Catholic Children’s Aid cashes in with Toronto land sale

SHANE DINGMAN REAL ESTATE REPORTER
TORONTO
JAN 29, 2020

A creative resolution to a long-stalled land sale in downtown Toronto has meant a three-fold increase to the charitable foundation of the Catholic Children’s Aid Society (CCAS), in a move that could serve as a model to other non-profits looking to maximize the benefits of valuable land across the city.

Last year the CCAS closed a deal to sell its headquarters at 26 Maitland St., near the Church and Wellesley neighbourhood, to Toronto’s Plazacorp, a major property develop that builds high-rise, low-rise and commercial projects. Plaza and CCAS initially came to terms on the land in 2011 and Plaza had announced plans for a potential condo tower on the site. But the conditional offer languished without finalizing until along came Rob Tkatch, senior vice-president at Devencore Realties Corporation Canada Ltd., which acts as a broker and advisor for organizations looking for commercial space.

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Mr. Tkatch said what had been holding Plaza up was a desire to buy an adjoining lot. But while they negotiated, land prices in Toronto escalated rapidly. Initially, the deal would have paid CCAS about $17-million, but by 2019 Mr. Tkatch felt he could find bidders to do better. Devencore drummed up some alternative bids to present to CCAS and Plaza, which resulted in a new higher price of $27.9-million. The deal was closed in the summer of 2019.
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www.theglobeandmail.com

Catholic Children’s Aid cashes in with Toronto land sale

Foundation nets $26-million profit on Church and Wellesey deal to plow into good works
www.theglobeandmail.com www.theglobeandmail.com
 
A zoom-in:


Toronto Model 01-30-20 20 Maitland.png
 
This is the neighbourhood's last shot at getting a sports field/park. The City talks loudly about the need for more green space but then does the complete opposite. It speaks volumes that 15+ neighbourhood sports teams need to travel to Cherry Beach to play. Downtown could do with another 10 parks/sports fields right now and each would get filled immediately. This should be a grass/turfed field ..... and span all the way to Yonge. Residents shouldn't have to travel 8 km away to find a spot.

In 20 years when people complain about the crappy quality of life downtown I hope they remember who was in charge of approving lots like this for buildings.
 
isaidso said:
This is the neighbourhood's last shot at getting a sports field/park. The City talks loudly about the need for more green space but then does the complete opposite. It speaks volumes that 15+ neighbourhood sports teams need to travel to Cherry Beach to play. Downtown could do with another 10 parks/sports fields right now and each would get filled immediately. This should be a grass/turfed field ..... and span all the way to Yonge. Residents shouldn't have to travel 8 km away to find a spot.

In 20 years when people complain about the crappy quality of life downtown I hope they remember who was in charge of approving lots like this for buildings.
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Totally agreed, but this would require the city to care about LGBT people (and other people who live in this area) beyond lip service. Or even just get out of their typical assumption that everyone owns a car.

It's just so frustrating. I remember having to go to Cherry Beach from the Village for a sports event back in March and realising could probably walk there almost as fast as it was gonna take to get the TTC. So I walked.

I can't wait until they turn the Green P lot into more condos for rich people, because that's all council cares about 🙃
 
The tower is unexciting, but I think the podium isn't too bad.

Though we need to know the long-term plan on the Green P site to ascertain the relationship to the ultimate plan there (it isn't surface parking)
 
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