Quote:
Originally Posted by IanWatson
They do sell it to a developer eventually, but they go through this process first to put parameters on the project so it meets federal government responsibilities and commitments to the public. Realistically, that process probably is not so important in a downtown site with a contemporary planning regime already on it, but you can see how it would be quite important when disposing of something like a large former military site surrounded by residential areas.
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Yes, I was going to say that it seems to make more sense with large parcels. This site is pretty heavily constrained and is just going to end up with a building on it. What the building is used for will depend on the market. Maybe offices if there is a tenant, but failing that residential.
It seems unlikely that they'd net more money from hiring a third party to do the planning when many developers either have lots of experience hiring similar firms or do it in house.
They would want to avoid a United Gulf type scenario where the property becomes an eyesore and the purchaser benefits from rising land prices.