We paid $4,500,000 for this asset in 2019. When combined with either the property immediately east (536 St. Clair Ave. W.) or the Catholic church immediately west, or with both, this site is ideal to be rezoned for a residential tower in the range of 25-30 storeys. This appraisal is based on an assumption that we would sell the property prior to rezoning it, together with 536 St. Clair Ave. W. and split the proceeds based on the lot sizes with 40% being allocated to our property. This is only one of a few potential exit strategies for this investment that appear to be possible at this time.
The appraisal can be downloaded by clicking the link below.
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