Last week we covered the recent sale of 10 Dundas East to Entertainment Properties Trust. That move brought the complex out of bankruptcy. Today rumours are circulating about redevelopment plans for the building. Here's what forum member MetroMan is hearing:

"The same source that provided me with the information on the ongoing sale and breaking news about the new owner (Entertainment Properties Trust) has told me that EPR is conducting a preliminary report for the redevelopment and renaming of 10 Dundas East. They'll be selling naming rights to the building but if nobody is willing to put down the "huge asking price", EPR will revert the building's name to Metropolis. Some very exciting tidbits of info:

  • EPR is having informal discussions with theme park operators Cedar Fair and Six Flags and is interested in approaching Disney (who was an early investor at the root of the Metropolis development in 1998). This isn't a new idea. PenEquity intended to do this before multiple tenants abandoned the project. The building was constructed with provisions for a theme park on the roof.
  • The price of the naming rights is said to be so substantial that EPR doesn't expect to sell them right away, but believes they're "priced according to the exposure of the location" and will eventually find a buyer.
  • Research is ongoing to determine a better fit for fully taking advantage of "the biggest revenue generator" of the property: the "amazing wall" that is currently "not exploring even 1/10th" of its potential.
  • Somebody at EPR is calling the building's visual appeal (or lack thereof) "abhorrent, gross" and it needs to be addressed if the property is to be respected. I don't think we'll see any changes this year but by early 2011, we'll probably hear more about EPR's plans for the property.

This is likely the last bit of info that I'll get from this source unfortunately. The party he's representing is ending its ties to 10 Dundas East. Nonetheless, I'm sure that we'll get regular information since EPR is a publicly traded company."

An amusement park on top of this building would be an amazing addition to Yonge and Dundas. Let's hope there is truth to this. What do you think? 

Toronto Life Square, 10 Dundas Street East, Toronto