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Condos coming to Toronto Star building: Reports

Toronto Star Building. Courtesy Wikimedia Commons.

Toronto Star Building. Courtesy Wikimedia Commons.

If you are a serious news junkie, this may be music to your ears.

Published reports from the Financial Post say a deal is expected to close in the coming days which would see up to three condo towers spring up in the Toronto Star’s parking lot.

Talk about being in the thick of the action.

The Star has its iconic home at One Yonge Street. The paper, which is Canada’s largest newsroom, has a long-term lease for the office space.

“The actual Toronto Star building will not be touched,” an unnamed source told the Financial Post.

12 years ago, the building sold to a private company represented by Osmington Inc., which is owned by the Thompson Family. The Post reports the sale of the building netted Torstar $40-million and produced a gain of $22-million.

“It will be far north of that,” said the source.

“I’m sure it will be something iconic. They are planning multiple towers. It will be a major Yonge Street address with great water views.”

Torstar originally bought the building in 1996, but quickly sold it, stating it wasn’t a core asset and citing the strong real estate market.

The paper’s previously resided on King Street West.

The Toronto Star's old building. Courtesy Wikimedia Commons/City of Toronto Archives.

The Toronto Star's old building. Courtesy Wikimedia Commons/City of Toronto Archives.

But now seems to be a good time for a potential new development to pop up in the Yonge Street area.

The neighbourhood is undergoing a massive facelift as part of the waterfront’s revitalization. In fact, the Wall Street Journal called the redevelopment of Toronto’s shoreline “one of the world’s biggest waterfront revitalization efforts.”

Source: Financial Post

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