Trident Builders Inc, in collaboration with a limited partnership under the management of Woodbourne Canada Partners, is in the process of purchasing a parcel of land in downtown Toronto for a fee of $180 million.
An agreement is reported to have been reached with Trident Builders and co granting the new owners the rights to the residential component of the parcel redevelopment.
The land is located northwest of Front Street and Spadina Avenue, north of the railway corridor and is close to the CN Tower. The parcel occupies a total of 7.67 acres in space and was originally put together in 2012 and 2013 in joint venture titled The Well. Members of said joint venture include Diamond Corp, RioCan Real Estate Investment Trust (REIT) and Allied Properties REIT.
The interested real estate groups have disclosed that plans are being made to redevelop the land and turn roughly half of it into residential area equipped with rental apartments and condominiums.
The parcel’s reconstruction is scheduled for 2017, primarily giving its current occupants ample time to vacate.