A collection of real estate agencies have reached a deal for
redeveloping a parcel of land in downtown Toronto, simply north of the railway
hall and close to the CN Tower.
Rights to the residential component of the land
redevelopment are being sold for $a hundred and eighty million to Tridel
builders Inc. and a restrained partnership controlled through Woodbourne Canada
partners.
The land covers 7.sixty seven acres, or three.1 hectares, at
the northwest corner of the front avenue West and Spadina
street.
The land parcel became assembled in 2012 and 2013 via a
joint challenge known as The nicely, that is mutually owned with the aid of
RioCan REIT (TSX:REI.UN), Allied properties REIT (TSX:AP.UN) and Diamondcorp.
The group says rental residences and residential
condominiums will occupy nearly 1/2 of the the parcel’s authorized density.
The nicely joint challenge expects current tenants at the
land to go away by the stop of this yr and development to begin in early 2017.
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