Toronto Real Estate Developments have a new player..the Toronto taxpayer. The City of Toronto is about to develop over 30 properties ranging from selling them to develop them for commercial use.
One example is the City owned parking lot at York Mills and Yonge street that is over 3.2 acres and even Wilson Heights that is 8 acres now ready for development.
It is estimated all these potential development sites could bring in $150 million dollars a year from the sale of Toronto Real Estate holdings.
Source:
John Spears CITY HALL BUREAU Toronto Star Article as follows:
If you're a City of Toronto taxpayer, you're now in the real estate development game - and the city has released a list of 30 properties that are now in play.
From the derelict bus stalls at Eglinton subway station, to the C.O. Bick Police College at Finch Ave. E. and Brimley Rd., the city's new development company, Build Toronto, will soon have a substantial portfolio. Yesterday, the city released a list of 22 new properties that will be assigned to Build Toronto for development, if council approves.
Council had already earmarked three others, and Build Toronto will inherit five more through its predecessor, the Toronto Economic Development Corp.
The city will explore ways to make money from the sites, ranging from selling them off to developing them for commercial use.
The Eglinton bus terminal, for example, is geographically almost at the dead centre of the city. The TTC moved the bus terminal beneath a parking garage several years ago - while the bus stalls sit vacant, surrounded by chain-link fence.
A special panel appointed by Mayor David Miller estimated last year the city could make $150 million a year by developing its real estate.
Last week, Build Toronto's board of directors named the company's top two officers: real estate executive Lorne Braithwaite as chief executive, and Derek Ballantyne, head of Toronto Community Housing Corp., as chief operating officer.
