Quote:
Originally Posted by djh
...“The current lane alignment bisects the development site and the Lane closure and sale is therefore essential to the project,” reads a city staff report.
So in cases like that, does the Ciyty just have a developer over a barrel and can demand whatever rate they want for the absorbtion of a laneway into a development? Or do they have a rate sheet or formula?
That transaction would put the lane up there as one of the highest $/sq. ft. deals in the city, wouldn't it?
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No, that's actually a bargain. The report says the site is 213.7 square metres. That's 2,300 square feet. At $3,795,000, it's $1,650 per square foot.
Compare that to
the 11,700 square foot site at 901 W Broadway sold in 2017 for $22.5 million. That's $1,923 per square foot. 2574 West Broadway is only 6,230 square feet and
sold for $13.95 million - $2,239 per square foot.