Canada Lands Company Limited
Native name | Canada Lands Company/Société immobilière du Canada |
|---|---|
| Federal Crown Corporation | |
| ISIN | 🆔 |
| Industry | Real estate development, attractions management |
| Founded 📆 | 1995 (reactivated) |
| Founder 👔 | |
| Headquarters 🏙️ | 1700-1 University Avenue, , |
Area served 🗺️ | |
Key people | John McBain (CEO) |
| Revenue🤑 | C$217.8 million (2010)[1] |
| Owner | Government of Canada |
| Members | |
Number of employees | |
| 🌐 Website | en |
| 📇 Address | |
| 📞 telephone | |
Canada Lands Company Limited (French: La Société immobilière du Canada) is a self-financing federal Crown corporation reporting to the Parliament of Canada through Public Services and Procurement Canada. The company is responsible for both managing property on behalf of the federal government[2] and ensuring "the commercially oriented, orderly disposition of surplus properties with optimal value to the Canadian taxpayer". The current President and Chief Executive Officer is John McBain.
History[edit]
Canada Lands was a dormant Crown Corporation reactivated in August 1995 by the Government of Canada as a "federal nonagent commercial Crown corporation" for the disposition of physical government properties deemed superfluous.[3]:69 It is mandated by the government to act as its agent for the disposal of such assets,[3]:67 and the government is the company's only shareholder.[3]:69 The necessity of the disposition of land and other physical assets was the result of the privatization of Canadian National Railway in 1995, as the government had excluded non-rail real estate assets from the privatization and re-activated Canada Lands as a holding company for these assets, and to dispose of high-value assets in urban areas.[3]:69 Any property deemed surplus by the government must be sold to the Canada Lands Company at fair market value, which it must then develop, manage, or sell.[3]:337
The chair of the company and its board members are appointed by the Governor-in-Council.[3]:69 It is a self-financing company operated at arm's length from the government that reports to the Minister of the Environment.[3]:69 It functions as a "private sector, full-service real estate company".[3]:69 Unlike other government agencies, it is able to borrow money from capital markets, use letters of credit, and hold cash and other short-term financial instruments.[3]:69
In the 2010s, CLC's major projects were the operation and development of the CN Tower and surrounding areas, and the redevelopment of decommissioned Canadian Forces bases across Canada.[1]
Holdings[edit]
CLCL is the parent of three subsidiary companies: Parc Downsview Park Inc. (which manages Downsview Park in Toronto), Old Port of Montreal Corporation (which manages attractions in the Old Port of Montreal historic area including the Montreal Science Centre), and Canada Lands Company CLC Limited (which manages all other holdings such as the CN Tower).[3]:68
Canada Lands Company's current real estate projects include:
- Wateridge Village/Village des Riverains, Ottawa, Ontario (in development) [4]
- Village at Griesbach, Edmonton, Alberta (in development) [5]
- Currie, Calgary, Alberta (in development) [6]
- Shannon Park, Dartmouth, Nova Scotia [7]
- Jericho Lands, Vancouver, British Columbia (in partnership with the Musqueam, Squamish, and Tsleil-Waututh Nations) [8]
- Heather Street Lands, Vancouver, British Columbia [9]
- Downsview Redevelopment, Toronto, Ontario (in partnership with Northcrest of PSP Investments, planning started in 2020)[10]
The company has a real estate portfolio totaling approximately 2,400 acres (970 ha) in municipalities across Canada. The initial portfolio included many properties formerly controlled by the Canadian National Railway Company, which was privatized in 1995. This portfolio subsequently increased in size as the Department of National Defence (DND) began closing military bases across the country after the end of the Cold War. CLC purchased several former DND bases that were closed during this process, and it later began to redevelop them.
Of its original portfolio when the company was re-activated in 1995, 70% had been sold by 2006.[3]:70
References[edit]
- ↑ 1.0 1.1 Brent, Paul (2011-10-24). "Canada Lands Corporation has its most successful year in a decade". Real Estate News EXchange. Retrieved 2020-03-14.
- ↑ Pagliaro, Jennifer (2020-02-26). "Mayor John Tory appears to reverse course on protecting Downsview lands for jobs". Toronto Star. Retrieved 2020-03-05.
- ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 Kaganova, Olga (2006). Managing Government Property Assets: International Experiences. The Urban Insitute. ISBN 9780877667308. Search this book on
- ↑ "CFB Rockcliffe site: New chance for builders to bid in Wateridge 'village within a city'". Ottawa Citizen. 2018-01-18. Retrieved 2020-03-10.
- ↑ "Village at Griesbach 'best place in Edmonton to live". Edmonton Journal. 2019-06-22. Retrieved 2020-03-10.
- ↑ "Currie's growth continues with grading new phase for spring construction". Calgary Herald. 2018-11-18. Retrieved 2020-03-10.
- ↑ "Let's get Shannon Park housing project going". The Chronicle Herald. 2020-01-02. Retrieved 2020-03-10.
- ↑ "Vancouver city council approves Jericho Lands planning policy". Vancouver Courier Herald. 2018-08-24. Retrieved 2020-03-10.
- ↑ "City going ahead with 2,500-home plan on Heather Lands". Vancouver Courier Herald. 2018-05-11. Retrieved 2020-03-10.
- ↑ "Pension fund, Crown corporation join forces to develop huge tract of land in Toronto". Retrieved 2020-03-16.
Further reading[edit]
- Young, Robert; Horak, Martin (2012). Sites of Governance: Multilevel Governance and Policy Making in Canada's Big Cities. McGill-Queen's Press. ISBN 9780773540019. Search this book on
- Whiteside, Heather (2017-08-02). "The state's estate: Devaluing and revaluing 'surplus' public land in Canada". Environment and Planning A: Economy and Space. 51 (2): 505–526. doi:10.1177/0308518X17723631.
External links[edit]
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