I would guess that a condo building in this neighbourhood would be desirable but would not, nevertheless, draw the kind of top dollar people would pay for Bloor-Yorkville or for downtown. I would guess real estate there would also be slightly less expensive than the Entertainment District. If those assumptions are at all accurate, for those more familiar with the finances of construction, approximately how large a building would be required to make a price of fifty three million for the land work out financially?
True... But it is hard to imagine that building in the photos generating enough revenue to justify a $53 million investment. That seems to me such a large sum for the location that it is hard to imagine Lanterra wanting to sit on the land as is for very long.
I can see BMO consolidating this centre with another (gordon baker) over the long term but, I just don't see it anytime soon. I'm also pretty sure BMO would make sure Lanterra can't just kick them out as part of the sale. Lanterra alone appears to have a ton of property to develop too nevermind the rest of the Mandelbaum family.