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The value of the land remained in the in its redevelopment to its highest and best use. Planning analysis revealed that the three acre site might support approximately 750,000 square feet of density. Section 37 of the Planning Act would permit an additional 250,000 square feet of density at the site through the dedication of community benefits such as the opening of the Ring Road onto Yonge Street and other community benefits. Reference "Sun Life sold this property principally because residential condominium development is not part of the Core Real Estate Investment Plan. Despite this it was Sun Life's goal to find a buyer who could see the potential of the site in order to unlock current maximum cash value for Sun Life while believing it could create longer term value for itself. I must congratulate Pierre and his team for devising and implementing a marketing campaign that that created excellent market response and resulted in a very successful transaction." Wayne Walton Sun Life Financial |
