Build Toronto, the city's arm's-length property development agency, sold its first piece of surplus city property in December.
The 0.78-acre lot at 154 Front Street East, previously home to a Greyhound depot, sold for $19 million after a request for proposals elicited 9 responses, of which seven met the RFP's requirements.
The winning bid came from
Cityzen, which plans to erect a residential development there, and estimates are that the lot, once developed, will be worth around $100 million.
"This is hugely significant for us," says Bruce Logan, director of communications and stakeholder affairs at
Build Toronto. "The sale sets a very strong tone for Build Toronto in its first full year of operation by demonstrating how a dedicated real estate expertise can capitalize on market conditions, planning assessments and prepare a compelling offer. The result is the ability to realize the best possible outcome and highest value for our shareholder."
The City of Toronto is Build Toronto's sole shareholder, and new councillor
Doug Ford sits on its board.
Writer: Bert Archer
Source: Bruce Logan
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