Latest news with #AndrewMacdonald
Yahoo
11 hours ago
- Business
- Yahoo
Landlord converting more than 120 Halifax apartments into condos
Two apartment buildings in Halifax's north end with more than 120 units between them are being converted into condominiums, and the owners say it's because operating the properties as rentals has become financially impracticable. Many tenants of the two four-storey buildings on Mont Blanc Terrace started to hear rumblings about the conversion last fall. Some have already moved out or are making arrangements to leave. Others, like Andrew Macdonald, aren't ready to go. "This puts me into a bit of a conundrum 'cause I don't know what's gonna happen next," said Macdonald in an interview. He said he's been in unstable housing for years, and just prior moving into his current apartment, he was living in his car. The news that he will have to move again is a blow. "Part of me wants to throw my arms up in exasperation and actually get on an airplane and go to someplace like Thailand or the Philippines where I can live off of what savings I've got and maybe teach English," he said. Following Nova Scotia law, the owners of the two buildings have given tenants until the end of September to stake a claim on buying their own unit. Otherwise, they have to move out by Aug. 29, 2026. Macdonald said he's not in a financial position to buy. One of his neighbours, Jon Frost, said he's simply not interested in buying. He doesn't think the units are as valuable as the owners do. Frost accepted a letter from his landlord earlier this month, sent by registered mail, confirming the rumours that began swirling months ago. It explains the rationale for the conversion and what rights the tenants have, including the right to buy. The letter doesn't provide exact prices, but it says listings will "reflect normal market conditions." It says average condo prices in the neighbourhood are $400 to $600 per square foot, putting the buildings' units — which range from about 1,000 to about 1,500 square feet — anywhere from about $400,000 to about $900,000. "We're just going to ride it out and see what happens," Frost said in an interview outside the building he, his wife and son have called home for close to 20 years. He said he isn't worried for his own family, but some of his neighbours are in a panic and he understands why. Rental vacancy improved in Halifax last year — it rose from one per cent to two per cent — but experts say a healthy vacancy rate is in the range of three to five per cent. The market is still tight for renters. However, the owners of the Mont Blanc apartments say the situation isn't favourable for them, either. The buildings are owned by GBRF Properties, whose directors are Peter Polley, the president of development group Polycorp, and Robert Richardson, the executive vice-president of rental giant Killam Apartment REIT. GBRF Properties built the apartments about 20 years ago. According to the notice sent to tenants, the company had intended to keep the buildings and operate them as rentals "forever." But, the letter continues, operating costs have ballooned in the intervening decades, while rent increases — which have been capped since 2020 — have failed to keep pace. CBC News asked Polley and Richardson for interviews. Polley responded with a written statement, which includes the same rationale that's outlined in the letter that tenants received. Heating oil, garbage removal, water, insurance and property taxes have all gotten more expensive, Polley said. He highlighted that rental apartments are not covered by the province's capped assessment program for property taxes. "With rent control in place in Nova Scotia, and with no help to deal with property taxes, there is no way we can pay for the skyrocketing costs of running Mont Blanc," the statement said. The letter to tenants singles out water rates and Halifax Water's proposed increases as a significant concern. Polly said the buildings' mortgages are up for renewal for the first time in 10 years, and current interest rates are higher, adding to the "significant cost pressures" that are motivating the conversion to condos. Converting rental apartments to condos is not without precedent in Nova Scotia, though it is not common. Provincial law dictates that any time a property owner wants to convert rental housing into something else, it has to notify the director of residential tenancies. CBC News asked Service Nova Scotia for details of past conversions, but the department did not share them by deadline. A spokesperson said conversions are "rare" and the last one happened in 2018. Neil Lovitt, a vice-president at real estate consulting firm Turner Drake, said this case might be a sign of a new trend. "I think it may be, perhaps, something that will become more common in the near-term future," Lovitt said. He said other property owners could be feeling the same cost pressures as the owners at Mont Blanc. Some, Lovitt said, are probably also thinking about selling. He noted that parcelling off and selling individual units involves more work than selling a building as a whole, but the condo approach also stands to bring in more profit. "If you're trying to sell a 64-unit building, there's a fairly small number of people that would have the resources and interest of buying that type of property," Lovitt said. "But if you're selling individual units that are much more accessible price-wise … that's a much larger potential pool of buyers, and so supply and demand kicks in." Service Nova Scotia Minister Jill Balser said her department will monitor to see if this case kicks off a trend, or if it remains one among a rare few examples. Provincial law makes room for cabinet to limit or prohibit property owners from converting rental housing into anything else, but the government would have to introduce new regulations to use that power. Balser said that isn't in the works, but isn't off the table. "It is important to make sure that we are watching if any trends are to change," she told reporters after a cabinet meeting Thursday in Halifax. Balser noted that the property owners have been following the rules, informing tenants and the province as required, and that they are entitled to make the conversion as a "business decision." In other Canadian cities — namely Toronto and Vancouver — the condo market has been slowing down, but Lovitt said comparisons can't be drawn between those markets and Halifax. He said there's been significantly less condo construction in Halifax than in larger centres, where condo markets are flooded. GBRF Properties said it plans to start listing condo units for sale in the next couple of months. MORE TOP STORIES
Reuters
2 days ago
- Business
- Reuters
Uber delivery business head departs; insider Macdonald appointed COO
June 2 (Reuters) - Uber Technologies (UBER.N), opens new tab said on Monday the head of its delivery business, Pierre-Dimitri Gore-Coty, is leaving the company after nearly 13 years. As senior vice president of Uber's delivery unit, Gore-Coty oversaw the company's Uber Eats business as well as grocery and other on-demand delivery offerings, and is credited with steering the division through the COVID-19 pandemic. Uber also announced it has named Andrew Macdonald as its chief operating officer, reinstating the role almost six years after it was eliminated in a leadership overhaul in 2019. Macdonald, who has been with Uber since 2012 serving in several leadership roles, will now be responsible for Uber's mobility, delivery and autonomous businesses. He will also oversee cross-platform functions such as membership and customer support. "This is a natural next step in our evolution as a company, as we drive growth by increasing engagement across our entire platform," Uber CEO Dara Khosrowshahi said of Macdonald's appointment. The moves, effective immediately, come as Uber has been trying to expand its business portfolio to drive growth amid signs of saturation in its mainstay North American business. Uber's delivery business has also been facing stiff competition from rivals such as DoorDash (DASH.O), opens new tab. Last month, Uber signed a $700 million deal to acquire a majority stake of 85% in Turkish food and grocery delivery platform Trendyol Go.
Bloomberg
2 days ago
- Business
- Bloomberg
Uber Promotes Company Veteran to COO as CEO Says He's Not Going ‘Anywhere'
Uber Technologies Inc. named longtime executive Andrew Macdonald as its first chief operating officer since 2019, part of an executive shake-up that includes the departure of the company's top delivery leader. Pierre-Dimitri Gore-Coty, senior vice president of delivery, has decided to leave Uber after nearly 13 years, Chief Executive Officer Dara Khosrowshahi said in a memo seen by Bloomberg News.
CBC
6 days ago
- Business
- CBC
Landlord converting more than 120 Halifax apartments into condos
Social Sharing Two apartment buildings in Halifax's north end with more than 120 units between them are being converted into condominiums, and the owners say it's because operating the properties as rentals has become financially impracticable. Many tenants of the two four-storey buildings on Mont Blanc Terrace started to hear rumblings about the conversion last fall. Some have already moved out or are making arrangements to leave. Others, like Andrew Macdonald, aren't ready to go. "This puts me into a bit of a conundrum 'cause I don't know what's gonna happen next," said Macdonald in an interview. He said he's been in unstable housing for years, and just prior moving into his current apartment, he was living in his car. The news that he will have to move again is a blow. "Part of me wants to throw my arms up in exasperation and actually get on an airplane and go to someplace like Thailand or the Philippines where I can live off of what savings I've got and maybe teach English," he said. Following Nova Scotia law, the owners of the two buildings have given tenants until the end of September to stake a claim on buying their own unit. Otherwise, they have to move out by Aug. 29, 2026. Macdonald said he's not in a financial position to buy. One of his neighbours, Jon Frost, said he's simply not interested in buying. He doesn't think the units are as valuable as the owners do. Frost accepted a letter from his landlord earlier this month, sent by registered mail, confirming the rumours that began swirling months ago. It explains the rationale for the conversion and what rights the tenants have, including the right to buy. The letter doesn't provide exact prices, but it says listings will "reflect normal market conditions." It says average condo prices in the neighbourhood are $400 to $600 per square foot, putting the buildings' units — which range from about 1,000 to about 1,500 square feet — anywhere from about $400,000 to about $900,000. "We're just going to ride it out and see what happens," Frost said in an interview outside the building he, his wife and son have called home for close to 20 years. He said he isn't worried for his own family, but some of his neighbours are in a panic and he understands why. Rental vacancy improved in Halifax last year — it rose from one per cent to two per cent — but experts say a healthy vacancy rate is in the range of three to five per cent. The market is still tight for renters. 'There is no way we can pay,' say landlords However, the owners of the Mont Blanc apartments say the situation isn't favourable for them, either. The buildings are owned by GBRF Properties, whose directors are Peter Polley, the president of development group Polycorp, and Robert Richardson, the executive vice-president of rental giant Killam Apartment REIT. GBRF Properties built the apartments about 20 years ago. According to the notice sent to tenants, the company had intended to keep the buildings and operate them as rentals "forever." But, the letter continues, operating costs have ballooned in the intervening decades, while rent increases — which have been capped since 2020 — have failed to keep pace. CBC News asked Polley and Richardson for interviews. Polley responded with a written statement, which includes the same rationale that's outlined in the letter that tenants received. Heating oil, garbage removal, water, insurance and property taxes have all gotten more expensive, Polley said. He highlighted that rental apartments are not covered by the province's capped assessment program for property taxes. "With rent control in place in Nova Scotia, and with no help to deal with property taxes, there is no way we can pay for the skyrocketing costs of running Mont Blanc," the statement said. The letter to tenants singles out water rates and Halifax Water's proposed increases as a significant concern. Polly said the buildings' mortgages are up for renewal for the first time in 10 years, and current interest rates are higher, adding to the "significant cost pressures" that are motivating the conversion to condos. Condo conversions 'rare' but more may be on the horizon Converting rental apartments to condos is not without precedent in Nova Scotia, though it is not common. Provincial law dictates that any time a property owner wants to convert rental housing into something else, it has to notify the director of residential tenancies. CBC News asked Service Nova Scotia for details of past conversions, but the department did not share them by deadline. A spokesperson said conversions are "rare." Neil Lovitt, a vice-president at real estate consulting firm Turner Drake, said this case might be a sign of a new trend. "I think it may be, perhaps, something that will become more common in the near-term future," Lovitt said. He said other property owners could be feeling the same cost pressures as the owners at Mont Blanc. Some, Lovitt said, are probably also thinking about selling. He noted that parcelling off and selling individual units involves more work than selling a building as a whole, but the condo approach also stands to bring in more profit. "If you're trying to sell a 64-unit building, there's a fairly small number of people that would have the resources and interest of buying that type of property," Lovitt said. "But if you're selling individual units that are much more accessible price-wise … that's a much larger potential pool of buyers, and so supply and demand kicks in." In other Canadian cities — namely Toronto and Vancouver — the condo market has been slowing down, but Lovitt said comparisons can't be drawn between those markets and Halifax. He said there's been significantly less condo construction in Halifax than in larger centres, where condo markets are flooded.
Newsweek
26-05-2025
- Automotive
- Newsweek
Uber's Self-Driving Cars Hit Road Block
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Uber says it is "ready to go" with its fleet of self-driving cars, but regulations in the UK could prevent them from touching the tarmac for several years. Despite the ridesharing company's aim to have autonomous vehicles deployed in on British roads by 2026, a delay in the UK's lawmaking process on the issue means the industry will not see clarity on the topic until 2027, according to government officials. Newsweek contacted Uber for more information via email. Why It Matters Initially thought to be impossibilities of science fiction, self-driving cars are now entering trial phases around the world, but their introduction brings huge growing pains for lawmakers. The new technology raises ethical questions around driver attention, the responsibility of artificial intelligence, and the safety of the tech in the first place, meaning regulators have a lot of uncharted water to cross before laws can be made governing the new industry. What To Know In the UK, these complications have resulted in transport regulators pushing a deadline for autonomous vehicle guidelines back a year, despite industry leaders saying their cars will be road-ready before then. In 2024, the Department of Transport said that the Automated Vehicles Act would enable self-driving cars to be on the roads by 2026, promising to take the UK's laws to the "threshold of an automotive revolution." But one year and one change in government later, autonomous vehicles are still required to have a human driver behind the wheel at all times, and the deadline for future clarification has been pushed back to 2027. Photo-illustration by Newsweek/Getty This is bad news for Uber, which has a fleet of driverless cars ready to go and is awaiting legislative clarification on how to use them. "We're ready to launch robotaxis in the UK as soon as the regulatory environment is ready for us," Andrew Macdonald, senior vice president of mobility at Uber, told the BBC. "The reality is that one accident is too many. That said, with electric vehicles, human drivers... we operate in the real world and stuff happens." Dr. Saber Fallah, a professor of safe AI and autonomy at the University of Surrey, told Newsweek that the delay on the legislation was important for getting the public onboard with what many still see as a risky technology. "The UK's cautious approach in the rollout of self-driving vehicles is not only appropriate but necessary for ensuring public trust and long-term safety," Fallah said. "While the maturity of certain technologies, such as those proposed by Uber, is advancing rapidly, readiness must be judged not just on how well the technology performs in ideal conditions, but also on how consistently and reliably it makes decisions in complex real-world environments. "The fundamental challenge lies in bridging the gap between statistical learning and human-level reasoning. Current autonomous vehicle systems often lack the capacity to explain their decisions, adapt meaningfully to unique scenarios, or respond with the nuanced judgement that human drivers routinely demonstrate. True readiness requires systems that offer traceable reasoning, safety assurance, and hybrid validation under diverse conditions. "Legally and ethically, certifying decision-making processes that remain unclear to regulators poses significant risks. There are also infrastructure gaps, particularly in digital connectivity and scenario testing. "Compared to the US and China, the UK's strategy places greater emphasis on assurance and regulation—this is a strength if paired with innovation in AI transparency and human oversight. Achieving this balance is key to ensuring the public sees AVs not as experimental novelties, but as trusted, competent partners in mobility." What People Are Saying The Department for Transport said in a statement: "We are working quickly and will implement self-driving vehicle legislation in the second half of 2027. "We are also exploring options for short-term trials and pilots to create the right conditions for a thriving self-driving sector." What Happens Next The UK government has set a deadline for late 2027 to deliver clarification to the industry, meaning it will still be some time before the UK sees widespread self-driving car tests.
