Sean Fleming of Metropia joins us to discuss building condos in Toronto and Calgary. With a total of 18 current projects between the two markets, his insight and knowledge is sharp. Here’s what we discuss:
- Metropia’s founding and backers.
- Overcoming difficulties in acquiring new sites.
- The value in partners for multiple projects and sharing good deals.
- Micro-units and buildings without parking.
- The major players in Calgary and Toronto.
- The demand for condos in Calgary and the damaging effect from oil prices.
- Construction labour costs in Calgary.
- The benefits of developing in Calgary as compared to Toronto.
- The $400 M York Downs golf course redevelopment purchase. Sean: “we won by paying the most”.
- Millennials raising families in condos.
- The use of debt, leverage points, mezzanine and the value in having a relationship with your lender
- Balancing competing with other developers and maintaining discipline
The Top 3 Tweets from the Calgary Real Estate Forum
The Canadian economy needs to diversify. Don’t lose the oil and gas industry, but let’s become experts in other areas. #cref16
— Chad Boddez (@ChadBoddez) October 25, 2016
Suburban Office rents down 30% this year… Says Stephen Tylor /HOOPP. #CREF16
— Sandra E (@SanStar_eMedia) October 25, 2016
— Frank R Margani (@FrankMargani) October 25, 2016
A bit about our guest….
Sean Fleming, is the Vice-president of Acquisitions for Metropia responsible for all aspects of the acquisition process including sourcing investments, financial analysis and underwriting, contract and partnership negotiations, due diligence, market research, business plan development and investment capitalization strategy. To date, he has successfully managed underwriting, due diligence, design and entitlement of over 30 residential and mixed-use projects in Toronto and Calgary with more than 12,000 residential units, over 250,000 square feet of commercial space and has arranged over $1 billion of project financing. Prior to joining Metropia in 2010, Sean was a cost consultant at Altus Group and Finance and Acquisitions Manager at Cresford Developments. Sean has an MBA from the Schulich School of Business, with majors in both Corporate Finance and Real Estate and is a LEED Accredited Professional.
Sean Fleming LinkedIn