Build Toronto finds its first buyer
By on Jan 07, 2011
Build Toronto, the City of Toronto’s real estate division, has just finalized its first ever sale. The Cityzen Group, a well respected Toronto developer, has finalized an agreement with Build Toronto to purchase the Parcel of Land on 154 Front St. E., a former Greyhound Parcel Office that had been for sale since the spring of 2010.
With this latest acquisition, Cityzen is quickly becoming a key player on Front Street. Cityzen is quite active in the Front St. area, including London on the Esplanade, the L-Tower at the Hummingbird Centre, as well as Backstage on the Esplanade.
Cityzen is looking to putting a multistory condominium tower on the site, with retail on the ground level. It is also expected that there will be a significant amount of residential units involved with this potential high-rise project.
Build Toronto’s mandate is to generate revenue for the city by maximizing the value of under used land in the city limits. They are also currently examining proposal from qualified developers to purchase 120 Harbour St, currently acting as a surface parking lot.
Nothing has been approved at this point, however it would appear that Cityzen may have another landmark project on their hands.
