The head of one of Canada’s largest real estate trusts (REITs) says developers face “illogical obstacles” when it comes to residential development , as the company continues to hold off on new projects due to unfavourable economic conditions . CEO Jonathan Gitlin says the company – which operates mainly retail properties but also has residential development s – sees opportunity to expand its residential portfolio.
Currently, residential accounts for just four per cent of RioCan’s annual contractual rent. But Gitlin says developers still face challenges when it comes to municipal regulations in cities like Toronto. For example, he points to a seven-storey office building in the city that has been rezoned for residential use. But Gitlin says that because of existing regulations, RioCan must include an office space below the residential space
Source: News Formal (newsformal.com)
Riocan CEO Residential Development Real Estate Obstacles Economic Conditions Retail Properties Municipal Regulations Toronto