Toronto Star parking lot set to become a condo

Vancouver-based Pinnacle International Realty Group, is planning to develop three towers at 1 Yonge St., home of the Toronto Star office building. Although the Toronto Star building will be untouched, the space is expected to be a major Yonge Street address with great views of the water, excellent public transit, and close to major attractions like the ACC.

12 years ago in 2000, Torstar Corp. sold 1 Yonge Street to a private holding company controlled by the Thomson family. The sale netted them $40 million. This latest deal will fetch far more than that amount. One expert has suggested that the land could be worth $70 to $75 per buildable square foot in today’s market.

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