jerryking + property_development   52

Toronto’s tech boom is transforming the city
July 26, 2019 | The Globe and Mail | MARCUS GEE.

the tech industry that is transforming Toronto. The city is in the midst of a spectacular tech boom. Big firms such as Microsoft, Twitter, Uber, Google and Netflix are setting up shop or expanding here. Thousands of workers are coming to live and work in the city. Thousands of startup companies are revving their engines.

The pell-mell growth of the city comes in part from the rise of tech. Patrick Fejér of B+H Architects says 10 million square feet of new office space is due to open by 2024, more than was built from 1992 to the present. Toronto, he says, has more than 120 construction cranes in the air, compared with 65 in Seattle and 35 in New York.

CBRE, a real estate consultancy, says that Toronto is the fastest-growing market for tech talent in North America, “adding an eye-popping 80,100 tech jobs in the past five years, a 54-per-cent increase.” It now ranks third, just behind San Francisco’s Bay Area and Seattle.
Big_Tech  creative_class  downtown_core  housing  King-Spadina  Kitchener-Waterloo  livability  Marcus_Gee  millennials  neighbourhoods  Port_Lands  property_development  Sidewalk_Labs  talent  Toronto  transformational  transit  walkability  technology 
11 weeks ago by jerryking
How to funnel capital to the American heartland
April 15, 2019 | Financial Times | by Bruce Katz.
* The Innovation Blind Spot, by Ross Baird.
* Ways must be found to rewire money flows in order to reverse the export of wealth
* A federal tax incentive intended to entice coastal capital into the heartland may end up helping to keep local capital local.

Over the past year, economically distressed communities across the US have been engaged in an intense discussion about mobilising private capital. Why? As mayors, governors, real estate developers, entrepreneurs and investors have learnt, buried in the 2017 Tax Cuts and Jobs Act was a provision that created a significant tax incentive to invest in low-income “opportunity zones” across the country......the law’s greatest effect, ironically, has been to unveil a treasure trove of wealth in communities throughout the nation. Some of the country’s largest investors are high-net-worth families in Kansas City, Missouri, and Philadelphia; insurance companies in Erie, Pennsylvania, and Milwaukee; universities in Birmingham, Alabama, and South Bend, Indiana; philanthropists in Cleveland and Detroit; and community foundations and pension funds in every state.

These pillars of wealth mostly invest their market-oriented equity capital outside their own communities, even though their own locales often possess globally significant research institutions, advanced industry companies, grand historic city centres and distinctive ecosystems of entrepreneurs. The wealth-export industry is not a natural phenomenon; it has been led and facilitated by a sophisticated network of wealth management companies, private equity firms, family offices and financial institutions that have narrow definitions of where and in what to invest.

The US, in other words, doesn’t have a capital problem; it has an organisational problem. So how can capital flows be rewired to reverse the export of wealth?

Three things stand out:

(1) Information matters. The opportunity zones incentive has encouraged US cities to create investment prospectuses to promote the competitive assets of their low-income communities and highlight projects that are investor-ready and promise competitive returns.

(2) norms and networks matter. The opportunity zone market will be enhanced by the creation of “capital stacks” that enable the financing of community products such as workforce housing, commercial real estate, small businesses (and minority-owned businesses in particular) and clean energy, to name just a few. Initial opportunity zone projects are already showing creative blends of public, private and civic capital that mix debt, subsidy and equity.

(3) institutions matter. Opportunity zones require cities to create and capitalise new institutions that can deploy capital at scale in sustained ways. Some models already exist. The Cincinnati Center City Development Corporation, backed by patient capital from Procter & Gamble, has driven the regeneration of the Over-the-Rhine neighbourhood during the past 15 years.

More institutional innovation, however, is needed. As Ross Baird, author of The Innovation Blind Spot, has argued, the US must create a new generation of community quarterbacks to provide budding entrepreneurs with business planning and mentoring, matching them with risk-tolerant equity. These efforts will succeed if they unleash the synergies that flow naturally from urban density. New institutions will not have to work alone, but hand-in-glove with the trusted financial firms that manage this locally-generated wealth.
books  capital_flows  cities  coastal_elites  community  economic_development  economically_disadvantaged  economies_of_scale  high_net_worth  howto  industrial_policies  industrial_midwest  industrial_zones  institutions  investors  match-making  midwest  municipalities  networks  network_density  P&G  PPP  packaging  place-based  private_equity  property_development  prospectuses  Red_States  rescue_investing  rust_belt  tax_codes  venture_capital 
april 2019 by jerryking
New York’s business elite decamps to millennial-friendly Hudson Yards
March 11, 2019 | | Financial Times | by Joshua Chaffin.

The $25bn Hudson Yards, the site of KKR’s new office and one of the most ambitious New York developments since Rockefeller Center, officially opens its doors this week after more than a decade in the works. It is big, boasting as much new office space as all of central Pittsburgh.

It is an engineering feat. Its towers are constructed on top of a platform that sits above a working rail yard. Its builders crafted 90-tonne columns to support the weight. They also devised a custom cooling system for the soil within the platform so that tree roots would not overheat.

As KKR can attest, Hudson Yards represents another extreme: it is the boldest expression of a new fashion in corporate real estate that buildings and “space” should be potent weapons in a fight to recruit and retain talented young workers.

The Related Companies and its partner, Oxford Properties, have made that a central element of a sales pitch that has persuaded KKR and other power brokers to quit Manhattan’s corporate strongholds in midtown and downtown and move west.

Joining Mr Kravis in his new home are Larry Fink, who is moving BlackRock, the world’s largest asset manager, to Hudson Yards; attorney David Boies and his law firm Boies Schiller Flexner, and hedge fund managers Daniel Loeb and Steven A Cohen, among others.
elitism  Hudson_Yards  KKR  Manhattan  millennials  New_York_City  Oxford_Properties  property_development  vitality 
march 2019 by jerryking
Thinking BIG: Danish architects have a radical vision to build a distinct condo community in Toronto - The Globe and Mail
ALEX BOZIKOVIC ARCHITECTURE CRITIC
COPENHAGEN
PUBLISHED SEPTEMBER 12, 2018

The new condo will be hard to miss. It could be the strangest residential building ever constructed in Canada. Certainly, it will set an interesting example for new housing. While new condos and apartments are often faulted for being soulless, this promises to be a carefully detailed building, a distinctive place, and a village that contributes to the larger city.......the King Street project, by Westbank in partnership with Toronto office developers Allied Properties REIT. It was inspired by Moshe Safdie’s Habitat 67, the legendary assemblage of prefab boxes on Montreal’s harbour.......Like Habitat, the King Street building is configured as a series of “mountains,” irregular stacks of boxes that each contain a home or a piece of one. The residences rise up, over and around four century-old brick buildings, which will all be retained entirely or in large part......They are eminently livable. This is typical of BIG’s work, which tends to juxtapose fantastic ambition with business savvy and technical expertise.......BIG, and their clients, were ready to do something more thoughtful, but had no interest in blending in. After much back-and-forth, they’ve settled on glass block as the building’s main cladding material.....The King Street project is also an ambitious experiment with urban design. There are basically two species of tower in Toronto: a mid-rise slab of six to 10 storeys, which steps back at the top; and a “tower-and-podium,” a model borrowed from Vancouver that combines a fat, squared-off base (or “podium”) with a tall, skinny residential tower.
architecture  Danish  heritage  King_Street  livability  property_development  thinking_big  Toronto  condominiums  soul-enriching  housing 
september 2018 by jerryking
Is Thomas Goode a sleeping giant of British retail?
August 31, 2018 | Financial Times | by Horatia Harrod.

200 year old Thomas Goode & Co is a homewares powerhouse.... Outfitted in morning suits, the staff — many of whom have worked at Thomas Goode for more than two decades — are solicitous and impeccably well-informed. There’s only one thing lacking. Customers....Johnny Sandelson, is the property entrepreneur who acquired the store for an undisclosed amount in July 2018. .....Sandelson has set himself the task of waking the company up — and it’s going to take more than just turning on the lights. What is required is a 21st-century overhaul....Thomas Goode sells more over the phone than it does online, for the simple reason it has no ecommerce platform. Some 40 per cent of its £5m in annual sales comes from special orders — a loyal client outfitting their new yacht or private jet — but oligarchs alone are unlikely to keep the business afloat....The plan, Sandelson says, is to democratise. “Fortnums did it, Smythson did it. Those great British brands reinvented themselves to become relevant to the affluent middle classes, but Thomas Goode didn’t.”.......Sandelson hopes that, in an age of experiential retail, the shop’s peerless service will entice a new generation of customers. He’s also eyeing up collaborations to reach those for whom the Thomas Goode name has little resonance.......Parts of the business that had lain dormant are to be revived, with an injection of £10m-£15m in investment. There’s a voluminous archive to be mined for designs, and production of tableware in the Thomas Goode name is being restarted at factories in Stoke-on-Trent......Sandelson is committed to a revival. “We’re unashamedly proud of our British heritage and our British brand,” he says. “To honour that, you have to be involved with a very high standard of manufacturing in Britain. There would be cheaper ways of going about things, but the British way stands for quality. Stoke-on-Trent has been producing beautiful plates for 200 years. So it works for us.”....Almost inevitably, the top floors of the South Audley Street flagship are to be turned into luxury flats. “Will we be able to afford a shop of this scale in the coming years?” says Sandelson. “I think the brand is bigger than the premises. I’m pursuing the dream on the basis that the building will be developed over time and we’ll hope to have a space within it.”
21st._century  brands  commercial_real_estate  entrepreneur  experiential_marketing  gift_ideas  heritage  history  homewares  London  luxury  middle_class  property_development  real_estate  retailers  restorations  revitalization  turnarounds  United_Kingdom  Victorian 
september 2018 by jerryking
GO Transit calls time on free parking
APRIL 6, 2018 | The Globe and Mail | OLIVER MOORE.

It costs up to $40,000 to build one parking spot at a GO train station, and most often, commuters pay nothing to use it. The agency that runs the transit service says this can’t go on......The simplest way to encourage people not to drive to GO stations is to have more of the passengers living nearby. Some of the new stations proposed under the RER plan are in urban areas, with ready-made clientele close at hand. And the area around other stations can densify, making GO more convenient for more people.

“Let’s turn them into active mobility hubs,” said Cherise Burda, the director of the City Building Institute at Ryerson University. “Looking at utilizing the station lands as communities and not just as parking lots, that’s where you’re going to get a lot more ridership.”

Proximity goes only so far, though. Metrolinx stats show that a lot of their passengers are quite close to their station already. Some 13 per cent of them travel less than one kilometre to a GO rail station, and another 19 per cent come between one and two kilometres. But only 18 per cent of passengers arrive by foot, transit or bicycle, meaning that a large number of people are making short drives to the station.

After expanding parking at a breakneck pace for years, Metrolinx is hoping to slash the number of rail passengers who drive alone to the station by 40 per cent. Parking will be discouraged through price, while access to stations for those coming by foot, transit and bike will be improved. Also, more residential density around stations will be encouraged.
GO  terminals  transit  free  parking  Metrolinx  commuting  RER  property_development 
april 2018 by jerryking
Libraries Can Be More Than Just Books - The New York Times
By MATT A.V. CHABAN SEPT. 18, 2017

New York, graced with the generosity of Astor, Tilden and Carnegie, was foundational in the library movement. Today, those foundations are crumbling. Despite their popularity, and because of it, the city’s 212 branches face nearly $1.5 billion in capital needs. And that is simply to reach a state of good repair.

Chipping away at these needs can seem overwhelming. But New York has an opportunity, one shared by cities across the country, to improve library infrastructure while creating badly needed housing. By using aging branches as sites for development, new libraries may rise with affordable apartments on top. The administration of Mayor Bill de Blasio should seize the chance at sites citywide to link these crucial needs.......
Libraries have become 21st-century settlement houses, providing a world of resources under one roof. They help bridge the digital divide, invest in early literacy and lifelong learning, increase language skills and serve as civic hubs. Let’s add affordable housing to the list.
libraries  NYPL  property_development  community_development  partnerships  New_York_City 
september 2017 by jerryking
Port Lands: $1.2b of Trilateral Funding Unlocks Revitalization | Urban Toronto
June 28, 2017 3:50 pm | by Stefan Novakovic.

Three levels of government are committing $1.185 billion of new funding to remake what Waterfront Toronto describes as "one of North America's largest underused urban areas." The investment will fund the much-needed Port Lands Flood Protection Project (PLFPP), unlocking the ambitious reinvention of the 365 hectare (880 acre) Port Lands.

While the mostly vacant and partly de-industrialized Port Lands have long been fodder for blue-sky thinking—once touted as the site of a potential Olympic bid, and more recently Expo 2025—some 290 hectares (715 acres) of the area are currently at risk of flooding. Any visions of the future are contingent on the funding that was finally secured today. Joined by Mayor John Tory and Premier Kathleen Wynne, Prime Minister Justin Trudeau lead the way in announcing a Federal contribution of up to $384 million......Two new naturalized outlets for the Don River will be created, with the waterway—surrounded by the river beds' flood-protecting greenery—carving out the new Villiers Island, which is envisioned as a dense urban entry point to the Port Lands.

Alongside the naturalized river beds, 13 acres of wetlands will be introduced throughout the Port Lands, creating a resilient and sustainable urban environment. In total, 29 hectares of naturalized greens are are planned—including coastal wetlands—as well as 16 acres of parkland, and 14 acres of in-water aquatic habitat. The new waterways will also add 1,000 metres of naturalized river.
Waterfront_Toronto  revitalization  waterfronts  John_Tory  Justin_Trudeau  Kathleen_Wynne  Toronto  floods  Don_River  Port_Lands  wetlands  flood_protection  property_development 
june 2017 by jerryking
The Mall of the Future Will Have No Stores - WSJ
By Esther Fung
June 12, 2017

As retailers close bricks-and-mortar stores at an accelerating pace, shopping-center landlords like Starwood Capital are facing a vexing question: What to do with all this empty space?

Their solutions are varied but all have a common element: reducing, or even eliminating, retail from the equation.

Some landlords plug empty spaces with churches, for-profit schools and random enterprises while they figure out a long-term plan. Others see a future in mixed-use real estate, converting malls into streetscapes with restaurants, offices and housing. And some are razing properties altogether and turning them into entertainment or industrial parks......A construction binge in the 1980s and ’90s left the U.S. oversaturated with malls. Growth in online sales and declining demand for full-priced goods are causing retailers to shrink their store fleets and divert resources to e-commerce platforms.....Many mall owners are trying to liven up the experience, bringing more dining and entertainment tenants and eschewing the traditional mix of middling food courts, fashion retailers and department stores.

“The appetite for experimentation is there,...but Sometimes developers conclude that the only way to save a dying mall is to level it and start over.
shopping_malls  landlords  retailers  trends  future  randomness  experiential_marketing  e-commerce  store_closings  experimentation  property_development  physical_space  oversaturation 
june 2017 by jerryking
Robert Bundy: Powerful bureaucrat helped shape Toronto - The Globe and Mail
OLIVER MOORE
The Globe and Mail
Published Thursday, Jun. 08, 2017

Robert Bundy, the powerful Toronto civil servant who oversaw the expansion of the city’s parking system and parks, eventually meeting his match in the stubborn residents of the harbour islands, died of heart failure on May 8 in Toronto. He was 94.

A property developer who had served in the Royal Navy during the Second World War and was decorated twice by Russia for his role in the Murmansk Run supply convoys, Mr. Bundy moved into public service at a time when city bureaucrats enjoyed substantial clout......Early in their marriage, Mr. Bundy joined the city bureaucracy. His construction business had been successful and “he didn’t have to worry about finances,” his son Brock said. “He really truly believed he was doing something to make everyone’s life better, and you can see that all the way through.”

The elder Mr. Bundy became general manager of Toronto’s parking authority in 1958, a time when creating plentiful and cheap parking was seen as crucial to helping the city compete with the suburbs. A 1968 annual report for the agency shows that in his first 10 years in the role the number of municipal off-street parking spaces nearly doubled to 14,440.

In the late 1950s, he also chaired a committee trying to ensure that sufficient development followed the route of Toronto’s east-west subway line. And he pioneered the concept of a business improvement area, which recruits local merchants to help make their surroundings more attractive and marketable.

The importance of abundant parking, however, remained a passion for years. He was co-founder of what would become the International Parking Institute and travelled to learn from his peers across the continent. Decades later, when he was part of a pitch to redevelop Toronto’s Greenwood Raceway, the proposal was built around extensive new parking.

However, he was cognizant of the needs of non-drivers as well. As Metro’s parks commissioner, he oversaw great swaths of new green space. His family said he was particularly proud of Rosetta McClain Gardens in Scarborough, a park specifically designed around the needs of people with disabilities.

During his tenure, the city created bicycle trails in some of its green spaces, routes that proved so popular they led to friction between cyclists and other users
Toronto  cities  parking  WWII  bureaucrats  parks  obituaries  city_hall  property_development  veterans  leaders  Royal_Navy  BIAs  public_spaces  city_builders  civil_servants  redevelopments  green_spaces 
june 2017 by jerryking
Toronto’s Yonge Street evolving from sleazy ‘strip’ into a global landmark - The Globe and Mail
MARCUS GEE
The Globe and Mail
Published Wednesday, Nov. 18, 2015

Yonge is about to go through big changes, becoming not just a renowned national street but a world street, with a level of density and activity that will make it feel more like Tokyo or Shanghai than the jumbled, still shabby downtown stretch that visitors see today.

More than 30 building projects, many of them soaring towers, are in the works. At one intersection alone, Yonge and Gerrard, six towers are coming, and that is on top of the immense glass skyscraper that already stands on the northwest corner.
Marcus_Gee  Toronto  landmarks  public_spaces  Yonge_Street  revitalization  property_development  urban_planning  quality_of_life 
november 2015 by jerryking
Mr. Cipriani Takes His Name to Wall Street Condominiums - New York Times
February 21, 2006
At Your Service
Mr. Cipriani Takes His Name to Wall Street Condominiums
By TRACIE ROZHON
property_development  commercial_real_estate  Wall_Street  real_estate  condominiums 
september 2012 by jerryking
Canary District looks beyond the Pan Am Games - The Globe and Mail
SHELLEY WHITE

The Globe and Mail

Published Monday, Jun. 25 2012

“We're going to create the most sustainable mixed-use development that the city has ever seen,” said Jason Lester, president of Dundee Kilmer Development Limited, the real estate developer leading the creation of the “Canary District” – named after the now-closed Canary Restaurant that operated from a 19th century Cherry Street building since the 1960s.

Their task is twofold. First, the Ontario government has given Dundee Kilmer the job of creating housing for 10,000 athletes and coaches for the 2015 Pan American Games. But the end goal goes far beyond a sporting event. The buildings will be converted and sold as condo and townhouse units, creating the foundation of a new downtown east side community that will knit together other communities such as St. Lawrence Market, Corktown and the Distillery District.
commercial_real_estate  Toronto  Canary_District  Waterfront_Toronto  19th_century  property_development  St._Lawrence_Market  Corktown  Distillery_District 
june 2012 by jerryking
Toronto Wants to Lure People to Water - WSJ.com
March 6, 2012, 9:04 p.m. ET

Toronto Wants to Lure People to Water

By KAREN JOHNSON
Toronto  commercial_real_estate  property_development 
march 2012 by jerryking
Hey, Toronto -- this guy is history
June 10, 2006 | The Globe & Mail | by Albert Warson. Profiles Michael Tippin.
real_estate  exits  JCK  profile  property_development  filetype:pdf  media:document 
february 2010 by jerryking
By Grand Design | John Daniels Real Estate Developer, U of T Faculty of Architecture
Summer 2008 | University of Toronto Magazine | By Scott
Anderson. A $14-million gift from John and Myrna Daniels will
transform the Faculty of Architecture
philanthropy  real_estate  uToronto  alumni  JCK  prospects  property_development 
february 2010 by jerryking
Square Feet | The 30-Minute Interview - Jonathan F. P. Rose - NYTimes.com
January 14, 2010 | New York Times | By VIVIAN MARINO. Q. Tell
me about your business. A. We have five areas of work: public policy,
planning, project management, development and investment. On the policy
side, we work to create government programs that will make healthier
cities. Our planning work is focused on environmental issues and on
low-income housing and neighborhoods. On the project-management side, we
partner with cities and not-for-profits. Q. Do you make much money on
nonprofit projects?

A. Yes. As a company we have this very diversified strategy. The policy
work is the part that makes very, very little money. The planning work
makes a little more money. The development work is even more profitable,
and the investment fund really provides us a bigger asset base.
As developers, half our work is with not-for-profits. We also do
projects for our own account. And in our investment fund, we’re buying
buildings all across the country, including New York.
real_estate  diversification  JCK  property_development  commercial_real_estate 
january 2010 by jerryking
Strip plazas a hangout -- for investors
October 17, 2006, The Globe and Mail, by special correspondent,
TERRENCE BELFORD profiling real estate developer, Michael Zakuta.
Potential angel?
profile  real_estate  Terrence_Belford  prospects  JCK  property_development 
march 2009 by jerryking

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