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78-84 Vaughan Road - Conditionally Sold to City of Toronto

Jesse Davidson

Our land assembly at 78-84 Vaughan Road is identified in red above.
Our land assembly at 78-84 Vaughan Road is identified in red above.


We are please to report that we have conditionally sold our land assembly at 78-84 Vaughan Road to the City of Toronto for $4.74MM. The City plans to convert this property into parkland to complement the substantial new highrise development slated to take place over the coming decade in this neighbourhood.


The City has a 120 day conditional period due to expire near the end of January, 2025. Provided that they waive their condition, the closing date for the transaction would be 60 days following the waiver (near the end of March, 2025).


We have been actively working to add value to this property since we acquired it for $3MM in 2017.  We believe that $4.74MM is a good value in the present challenging market particularly because it should unencumber our cash flow and allow us to commence distributions.


We have pursued so many different solutions for this site since it was acquired.  There are many different potential uses, and we have constantly pursued what we believe to be the highest and best use with each iteration. To quickly recap the work we have done at this site, here is the list of developments, partnerships and sales we have explored:


1)      A 4 storey medical clinic;

2)      An 8 storey residential development;

3)      A larger land assembly for a high-rise site;

4)      A 9 storey residential development;

5)      A sale to a church that fell through in the early days of the COVID Pandemic;

6)      A sale to a residential developer that fell through;

7)      A stacked townhouse development;

8)      A partnership with a rock-climbing gym that was too expensive to build;

9)      A 12 storey modular construction rental apartment;

10)   The present sale to the City.


While we believe a few of the above plans are still viable options, any plan other than an immediate sale would take several more years to complete.  Because of our strong desire to return capital to investors and begin regular distributions as quickly as possible, we believe that the current sale is the best path forward. 


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