motion to give notice to adjacent property owners and return the application to council Feb. 6.

Excerpted from the Comox Valley Record

Ladysmith Real Estate Assessments Hold Steady

Clarice — Wed, 18 Jan 2012 18:12:59 +0000

Ladysmith and the surrounding area on Vancouver Island saw few changes in the 2012 real estate Assessment roll.
“Most homes in Cowichan Valley will see moderate decreases or little change in value compared to last year’s assessment roll,” said Vancouver Island regional assessor Bill MacGougan.
Overall Cowichan Valley’s taxable residential assessment roll is $11,868,483,068 this year.
A total of almost $242,000,000 in new residential value has been added due to various changes, including subdivision, rezoning and new construction, according to BC Assessment.
In Ladysmith, the residential general overall taxable value in 2011 was $1,037,804,001, and it is essentially unchanged for 2012, as the total residential value is $1,037,759,701, explained MacGougan.
“It’s so close to being no change at all for individual values in Ladysmith,” he said. “You’ll see changes for most properties of minus-10 per cent to plus-five per cent. The overall assessment is completely stable, but individual property owners will see changes to their assessments either moderately up or moderately down.”
The total value of all property classes in Ladysmith in 2012 is $1,130,325,221, up from $1,125,766,282 in 2011.
“There are two different types of changes affecting roll value,” said MacGougan. “There’s market change — what happened in the market to affect change — and non-market change — new construction, rezoning, subdivision, all these sorts of things that can increase value or create value but are not related to changes in the market.”
Within Ladysmith, $21 million in new residential construction added to the roll, according to MacGougan.
“Last year, it was close to $27 million, so it’s not much different than last year,” he said. “Most jurisdictions are down more than that in their growth.”

Excerpted from the Ladysmith Chronicle

Robannah Developments Features Unique Comox Valley Homes

Clarice — Mon, 16 Jan 2012 20:22:33 +0000

Robannah Developments is now selling a number of unique homes in the Comox Valley.
The Vancouver Island home builder is offering a unique opportunity for an investment or home with a mortgage helper in Comox. 1605 Dogwood Ave in Comox offers a newly-built, 2,190 sq ft family home, with double garage, custom cabinetry, slate/tile entry, timber accents, and bonus room. Upstairs the large master suite with ensuite, features a tiled shower and walk-in closet. Two more bedrooms and a rec room complete the upstairs.
The home comes with an attached, private 2-bedroom suite perfect as a mortgage helper or for in-laws.
This new home this is located on large treed lot that is within walking distance to schools, shopping mall, golf course, marina and the newly improved Comox community centre.
Robannah Developments is also selling live/work condominium homes in Courtenay on Vancouver Island, which offer commercial space downstairs with residential units upstairs. These 1180 sq ft homes offer some ocean views and the 650 sq ft downstairs work spaces are centrally located in a busy commercial area, close to major retailers and new development.
These units are priced starting from $249,000. These live/work condos are located at 3030 Kilpatrick Ave in Courtenay.
Contact Realtor Tina Vincent for more information on either of these Robannah Developments projects.

Commercial Real Estate Investors on Vancouver Island Aided by R Mike Mullin

Clarice — Sat, 14 Jan 2012 23:29:34 +0000

R Mike Mullin provides the complete service package for Vancouver Island commercial real estate investors.
R Mike Mullin is a commercial realtor with Coast Realty -Nanaimo and a commercial mortgage broker with Bayfield Mortgage Professionals Ltd. Mullin, a Certified General Accountant, brings an extensive financial background to his work as a commercial real estate broker and consultant.
As a commercial mortgage broker in BC, Mike can provide commercial real estate investors throughout the province with a variety of financing options.
Contact him at 250.650.6560, toll free at 855.650.6560, or by email at mullin @telus.net.

Building Permit Values Down in Victoria for 2011

Clarice — Fri, 13 Jan 2012 16:23:50 +0000

According to Statistics Canada, the total value of building permits issued in the Victoria region of Vancouver Island from January to November last year was $615.9 million, down 11.3 per cent from the $694.3 million recorded in the same 11-month period in 2010.
Both residential and non-residential construction slowed last year with the value of residential permits issued down 11.5 per cent to $406 million, and non-residential dropping 10.9 per cent to $210 million.
November 2011′s seasonally adjusted building permit numbers were down 64 per cent to $43.9 million, from the $122.4 million in the same month in 2010. That $43.9-million was a slight improvement from the $43 million in permits issued in October.
The massive drop in November 2011 was the result of a spike in permits issued in November 2010, led by major military building projects worth more than $100 million There was nothing similar in the non-residential sector in 2011.
According to Greg Baynton, CEO of the Vancouver Island Construction Association, 2011 was a challenge.
“It has been different . . . traditionally things taper off in the summer and then September to Christmas is quite busy, but we had a record volume of projects through July and August and since September there’s not been much going on. It’s been turned upside down,” Baynton told the Victoria Times Colonist newspaper.
Baynton’s data is based on tenders, rather than permits issued, and those may not overlap as permits can be issued before or after a project goes to tender.
“But since September the market has been flatter than usual. It’s quiet and we expect that to continue until the tail end of the first quarter of 2012,” Baynton said, though the sector remains positive 2012 could end on a strong note.
“We are expecting 2012 to be a bit of a turnaround year. There are lots of projects in the pipeline and I expect tendering and construction activity to pick up a lot,” he said.
The residential construction sector is much more cautious after a tough 2011.
Through the first 11 months of last year, there were 576 single-family housing starts, down 27 per cent from 2010. Multiple-family starts were down 18 per cent over the same period.

Commercial and Residential Landscaping Installations With Banner Landscaping

Clarice — Wed, 11 Jan 2012 23:10:19 +0000

Banner Landscaping in the Comox Valley specializes in complete landscaping installations for commercial developments and for new homes in Comox, Courtenay and the Comox Valley.
Banner Landscaping has bobcats, excavators and all of the equipment needed to complete any landscaping project.
Banner Landscaping can install paving stones and retaining walls, or a complete landscaping project with irrigation and water features.
Banner Landscaping’s Comox Valley crew is courteous and knowledgeable and will ensure that you have an outdoor space to be proud of. Contact them at 250.792.1835.