Quote:
Originally Posted by TheRitsman
From my understanding they don't own Jackson Square technically? I'm not sure how all the legal works, but they own the building while the city owns the property or something and leases out the land? Something similar to the 407 where it has a 99 year lease.
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I think that's correct -- they own the mall building and office towers, but the land is leased to them.
From the corporate website:
Ownership
Jackson Square is owned by First Real Properties Limited, Second Real Properties Limited, and Fourth Real Properties Limited. The companies were formed in the 1970s and the 1980s to develop and acquire real estate in Canada.
https://www.realpropertieslimited.co...e-description/
Apparently the city was thinking of selling the land in 2014. I don't know what became of that. Yale was making the case that they at the least needed a long lease extension (50 years was discussed) to justify major renovations.
https://www.chch.com/hamilton-lookin...ackson-square/
https://www.thespec.com/business/201...uare-land.html