Tridel – Build Toronto Joint Venture – 10 Harbour Street, Toronto

Tridel – Build Toronto Joint Venture – 10 Harbour Street, Toronto Build Toronto recently announced an exciting partnership with Tridel to build a 75-storey building on Harbour Street, the first joint venture for Build Toronto since it started 3 years ago.  It will take a significant participation in the future development of the property being sold, in anticipation that taking less cash now will see significant dividends in the future.  For a site which is extremely challenging sandwiched by the Gardiner expressway, the rewards appear to be quite significant.   There is a historical precedent for city agencies taking participation in development projects in the past.  The Toronto Port Lands Corporation, in its development of the port lands in the 1990's and 2000's, had entered into a number of long-term lease arrangements which provided participation payments to TPLC after their properties were developed and leased.  This approach has had positive economic benefits to TPLC and the City.  Mr. John Bentley Mays of the Globe & Mail  http://bit.ly/si9x4g   takes issue with the ability of Build Toronto to understand the value of its lands and deal with municipal property to both maximize return and benefit all Torontonians.  This joint development approach is quite common with private landowners in the City who wish to recover some of their upside upfront and participate in the condominium profits through development.  There is no reason to expect that Build Toronto should act any differently and will be less successful than other landowners in the city.   This particular piece of property was a difficult site to sell as it was not the most desirable of sites.  Build Toronto and Tridel are to be commended in taking a "sow's ear" and hopefully, turning into a "silk purse" for the benefit of both parties and the citizens of Toronto.