These landlords are nuts. You’re not going to find another marquis tenant to fill Starbucks’ location and the dereliction of the space will drive down the rental value of the units above the former Starbucks. As for Tim Hortons, they could get by with a smaller Cabbagetown location.
The challenge in Toronto is that you don’t have to pay full property tax on vacant commercial space. So, it’s sometimes better to leave the property vacant. I’m sure that’s the issue with the property north of the HOP.
The policy that gives an incentive to empty storefronts has outlived its usefulness.
torontoist.com