^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.
This has reportedly been sold to China Aoyuan Property Group for just north of $200 million. Apparently they are a large chinese developer, must be getting into the Canadian development market like Greenland.