I believe the trees being referred to are 'in front of the building', and would thus be on City property.
The boulevard is very wide on Wellington between Spadina and Portland, and the buildings are all virtually right at their respective lot lines (except for the 424 Wellington West building, which, if the Brad Lamb redevelopment proposal proceeds, would be relocated to the lot line)..
As per Realnet, this site has sold in July 2020 for 19 million to Lifetime. The VTB was very high at 80% of the total, however the rate wasn't far removed from the market rate, so the adjustment for the financing will be limited. The reported buildable here is $325 per sq ft, meaning based on the sale price each sq ft of buildable space cost $325.
Values sure don't appear to have been affected dramatically by the pandemic, at least in this area for development land. Given it is only one sample, but still...
Liberty Market Tower, the third and final phase of Lifetime Developments’ 16-year redevelopment project in Toronto’s Liberty Village, is about a year away from completion. Liberty Market Tower follows Liberty Market Building (which contains office and retail space) and Liberty