Quote:
Originally Posted by Biff
The south portion of the land - approximately half the site is planned for the Marketlands project we have seen on here. The Market and apartment building. This is the portion that was gifted to the city and must be used for public good in perpetuity. The other half of the site (north) is split into 2 parcels - east and west that does not fall under the same restrictions as the south half. It is open to private developers and I believe administered by Centre Venture. There are currently no selected developers for the north portions.
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Our understanding is there were a number of proposals but none of them either met CV’s requirements or were too restrictive and the developers chose not to proceed.
As the St Regis site would have had a a development agreement attached to it in the same way Market Lands does, it is surprising nothing has been announced. The same is true for the Waterfront site.
As both sites have been “ sold” it would be interesting to see what the sale price was. If all the proceeds have actually been received by CV that would be great.
If a VTB was involved what we have is really just an offer to purchase with a small refundable deposit / and or a fee for the option to purchase.
Two years is quickly coming up on the St Regis site “sale” and more than three on the Waterfront site. One has to assume CV has offered extensions to both of these purchasers due to “Covid” related issues.
I wish both developers well and hope permits are issued and construction commences. It’s a very difficult climate going forward.