Build Toronto is the new developer in town – they got lots of cash, lots of land and they’re on a building rampage, watch out…
May 12, 2010
In 2009, the city of Toronto launched Build Toronto, its own real estate and development corporation. The goal of Build Toronto is to generate city revenue by maximizing the value of city owned property – and there is a lot of city owned property.
Today, Buid is unveiling the first four municipal properties it plans to take to market. They’re hoping to turn a cool $80 million of land they own into developments worth about $800 million (10x greater).
Build also has dozens more properties in (or soon to be in) it’s portfolio and is looking for purchasers and partners to help develop the properties and deliver them to market.
If I were a well connected developer I’d be all over Build Toronto right now – there’s no money like government money! It’s the freest flowing money in the business – just think of what E-health Ontario blew through paying its ‘partners/constultants’. Maybe BuzzBuzzHome could help Build Toronto with its website – seems the links at top of page don’t work in the Chrome Browser.
Nevertheless, these are the four new developments set for development as reported on by the Toronto Star:
1035 Sheppard Ave. W., a 54-acre site on the southwest corner of Sheppard and the Allen Expressway, beside the Downsview subway station. Build Toronto wants to develop a “Downsview Corporate Centre”, consisting of 2 million square feet of office space, next door to the subway. On the rest of the site it’s looking for 3,000 residential units, with a combination of high and low rise buildings. Total value when developed: $400-$500 million.
154 Front St. E. at Sherbourne St. The 0.78 acre property, which currently houses a bus parcel express depot, is slated for a residential development of up to 350,000 square feet, with some retail space. Value when developed: $100 million.
260 Eighth St., near Islington Ave. and Lakeshore Blvd. A 24-acre industrial site. TEDCO, a predecessor company of Build Toronto, turned an adjacent site into a parcel delivery depot. Value when developed: $50 million.
4050 Yonge St. at York Mills Rd. The 2-acre property is now a parking lot for the York Mills subway station. The plan is for a 400,000 square foot office building, seven to eight stories high, with a green roof. The TTC is considering moving its headquarters into the building, but another possible tenant is also interested. Value when developed: $160 million.