Subject Property

Bloorpointe is located at the corner of Parliament Street and Bloor Street East. The 1.78 acre site was approved for a two tower, 670,041 square foot mixed-use development with a maximum height of 46 storeys. The site was exceptionally well-located near Rosedale and within walking distance to Yorkville, the Danforth and two subway stations. Located along Bloor Street East, the site benefits from nearby access to the Don Valley Parkway in addition to a large number of parks and trails located near the site.

Our Role

The Land Services Group, in cooperation with the National Investment Team, was retained on an exclusive basis to manage the disposition process on behalf of a consortium of well-known developers and investors. The site was presented to the market using the Modified Tender Process with no asking price. We prepared a national marketing campaign which included a multi-page brochure, a comprehensive Confidential Information Memorandum, media advertising and the site was highlighted on our website. Purchasers were qualified through a Request for Qualifications process and were provided access to the property specific data room only after executing a Confidentiality Agreement. We set a date for offer submissions and conducted numerous face-to-face meetings with interested parties.

Outcome

The process generated multiple strong offers from several prominent Canadian development firms. There were several issues that had to be addressed prior to closing, most notably, a heritage home on site that had to be relocated as part of the transaction. Our team stayed in constant contact with the vendor and the purchaser to track the process and ensure that progress was being made. The home was relocated in December 2016 and the property closed in January 2017 with Tridel purchasing the site for $61 Million. Tridel is currently building out the development under the Via Bloor moniker.