The family are quiet billionaires; however, they have quietly sold some stuff in TO recently. There is no longer 1 company, but assets have been allocated to individuals for an eventual breakup. Hence, Lands Edge, not Hollyburn, is the Developer here.
This application is just to try and get more value out of a building sale occurring in a year or two. Its a carrot to justify an over-pay.
There is no actual plan to re-develop seriously by Hollyburn here.
Micro units priced at 2k is different than ones priced at $1,200 which would be suitable for young people wanting their first place in a new building.
The area is changing and will be a hub for students, with limited budgets.
The big one will be painted, the Hat wont.
Makes you wonder why the conversion incentive was fixed. Both sites get the same incentive with one spending quite a bit more on the exterior/interior.
Hope one or both have retail components eventually.
Have a friend who works onsite, apparently will be painted white, with blue accents, and the interiors are quite nice(but no balconies....). Will be priced to capture mid/lower market rents from office workers as its connected to the +15.