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Banc Developments plans to build 5-storey complex in Halifax

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banc development page

A five-storey residential and commercial complex may soon be built on a long-vacant lot on Chebucto Road in Halifax, reports The ChronicleHerald.

Banc Developments Ltd. wants to begin construction as soon as possible at the former service station location, according to company president Besim Halef.

“We’ve submitted an application for a development agreement with the city, and this begins the approvals process,” Halef said.

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Work begins on $70M redevelopment project at Halifax Shopping Centre

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halifax shopping centre rendering

Construction is slated to begin this month on a $70-million redevelopment project at Halifax Shopping Centre, reports The ChronicleHerald.

The project will result in 75,000 sq. ft.of additional retail space. It involves converting one of the mall’s office towers to 45,000 square feet of retail space.The remaining 30,000 sq. ft.is tied to the renovation of the former Fairlanes Bowling location on the lower level into a new food court, according to the news report.

Construction is expected to be completed in the fall of 2016.

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New Brunswick allocates over $400M for roads, bridges, energy upgrades

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new brunswick construction

The New Brunswick Department of Transportation and Infrastructure will spend $409.5 million in bridges, highways, buildings and equipment in 2015-16.

The majority of capital funding will be invested in road and bridge maintenance and building upgrades to create jobs, improve safety and produce long-term savings.

Funding for provincially-designated highways in municipalities will increase by $16.2 million for a total of $25 million. The capital budget includes more than $10 million for energy retrofits and renewable energy initiatives for public buildings.

New Brunswick to spend nearly $100Mto build schools

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The Department of Education and Early Childhood Development will spend $95.9 million to build and improve schools in New Brunswick.

As part of a multi-year infrastructure spending plan, the department will be investing in 10 new projects and three studies in 2015-16.

The multi-year plan will enable the construction industry to anticipate the department’s infrastructure needs. The plan also supports the government’s work to ensure spending continues to be managed responsibly.The plan aims at addressing health and safety requirements, capacity deficiencies and the rationalization of infrastructure, according to a statement.

“New Brunswick’s public schools must continue to offer safe and healthy environments that meet the needs of students, teachers and staff,”Education and Early Childhood Development Minister Serge Rousselle states. “This significant investment in educational infrastructure will result in new and enhanced schools that will support students as they continue their journey of learning.”

Additionally, Rousselle says that work will continue on 14 existing major capital projects. Rousselle also announced the Mid-Life Upgrade project, a new component of the department’s capital program. The project is designed to identify schools with significant deficiencies due to age and size. This process will enable the department to carry out upgrades and modernize schools.

In addition, the department’s capital budget includes $23 million for a series of capital improvement projects, each under $1 million. The amount includes funds supporting programs to ensure all schools meet basic health, safety and maintenance requirements.

Prince Edward Island University to build new building for engineering school

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The University of Prince Edward Island will construct a building to house a new school of sustainable design engineering.

The university will receive $16 million from the provincial government towards the establishment of the new school, reports The Prince George Citizen. Some $12 million will be spent to help fund the construction of a building and $4 million will go toward the program’s operating costs.

Construction of the new building is expected to be completed by the fall of 2016.

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Colchester County sees drop in building permit numbers

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For October, building permits issued in Colchester County, Nova Scotia, were valued at almost $1 million, which is lower than for the same month last year.

But the recorded figures still totaled more than $2 million, which Mayor Bob Taylor suggested was still a respectable number, reports Truro Daily News.

“We’re down from last year a bit but I think $2.4 million for October is not bad,” he said, during the Thursday night (Nov. 27) council session.

The municipality issued 36 permits last month with a total value of $2,404,000 compared to 39 permits issued in October 2013 valued at $3,383,900, a difference of $979,900.

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Bell Aliant plans to build data centre in Bedford

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Bell Aliant will spend $7-million on a data centre at the site of the old RIM building in Bedford, N.S., reports CBC News.

Bell will take over RIM’s data centre and spend money on a massive upgrade.The move is part of the creation of a so-called “innovation campus” at the building owned by developer Scott MacRae of the Armour Group.

The proposed seven-building campus will be called EON Square.

MacRae said his company will begin construction immediately on a $24 million speculative office building to be completed by the end of 2015.

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Construction underway on Maritime Link in Newfoundland

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Officials recently broke ground on the Maritime Link in Newfoundland, CBC News reports.

The transmission line will bring power to be generated at the under-construction Muskrat Falls megaproject in Labrador to Nova Scotia, via Newfoundland.

“There’s a lot of work going on here,” said Derrick Dalley, Newfoundland and Labrador’s natural resources minister, adding that the Maritime Link project has become a major employer.

“There’s a lot of Newfoundlanders and Labradorians working here and that’s tied to the benefits of the project as well.”

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Bird Construction, Ellis Don submit bids to build $95M centre in Moncton

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Two companies submitted bids to build a $95.4-million downtown sports and entertainment centre for Moncton, CBC News reports.

Bird Construction and Ellis Don each put forth a bid; both companies have completed similar multi-million dollar projects in Canada.

Isabelle LeBlanc, a spokesperson for the City of Moncton, said a committee of experts will dissect their proposed designs.

Construction on the sports and entertain centre should begin next spring or summer, if the finances come together.

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Infrastructure revival could provide investment opportunities in construction and related Industries: The Boston Company Asset Management

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cheticamp marina

Engineering and construction are likely to be attractive areas for investors as a revival in infrastructure spending accelerates over the next decade, according to a white paper from The Boston Company Asset Management (TBCAM), the Boston-based equity investor for BNY Mellon.

The report, A Blueprint for Investing in Infrastructure Themes, notes decaying bridges and roads are a common theme throughout the U.S. and other developed economies.  In Germany, for example, a recent government study concluded that $9.7 billion needs to be spent annually to maintain the current infrastructure, according to the report.

In the U.S. well-publicized events such as the 2003 blackout in the Northeast and the 2010 natural gas explosion in San Bruno, CA, served as reminders of the neglected infrastructure, the report said.

While governments in both developed and developing economies appear hard pressed to finance these projects, TBCAM said it believes the current levels of underinvestment are not sustainable over the long term and that innovative methods will be found to raise the necessary money.

Public-private partnerships have been gaining ground as a way to finance infrastructure, the report said. In this arrangement, a private enterprise designs, builds, assists with financing, and operates the project for a specified time.  This can provide a return on capital to the private enterprise, while the public benefits from the creation of new or upgraded infrastructure, TBCAM said.

“While public-private partnerships have been common in Europe for some time, they appear to be gaining greater acceptance in the U.S.,” said James A. Lydotes, a co-author of the white paper and a TBCAM portfolio manager.  “The U.S. represents a secular growth opportunity.”

It is becoming increasingly common for engineering and construction companies, which are contracted to design and build infrastructure projects such as toll roads, to participate in project financing by providing some equity, the report said.  TBCAM also noted that investors can own shares of companies that operate and maintain infrastructure projects such as toll roads after they are built.

While TBCAM said it is bullish on construction materials in general, the report said that the shale boom is generating a significant amount of proposal activity in petrochemical, liquefied natural gas and oil and gas projects in the U.S.

“We expect that these will be concentrated along the gulf coast due to the location of carbon resources, the presence of existing infrastructure and the pool of knowledgeable workers,” said Lydotes.

In emerging markets, investments are required in a wide range of infrastructure projects, including electricity generation in India and clean water in South Africa.

Lydotes said, “Several emerging market countries have recently elected leaders whose campaigns included pledges of reform and infrastructure improvements.”

The Boston Company Asset Management, LLC, a BNY Mellon Investment Management boutique, provides active equity investment-management services for corporate, public, mutual funds and union sponsored and jointly trusteed retirement plans, endowments and foundations.  Assets are managed by The Boston Company as well as its personnel acting as dual officers of either The Dreyfus Corporation or The Bank of New York Mellon.

BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, with $1.6 trillion in assets under management. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2014, BNY Mellon had $28.3 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.