Apple Store at Conestoga Mall in Waterloo Opens

This week I had the pleasure of speaking with Ron Charles from CBC’s The National about the new Apple Store opening up in Waterloo’s Conestoga Mall, and why Apple was coming to a “non major urban centre.”

Apple Store soon to be joined by Target, others

As I told Ron, major retailers are tripping over each other trying to get to Waterloo – Target, Apple, Coach, Paderno, Spring Rolls, Oliver & Bonacini, Lee Valley, Sephora have all opened recently or are coming soon – because Waterloo Region has a great demographic – we skew younger, more educated, have more disposable income and are generally more tech savvy than many other regions in Canada. And the 70,000 students at WLU, UW and Conestoga College don’t hurt either !

To get a sense of how hot the Kitchener Waterloo commercial real estate market is for retailers, just drive down Ira Needles Blvd and take a look at The Boardwalk, 1 million square feet of premium retail space – and there are new retail developments on either side of it too.

Waterloo Region is now also one of the top 10 largest urban centers in Canada, and with the announcement of the Apple store coming to Burlington, Apple will have an official store in each centre.

Source: Ehmac.ca

I do not think they are opening a store here in response to RIM at all – I think that is a sensational perspective that some people are trying to see, but I don’t think it’s reflected in the reality.

The CBC clip also features Avvey Peters from Communitech discussing the health & vitality of Waterloo Region’s hi-tech sector, which is expanding every day.

And for the record, I’m a BlackBerry guy.

(All Apple Store photos are from ehmac.ca)

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When people talk about the Hospitality sector of Commercial Real Estate, they’re usually talking about Hotels, Restaurants, Convention Centres, Golf Courses & other tourist attractions.

In Kitchener Waterloo, the Hotel sector is hot.  2010 saw the sale of the St Jacobs Best Western (south of the St Jacobs Market) & The Destination Inn on King Street in Waterloo (opposite Conestoga Mall)  to an accomplished hotel operator who owns luxury Hotel properties in the UK & India.  The new owners plan to renovate both hotels (which are in good condition now) to become higher end and more “business friendly.”

The Waterloo Inn completed a multi million dollar renovation & exterior upgrades earlier this year and seems busier than ever.  I had a great lunch there last month at Rushes, the high end restaurant on site.

Many hotel developers & operators are actively looking for sites in Waterloo Region – there is strong demand from both local and international firms.

There is also new hotel stock coming online; the hotel at the Barrel Yards in Waterloo (formerly the Canbar lands) has started construction, but work has slowed considerably in recent months.

At Andrin’s City Centre condo project, the local partners for the Mayfair Hotel restoration have been announced, and there is talk about a Charcoal Group restaurant up top (totally unconfirmed at this point, although one of the Charcoal Group partners is a partner in the Mayfair Hotel restoration).  The renderings look awesome; this will be a tremendous asset for residents at City Centre and everyone who works, lives & plays in downtown Kitchener.

Artist's Rendering of The Mayfair Hotel Restoration & Expansion

Speaking of Charcoal Group, they have a new restaurant coming to The Shops at Uptown Waterloo.  Right now, the entire interior South Wall is behind construction hoarding, and Shoppers Drug Mart (currently on the North side) has announced a new 12,000 square foot store for part of that space.  I anticipate that the restaurant will be in front of this space or in the previous Shoppers Drug Mart space.  Hopefully there will be a patio – if you hear anything, send me an email or tweet & let me know!

Frat Burger just opened at the corner of King & University (in the Starbucks plaza) and is supposed to be very good.  They say they have a vegan burger, so we will be checking it out this week.

The Morty’s patio is packed every time I drive by it, and everytime we’re at Wildcraft, Bauer Kitchen or Charcoals they are full.  Morty’s has the regions best wings (back when I ate them), and serves vegan burgers & pizza for those so inclined.  Probably the best place to watch football on a Sunday in Waterloo!

Times are good for popular restaurants in Waterloo Region, and as condos like 144 Park (demolition starting this summer) RED by Momentum, City Centre, Arrow Lofts come online – and looking further out to 2016 when LRT is slated for completion – expect things to get even hotter.

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King and Victoria was once the site of a footwear factory, with a leather tannery down the street. Today, it features trendy lofts, a medical school, the region’s future central transit hub, and is a stone’s throw from great restaurants and offices of companies like Google and Manulife.

How did Kitchener’s warehouse district become such a desirable place to live, work and play?

Click through to hear what I think are the three factors behind the emergence of Kitchener’s Warehouse District.

I’d love to hear your thoughts on it!

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Kitchener Mayor Carl Zehr is currently reading the motion, and it has been seconded by Sean Strickland.

I am in support of LRT – rails specifically – and I hope that Regional council votes YES.

We should have a vote shortly – stay tuned!

For the fastest updates, follow #LRTvote on twitter!

UPDATE – LRT Rails Passes 9-2!

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Last week we brought you renderings of what is planned for the Mayfair Hotel in Kitchener at Andrin’s City Centre Condo development (see: Mayfair Hotel at Andrin’s City Centre Condos to be Preserved) and today we have additional details.

Artist's Rendering of The Mayfair Hotel Restoration & Expansion

Local Group Collaborates with Andrin on Mayfair Hotel Restoration

The Mayfair Hotel will be restored and expanded by a partnership of Andrin Homes (developing the rest of the block) and local businessmen David Strucke, Jodi Palubiski of Charcoal Group of Restaurants and Bernie Nimer of Ridgewood Holdings. Andrin Homes expects work to begin Spring 2012.

David Strucke is a local business owner, who serves on the board of The Museum and The Centre In The Square.

Ridgewood Holdings is a real estate development company that has been involved with many projects in Kitchener Waterloo, including the recently completed Shoppers Drug Mart just North of Kitchener’s City Hall & the HSBC that is being finished in Uptown Waterloo.

The Charcoal Group of Restaurants is the very successful group behind Charcoals, Wildcraft, Bauer Kitchen, Martini’s and Del Dente’s. They are the premier restauranters in Waterloo Region, and having Jodi involved means there is a pretty high chance we’re going to see another terrific restaurant coming to downtown Kitchener. I look forward to seeing what they do with the Sky Bar!

As Chris Arnold said on twitter, “I love the downtown rejuvenation. No longer have to leave town for business meetings, after work drinks, etc.”

Mayfair Hotel Video & Floor Info

Take a look at this video that Andrin Homes released yesterday:

From The Record: Mayfair block plans outlined to Kitchener council

Andrin wants to see construction start on the redevelopment of the Mayfair next spring, along with a 17-storey condominium project at Young and Duke streets that will rise above two podium buildings.

“We are very excited to be here as part of this project,” Strucke said to city councillors. “We are very happy that this is a local solution.”

The partnership means the old hotel will be redeveloped eight to 10 years ahead of the original schedule approved by city council in 2009.

“Nobody in this community wanted to see this building sit empty for another 10 years,” Strucke said.

The vision is to have the redeveloped hotel, which will see three storeys added to the Mayfair and six floors to the building next door, service businesspeople travelling to the city as well as people living and working downtown, offering restaurants and entertainment.

Last week The Record reported: Mayfair Hotel to be transformed into boutique hotel, spa

Glass and steel additions will be built on top of the existing buildings, bringing the height to nine floors. The inside of both buildings will be completely rebuilt. Three floors will be added to the Mayfair Hotel at 11 Young St. Six floors to the building next door at 156-158 King St. west.

The proposed redevelopment plan calls for a speakeasy club in the basement and:

First floor — a restaurant, whisky bar, hotel lobby and pool.

Second floor — 13 suites plus a gym and yoga studio.

Third floor — 13 suites and the spa’s reception.

Fourth floor — 14 suites and the spa.

Fifth floor — 14 suites and office space.

Sixth floor — 14 suites and two conference rooms.

Seventh and Eight floors — 14 suites on each level.

Ninth floor — sky bar and restaurant.

 If you’d like specific information about the Mayfair Hotel restoration, let me know in the comments below or send me an email.

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Artists Rendering of the Arrow Lofts in Kitchener

Arrow Lofts in Kitchener

The is a conversion of the historic Arrow Shirt factory by Auburn Homes, and the models & plans look terrific.

Because we work with lots of real estate investors, the developer asked us if we’d like to offer purchasers discounts and incentives that are (according to the developer) not available through most real estate agents.  (edit: the units are now available to the general public, and the early VIP incentives are no longer available)

If you are interested in learning more about these condos, email me right now.

Arrow Lofts Floorplans and prices

We can send you the Arrow Lofts Price List and floorplans, just email us.

note: We do not represent the builder of the Arrow Lofts.

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Updated: Check out this video report from the developer

CTV News reports:

Built around 1905 and converted to the Mayfair around 1929, it set to become a boutique hotel, spa and restaurant.

Brampton-based developer Andrin Homes will reportedly maintain the historic exterior while renovating the interior. Additional levels will be added to make it a nine story building.

The Record adds more details:

“Glass and steel additions will be built on top of the existing buildings, bringing the height to nine floors. The inside of both buildings will be completely rebuilt. Three floors will be added to the Mayfair Hotel at 11 Young St. Six floors to the building next door at 156-158 King St. west.

The proposed redevelopment plan calls for a speakeasy club in the basement and:

First floor — a restaurant, whisky bar, hotel lobby and pool.

Second floor — 13 suites plus a gym and yoga studio.

Third floor — 13 suites and the spa’s reception.

Fourth floor — 14 suites and the spa.

Fifth floor — 14 suites and office space.

Sixth floor — 14 suites and two conference rooms.

Seventh and Eight floors — 14 suites on each level.

Ninth floor — sky bar and restaurant.

Leon Bensason, the city’s head of cultural heritage planning, said the new floors will be contemporary and compliment the old architecture below.”

The rendering looks great, I’m excited for it to get underway.  Will you stay at the new boutique hotel here?

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1. More on Kitchener’s Mayfair Hotel at Andrin’s City Centre Condos Mayfair Hotel Being Restored Last week we brought you renderings...
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3. Waterloo Region Buys Kitchener Land to Redevelop for Transit Hub Region of Waterloo spends $6 million on future transit hub...

Investing in Apartment Buildings

Discover the differences between investing in Multi-Family properties & Residential Homes

There are 4 very important differences between investing in Single Family homes and Investing in Multi-Family properties, and these differences are described below:

Difference #1 – Trial & Error

You can ‘attempt’ to invest in single family homes, and if you make mistakes they are, in most cases, not very costly (on the grand scale). In fact, ‘attempting’ to invest in single family properties is how you learn the process.

With multi-family properties, the universe is not very large. This means that there are substantially fewer players in the game (realtors, bankers, vendors, investors). There are also not nearly as many properties. What this means is that you will earn a reputation in your target market very quickly and this reputation (right or wrong) will precede you as you attempt to enter into transactions and look to close your deals. So you will need to be prepared and knowledgeable about your market BEFORE you make your first offer. And more importantly you will need…

Difference #2 – Money

In 99% of cases involving multi-family investing, you will require a substantial amount of liquid investment capital and a strong net worth statement. This can come from a combination of you and a joint venture partner or from yourself alone.

With single family property investing, it is quite easy to find the money AFTER you have found the deal. In fact, some of these transactions require little or no money to complete. In addition, when investing in a single family condo or house, the down payment and closing costs are quite low. This is very different from the multi-family investing world – you have to multiply the complexity.

Due to the tighter time lines in doing your due diligence and the approval process, it is extremely difficult to start hunting for a financial partner after you have found a building.

Meaning, in order to keep your reputation and to ensure that you are getting the best deals possible, you will need to have all of your partners and finances arranged up front. You (and your partner, if there is one) must have your Sophisticated Investor Binder in place, you must know your financing ability, and you must know that you can close on the property on time. If you do not and you end up failing to close on a couple of properties because you really didn’t have your financial ducks in a row, you will be hard pressed to see another good deal come across your plate in the future.

Now some good news:

Difference #3 – No Real Limit

Often, when investing in single family properties, an investor will hit the ‘financing wall.’ This artificial wall is created by lending institutions and is put there to limit their ‘risk’ with each investor. These rules have changed within the past 18 months and have become tighter, so being up to date is critical. It is a basic financial calculation that tells them when they believe you are at your limit for borrowing and it doesn’t matter how good the property is that you are bringing them.

If you’d like to hear an audio interview with and investor who has seen these profits by building a portfolio of over 1,200 properties, click here.

The good news is that when investing in multi-family property, the wall is not in place. The lenders look mostly at the financial performance and potential of the building, with the lender being secondary to the equation. As long as the property fits their system, you stand a good chance to get your approval. There isn’t any artificial wall – it is completely a financial transaction. Which leads to…

Difference #4 – Business Transaction

With single family homes you are often dealing directly with someone who lives in the property and has an emotional attachment. The sale of the property is often one of the largest financial transactions they will ever undertake, and most don’t have very much experience in the ‘business side’ of real estate.

When dealing with the majority of multi-family vendors and more experienced realtors, you will find that the discussions follow a more business-like pattern. Numbers are the key elements in the transaction and your ability to justify your offer and your terms will all boil down to business and the discussion of what is reasonable and what the banks will finance. There are many more prevailing facts available in the multi-family investing world which help to reduce risk.

Conclusion

These are just four of the many key differences between investing in single family homes/condos and multi-family investing. Each style of investing has its pros and cons, each has its risks and rewards. It is often stated that an investor should really complete between 7 and 10 single family transactions before they even attempt multi-family investing. This will give the investor the foundation of knowledge, confidence, and relationships from which to build a successful multi-family portfolio.

If you’re worried about how the recent changes in Canadian mortgage rules will impact your real estate investing…looking for a safe, proven way to make the banks work for you…or even just ready to take your game to the next level…

Then it’s time to consider a jump into multi-family investing.

Multi-family investing is one of the fastest, safest ways to accelerate your portfolio for huge monthly cash flow and massive profit pay-outs — even in tight lending climates like ours — if you know how to do it right. Be sure to visit the ongoing real estate discussion on Canada’s Premier Real Estate Community and Discussion forums >> www.myREINspace.com.

If you think Multi-Family investing is the right means to boost your long-term wealth strategy, be sure to check out all the details on REIN™’s Multi-Family Investing Bootcamp coming up on June 18 & 19 at the International Centre in Toronto. Cheers!

–

Don R. Campbell is a Canadian-based real estate investor, researcher, author and educator. He is president of the Real Estate Investment Network™, and Cutting Edge Research Inc. He and his experienced team are leaders in providing Canada’s most current real estate investment education programs and economic research materials.

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Seeing how strong sales have been at tower one, slated to break ground this summer, I’m not surprised.

Mady is rumoured to have bought the lot south of where the first condo is going, the current overflow parking lot for Vincenzos, Bauer Kitchen and the Bauer Lofts.

Here is what user Floor2012 said on WonderfulWaterloo:

“The second tower would be located on the block of land bounded by Caroline, Park, the Sun Life garage and the 144 Park. If you google map the satellite view you can see that the total piece of land is really a rectangle once the Iron Horse Trail is rerouted. And no I don’t know exactly how the rerouting will happen but I understand that the City favours Mady redeveloping the whole block. Maybe the trail would just run along between the Sun Life garage and the second tower, hooking up again on Caroline Street.

Obvoiusly there must have been alot of discussions and negotiations in recent months between Mady, The City and the group that owned the second piece of land. I heard at one point that this group (some of which were involved with the Bauer) were planning their own condominium on this site.

Now Mady expects to build a second building that will be compatiable architecturally with the 144 Park. I don’t have all the answers. I’m just one of the over 135 people who have purchased at 144 Park and received an update from the developer this week.”

I’m looking forward to seeing the designs & prices on the new rumoured condos.  What do you think they will start at?

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I wrote about this a while back, when covering the new Apple Store opening in Waterloo, but I can now officially announce what I told you:

TARGET is coming to Conestoga Mall in Waterloo

As anyone who follows Retail & Commercial Real Estate in Canada likely knows by now, Target bough Zellers for $1.82 billion, mainly for the leases it owned in prime retail locations.  Zellers has a huge presence across Canada in premier malls, and it would be impossible to replicate that presence quickly, without buying a competitor.

Target will be taking the old Zellers space in the North East part of Conestoga Mall.  I do not expect the second Zellers in Waterloo, on bridgeport, to become a Target, but ya never know.

What is significant is that TARGET announced that it is coming to Waterloo in its first round of store annoucnements – Kitchener Waterloo is a major market that American retailers want to be in.  Just look at the new Apple Store we will soon have!

TARGET Comes To South Western Ontario

Target is moving into South Western Ontario’s Retail scene in a major way, announcing stores in Waterloo, Cambridge Centre, Masonville Mall and Westmount Mall in London, 175 Stone Road W in Guelph, at Gates of Fergus, among others.

The rest of the stores in Canada are as follows:

Alberta
•       Chinook Centre, Calgary
•       Forest Lawn Shopping Centre, Calgary
•       Market Mall, Calgary
•       Shoppes at Shawnessy, Calgary
•       Signal Hill Centre, Calgary
•       Sunridge Mall, Calgary
•       Bonnie Doon, Edmonton
•       Kingsway Garden Mall, Edmonton
•       Mill Woods Town Centre, Edmonton
•       Prairie Mall, Grande Prairie
•       Bower Place, Red Deer
•       St. Albert Centre, St. Albert
•         Sherwood Park Mall, Sherwood Park

British Columbia
•       Abbotsford Power Centre, Abbotsford
•       Metropolis at Metrotown, Burnaby
•       Discovery Harbour Shopping Centre, Campbell River
•       Cottonwood Mall, Chilliwack
•       Coquitlam Centre, Coquitlam
•       Driftwood Mall, Courtenay
•       Tamarack Mall, Cranbrook
•       Scottsdale Mall, Delta
•       Willowbrook Shopping Centre, Langley
•       Haney Place Mall, Maple Ridge
•       Nanaimo North Town Centre, Nanaimo
•       Pine Centre, Prince George
•       Oakridge Shopping Centre, Vancouver
•       Village Green Mall, Vernon
•       Tillicum Mall,  Victoria

Manitoba
•       Shoppers Mall, Brandon
•       Grant Park, Winnipeg
•       Kildonan Place Shopping Centre, Winnipeg
•       Polo Park Shopping Centre, Winnipeg
•       Southdale Centre, Winnipeg

New Brunswick
•       McAllister Place, Saint John

Newfoundland and Labrador
•       Corner Brook, Corner Brook
•       Cabot Square, St. John,s

Nova Scotia
•       Bedford Place, Bedford
•       Mic Mac Mall, Dartmouth

Ontario
•       Durham Centre, Ajax
•       Aurora Shopping Centre, Aurora
•       Bramalea City Centre, Brampton
•       Shoppers World Brampton, Brampton
•       Trinity Common, Brampton
•       Burlington Mall, Burlington
•       Millcroft Centre, Burlington
•       Cambridge Centre, Cambridge
•       Woodbine Centre, Etobicoke
•       Gates of Fergus, Fergus
•       175 Stone Road W., Guelph
•       Centre Mall, Hamilton
•       South Hamilton Square, Hamilton
•       Hazeldean Mall, Kanata
•       Cataraqui Town Centre, Kingston
•       Lindsay Square Mall, Lindsay
•       Masonville Place, London
•   Westmount Shopping Centre, London
•       Milton Mall Shopping Centre, Milton
•       Erin Mills Town Centre, Mississauga
•       Square One, Mississauga
•       Meadowlands Shopping Centre, Nepean
•       Upper Canada Mall, Newmarket
•       1899 Algonquin Ave., North Bay
•       Centerpoint Mall, North York
•       Orillia Square Mall, Orillia
•       Place D,Orleans, Orleans
•       Five Points Mall, Oshawa
•       Bayshore Shopping Centre, Ottawa
•       Billings Bridge Plaza, Ottawa
•       RioCan St. Laurent, Ottawa
•       Hillcrest Mall, Richmond Hill
•       Bridlewood Mall, Scarborough
•       County Fair Mall, Smiths Falls
•       Niagara Pen Centre, St. Catharines
•       Stratford Mall, Stratford
•       Sudbury Supermall, Sudbury
•       Intercity Shopping Centre, Thunder Bay
•       Cloverdale Mall, Toronto
•       Shoppers World Danforth, Toronto
•       East York Town Centre, Toronto
•       Flamborough Power Centre, Waterdown
•       Conestoga Mall, Waterloo
•       Taunton Gardens Power Centre, Whitby
•       Devonshire Mall, Windsor

Prince Edward Island
•       Charlottetown Mall, Charlottetown

Quebec
•       Galeries d,Anjou, Anjou
•       Faubourg Boisbriand, Boisbriand
•       Carrefour Angrignon, Lasalle
•       Mega Centre Notre-Dame, Laval
•       Galeries Chagnon , Levis
•       Place Longueuil, Longueuil
•       Place Alexis Nihon, Montreal
•       Place Vertu, Montreal
•       Terrarium Shopping Centre, Pointe Claire
•       Les Galeries De La Capitale, Quebec City
•       Place Fleur De Lys, Quebec City
•       Place Laurier, Quebec
•       Le Carrefour Rimouski, Rimouski
•       Promenades Saint-Bruno, Saint-Bruno-de-Montarville
•       Carrefour Saint-Georges, Saint-Georges
•       Carrefour Richelieu,  Saint- Jean sur-Richelieu
•       Carrefour du Nord, Saint Jerome
•       Carrefour de L,Estrie, Sherbrooke
•       Les Rivieres Shopping Centre, Trois Rivieres

Saskatchewan
•       Northgate Mall, Regina
•       The Centre, Saskatoon

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