Maybe they had just bought the Esso Station and not the property, i highly doubt that property would have only been worth $4.6 M in 2016

You are correct, it was worth more than 4.6 mill. That sale was part of a portfolio sale of around 270 properties across Ontario and Quebec IIRC. The allocation of value between properties is not clear and certainly not based on their land values in downtown Toronto, or any growth centre probably.

The acquisition of the site, on Church Street at Dundas Street East, raised a few eyebrows not because of the price itself, $73 million, but for how much the value had escalated in four years since it had been purchased by Couche-Tard as part of a portfolio acquisition. It had been valued at about $4 million during the portfolio purchase.


The site is zoned for mixed-use and work is underway to apply for rezoning to help bring Graywood’s vision to life.

Initial plans call for a 53-storey tower with approximately 570 residential units and service retail at grade. Things are still in the preliminary design phase and Graywood is exploring whether to build a condominium or purpose-built rental apartment.

“We’ve received very favourable feedback from the city as to their acceptance of our preliminary development plans,” said Price. “We’ve allowed ourselves a two-year planning horizon for the site, which we think will allow us to get into the market after this pandemic has been dealt with and the market, we expect, will be very healthy again.”

Proposal for a 45-storey residential tower above an 8-storey mixed-use podium comprised of 297.5 square metres of non-residential gross floor area and 34,004.7 square metres of residential gross floor area. a total of 521 condominium units are proposed.
Alert: this is just a chubby placeholder circulated by some condo vendors... not a render. Please kindly save the predictable comments for later (will be worth the wait ;-).

Just to show the project location in the neighbourhood.



Personally I think is a terrible design and likely clad in green window-wall.
TF's standard is I think much worse than "generic and bland." As bad as this is, I think it's actually really not bad for TF.

So true. Gotta laugh, so you don't cry!