When Sunpact Holdings (Chris Hinn) purchased the Woodbine Centre from Cadillac Fairview several years ago, the sale price was estimated at $150 million.
On a similar note, I recently read that the nearby Canadian Tire on Kipling and Rexdale just sold for a relative figure of $125 million.
Unlike Woodbine, Canadian Tire's property remained dormant for about a year before an eventual sale was reached. The difference being a change of address
(Canadian Tire), and a forced receivership for unpaid loans (Woodbine).
The concept of flipping the Woodbine isn't a new one. While I can't say how much the Woodbine supposedly sold for, I read that Mr. Hinn was originally looking to
get $600 million (pre-receivership) for Woodbine based on the mall being situated next to the Woodbine Racetrack. From a business perspective, Mr. Hinn believed
the Woodbine's market value was worth a greater sale price in response to the Woodbine Racetrack's 2 billion dollar renovation plans.
I visited the Woodbine earlier this month, and instantly felt the reduced air conditioning. Other than a slight draft lofting through the Fair, the stuffy conditions inside
the mall were only matched by the summer heat blistering outside it. Just by walking around, I could see why ride attendants would be miserable with these working
conditions.
I only hope the new owners begin renovating the mall shortly. The corpse of the Woodbine Centre definitely needs a positive turning point in our Urban Toronto discussions.
