April 5, 2011
The 1.95 million square foot main section of the Metro Toronto Convention Centre was put up for sale yesterday by its current owner, Canada Lands Company.
Located on Front Street, the building sits on a full city block just a few minutes from Bay Street and Canada’s busiest railway station and includes the north building of the centre, a hotel, an office tower and a 1,200-space garage.
Canada Lands Company, which is a crown corporation responsible for selling federal government assets, has been the building’s sole owner since April 2008.
Yesterday, the Toronto Star quoted Gordon McIvor, vice-president of Canada Lands, who said that the market is finally strong enough to react positively to such a massive offering. “ was not a good time to be selling anything,” he said. “ We look at all of our assets regularly and study a whole variety of economic indicators. We thought this was a really good time to put this asset on the market.”
The gargantuan building is expected to sell within 12 months. No price has been set. Interested?