While I'm not pleased to see less office space on this site, I can understand it's not economical to build commercial space these days, and this was at best a B class office building, if not pushing C due to its lack of investment over the years.

I'm very curious how long this will take to be developed, considering the economy. Hopefully this won't be an empty tract of land for long.

EDIT:
Oh, I forgot this was re-designed. Either way, I'm going to keep expectations low for this site.
 
bricksandblocks said:
Aren't property taxes assessed based on best and highest use? Demolishing wouldn't reduce taxes, AFAIK.
Click to expand...

ProjectEnd said:
My understanding is that is correct, but I think @UrbanAffair is our best source for a detailed answer there...
Click to expand...

Correct, but highest and best use valuation for assessment in Ontario is complicated. There are two parts as many know, the assessment and the tax rate. The assessment should be based on highest and best but sometimes that assertion is harder to prove in court when there is a building present still and in operation. Everyone knows the true value of the property is based on the potential, rather than the current use in most of these cases where the official plan allows.

Anyway, the tax rate does change based on vacant land. It would go from CT to MT class here upon demolition commencing, and given zoning approval for multi residential use. Same assessment therefore as before, but a lower tax rate with the MT class.
 
Last edited:

Toronto Model 08-26-23 36 Eglinton W.png
 
The transformation of Yonge and Eglinton both in new buildings, transit, retail and density is really insane.
 
You must log in or register to post here.

Back
Top