The family are quiet billionaires; however, they have quietly sold some stuff in TO recently. There is no longer 1 company, but assets have been allocated to individuals for an eventual breakup. Hence, Lands Edge, not Hollyburn, is the Developer here.
This application is just to try and get more value out of a building sale occurring in a year or two. Its a carrot to justify an over-pay.
There is no actual plan to re-develop seriously by Hollyburn here.