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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
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The Scarborough market is not a preferred market among the development
community because the market is very price sensitive. Only three offers were
generated.
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| Lesson #2
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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.
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| Lesson #3
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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.
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