cdr108, to clarify, based on the purchase price of $10 million, my figure of $346.14 is per square foot of site area. As you point out, it is also equivalent to $22.73 per square foot of buildable floor area, which is a relevant indicator (assuming the project goes ahead at 440,000 sq. ft.). Both of these figures would have to be adjusted for demolition costs, in order to arrive at a "true" land cost.
As far as the merits or lack thereof, of demolishing this streetscape, agreed, there is historical interest, and may be some architectural merit, in the existing buildings. The one right on the corner of St. Joseph (on the far right in the picture) is attractive, in particular. Having said that, I'm not sure how practical it is to preserve them. The fact is that the upper levels of many of these places are difficult or impossible to lease and have minimal value (anything above a second level, in particular, is virtually useless). Even at ground level, most of these properties do not attract "quality" tenants. In turn this leads to the impression that the street is a bit sketchy, as already mentioned in a previous post.
In some ways it's a bit of a wonder that so many of these old storefronts have survived this long on Yonge Street. It's a fact of land economics that, unless restrictive zoning is put in place, these old properties along Yonge will be under increasing pressure to change to higher-value and higher-density (hence, newer) uses.
I would not be sorry to see a new building here, perhaps with a nicely designed three-storey brick podium (emphasis) facing the street to acknowledge the existing nearby structures.
, but some form of change here would not be a bad thing IMO.)
