2055 Kennedy Road located north of Highway 401 in Scarborough, Ontario

The 16.75 site is located just east of Kennedy Road south of Sheppard Avenue East and north of Highway 401, is approved for the construction of 2.1 million square feet of developable density including 2,100 condo units and office space.

What We Have Learned

Lesson #1  The Scarborough market is not a preferred market among the development community because the market is very price sensitive. Only three offers were generated. 
Lesson #2  The purchaser required vacant possession for the site to be delivered after the purchaser waived all conditions. Tenant estopel certificates were not sufficient to provide certainty of development on a timely basis to the purchaser. 
Lesson #3  There are many factors affecting marketability, value and deal structure for a site. While many of the development uncertainties had been removed through rezoning, current reduced market conditions contained the interest for the site. 

“Pierre was a pleasure to work with. He pays attention to all the details and ensures that the entire sale process is handled with efficiency and professionalism.
Pierre has extensive contacts in the development business. He fine tunes his strategy to the specifics of the transaction.
I am confident that his abilities are among the best in our industry”

Richard Diamond
Vice President
Canderel Stoneridge Equity Group Inc.

P.G. GAGNÉ COMMERCIAL REAL ESTATE CORP., Brokerage, 220 Bay Street, 9th Floor, Toronto, Ontario, M5J 2W4 • Tel: 416-955-1885 Fax: 416-862-2136 • pierre@gagnerealestate.ca