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Bloorview McMillan Children’s Centre had declared the Bloorview site as surplus to its needs and wanted to monetize the site in a good market while it was still building an expansion for merging all services off location at the McMillan Site. The use and density were unclear for the Bloorview site. Price optimization, transparency of process and certainty of closure were important criteria for Bloorview. A total of fourteen offers were generated within a managed unpriced proposal call process. The final sale was concluded with a firm and unconditional offer subject to a thirty day closing. Additional terms included a two year $0 net sale leaseback matching the term of a vendor take back financing. In light of the zoning uncertainty, the price optimization criterion was met through a density bonusing formula. Reference “Pierre has an extensive knowledge of the market and was very committed to meeting our needs” Ms. Sheila Jarvis President, CEO Bloorview McMillan Children’s Centre |
