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2908 Yonge 
2908 Yonge Street, Toronto
Developer: First Avenue Properties, Latch Developments


2908 Yonge | 48m | 13s | First Avenue | RAW Design

someMidTowner

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Rupert Pumpkin

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Yeah, a small percentage that any developer can deal with, hardly heavily
A gas station doesn't mean the site can't be developed on...it just means they will likely need a remediation. The RSC/RA process will definitely take longer but it depends on the Developer's schedule for this one.
 

Lenser

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Gas stations and autobody shops can take an awful long time to redevelop. Remediation costs are a very big factor - they're a big up-front investment and the parties involved often balk at the process of cleaning up. It can be relatively quickly solved, yes - but it can also sit idle for years on end. It might be daunting for those smaller developers who have thinner margins or less working capital to play with, for example.
 

Rupert Pumpkin

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Gas stations and autobody shops can take an awful long time to redevelop. Remediation costs are a very big factor - they're a big up-front investment and the parties involved often balk at the process of cleaning up. It can be relatively quickly solved, yes - but it can also sit idle for years on end. It might be daunting for those smaller developers who have thinner margins or less working capital to play with, for example.
I completely agree with you. I would expect that remediation costs are considered in the selling price of the property. Like I said above, it all depends on the Developer's timeline.
This site may have even greater environmental issues as it is surrounded by parkland.....I can see an extensive delineation program required beyond their property boundaries.
 

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