While every development project we undertake is viewed through the lens of City-Building, we also recognize that these projects must be financially viable. Our foremost responsibility is to create better value from the assets transferred from the City.
We view value in various forms such as creating new public realm to enhance the streetscape, new residential space to support our growing City and new commercial space to accommodate employment, but also in the form of revenue. Leveraging underutilized real estate assets enables us to provide financial returns through an annual dividend and by generating additional revenues for the City in the form of development fees and new property taxes.
The exciting part for us is seeing the projects become new developments that are starting to rise across the City. These projects will continue to bring in revenue and help grow Toronto.
HIGHLIGHTS TO DATE
Provided to the City
Financial returns generated for the City to date from Build Toronto’s development projects in progress, Joint Ventures and projects already sold to developers:
19 Projects Sold
To date, we have sold 19 projects to the private sector for completion of development. Of these 19 projects, six have been completed and four have broken ground.
In order to get properties market-ready, we use our real estate expertise to help prepare the raw land. We may complete environmental work, design and test various development concepts, complete a market analysis and/or take the property through the development application process, all in order to create better value.
2 Joint Venture Projects
Build Toronto has entered into partnerships for the development of a 65-storey residential high-rise at 10 York St. as well as a five-tower mixed-use development within the Ordnance Triangle. Within these projects, we work through the various stages of development in partnership with the private developer.
In Total Revenue
In Capital Spend
Financial Value Created
*The development charges, fees, property taxes and Section 37 contributions for projects sold by Build Toronto are based on publicly available information and reasonable assumptions of the timing of the project driving applicable rates. Projections for properties under development are based on current development plans.
Data reflected above is from Build Toronto’s 2016 Annual Review.