A creative resolution to a long-stalled land sale in downtown Toronto has meant a three-fold increase to the charitable foundation of the Catholic Children’s Aid Society (CCAS), in a move that could serve as a model to other non-profits looking to maximize the benefits of valuable land across the city.
Last year the CCAS closed a deal to sell its headquarters at 26 Maitland St., near the Church and Wellesley neighbourhood, to Toronto’s Plazacorp, a major property develop that builds high-rise, low-rise and commercial projects. Plaza and CCAS initially came to terms on the land in 2011 and Plaza had announced plans for a potential condo tower on the site. But the conditional offer languished without finalizing until along came Rob Tkatch, senior vice-president at Devencore Realties Corporation Canada Ltd., which acts as a broker and advisor for organizations looking for commercial space.
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Mr. Tkatch said what had been holding Plaza up was a desire to buy an adjoining lot. But while they negotiated, land prices in Toronto escalated rapidly. Initially, the deal would have paid CCAS about $17-million, but by 2019 Mr. Tkatch felt he could find bidders to do better. Devencore drummed up some alternative bids to present to CCAS and Plaza, which resulted in a new higher price of $27.9-million. The deal was closed in the summer of 2019.
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