Up to three condo towers could soon sprout from the parking lot of the Toronto Star building at Yonge and Queens Quay, according to a number of unnamed sources quoted in the Financial Post. Rumour has it that the Vancouver-based Pinnacle International Realty Group will soon close a deal to build a major project next to the office tower (the paper has a long-term lease for its space so it won’t be turfed out for at least 20 years). Back in 2000, Torstar Corporation sold the building to a holding company controlled by the Thomson family for $40 million, saying it was an opportune time because the real estate market was strong. The market is quite a bit stronger now (though talk of cooling has begun), and the price will be “far north” of $40 million this time, according to a source close to the deal. [Financial Post]
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