Crown acquires Mississauga office property
Crown Realty Partners announced yesterday it has closed on the acquisition of 2630 and 2680 Skymark Avenue located in Mississauga. The property has two Class A, LEED and BOMA Gold certified office towers of seven and 10 storeys. Crown plans to upgrade the buildings with improvements to the common areas, new collaboration zones and construction of a WorkFit by Crown fitness centre. Crown also intends to pursue certifications such as Fitwell’s Viral Response module and WiredScore.
Feds fund Algoma Steel’s furnace transition
The federal government yesterday announced that Algoma Steel will receive $420 million to retrofit their operations and phase out coal-fired steelmaking processes at their facility in Sault Ste. Marie, Ont. The funding will support the mill’s transition to electric-arc furnace production and create 500 jobs through the project’s construction phase.
Kennaley assesses Great Northern Insulation decision
Lexology today carries an article by Ontario construction lawyer Robert Kennaley on a recent Ontario Court of Appeal decision on the scope of construction trust obligations in Ontario. Kennaley offers comments on Great Northern Insulation Services Ltd. v. King Road Paving and Landscaping Inc. The court confirmed that accrued interest is included on a construction debt.
Hyperloop moves into design review
California-based Hyperloop Transportation Technologies today unveiled the latest details of its HyperPort program, a high-speed cargo and freight transportation system. Developed in partnership with terminal operator Hamburger Hafen und Logistik AG, the system will now go into certification design review. The system will be able move 2,800 containers a day in an enclosed, tube-style operating environment that eliminates at-grade crossings, with speeds approaching that of an airplane.