^Correct, and that buildable rate is insane. 1.7 million GFA @ ~200 mill = ~$115 /GFA. I wonder if part of the reason for the higher than normal SP, is a less knowledgeable market participant, or perhaps simply not caring and needing to park money somewhere stable.
Actually,.... land up here in Willowdale is that expensive!
Forget about that 1.7milion GFA, new developer will NOT be building previous proposal, they'll come in with their own. Likely higher density, height and much more retail - given the local demographic, likely even a Chinatown with the area's long awaited Chinese supermarket!
This lot is about 875'x400'=350,000ft2,... that'll fit about 54 standard double residential lot where each goes for about $2.3mill (last year price for 50'x130' lot out of Prime EarlHaig zone). As single residential (off-Yonge St) this amount of land would be worth about $125million, but good luck getting all 54 home owners to all sell at market land value at the same time.
4800 Yonge site zoned for commercial office only (no market for office!); current parking lot (about 200'x200') or about 1/9th the size of Newtonbrook was brought for $12.7million (0.88acres) in Spring 2015, it could hold about 8 standard double residential lot where each went for about $1.6mil at that time,.... thus, at $12.7mil Menkes really paid residential lot rate for commercial office land (valued as useless here since no office market)
http://www.avisonyoung.com/fileDown...et-intelligence/GTAInvestmentReviewQ12015.pdf
Thus, the $125million land value number is base, but this land is up-zoned from commercial office/retail to mixed use with high density residential condo with 875' Yonge Street frontage within North York Centre Secondary Plan area. There's NOTHING close to this size within North York Centre Secondary Plan area (Yonge corridor between 401 to Cummer/Drewry). Note: CentrePoint Mall land is about 4.5 times larger but way outside North York Centre Secondary Plan area, would need Yonge Street North Secondary Plan and Yonge Subway north extension to kick in for higher density (timeline decades!).
Sheppard Centre similar amount of land (560'x600'=336,000ft2) but with 3 apartment towers, 2 office towers and retail mall was brought be RioCan and Kingsett Capital in 2011 for $218million,... oh, that's 2011 prices, since then real estate prices has doubled!!!!,... and now they're spending about $220million more for mall renovation and new apartment tower.
