This offering was made up of more than 1,200 acres of development land including 308 acres of
residential land, 834 acres of employment land, and 56 acres for community uses. The properties were
extremely well-located in proximity to the Highway 407 East extension, Highway 401, and the potential
future Pickering Airport site. The vendor, Infrastructure Ontario (“IO”), had been taking these lands
through the planning process for several decades with work that included negotiating a cost sharing
agreement and applying for draft plan approval. This assignment was very high profile and highly
publicized, which required a degree of sensitivity during the marketing process.
CBRE Land Services Group was awarded the mandate to run the marketing and transaction process
for this large tract of development land. The purchasers of these properties would be taking on IO’s
role in a complex cost-sharing agreement that included hundreds of landowners in eastern York Region
and across Durham Region. It was essential that the listing team had a thorough understanding of the
purchaser’s obligations and the timing to servicing that resulted from this agreement. CBRE reviewed the
agreement and engaged IO’s consultant for several meetings to ensure we understood the contents of
the agreement and any implications with regards to the cost, and timing of development. We developed
a marketing strategy and detailed all pertinent information in a Confidential Information Memorandum.
The lands were divided into a number of different packages made up of solely residential lands, solely
employments lands, and packages that contained a combination of the both.
We received a number of bids and engaged in lengthy negotiations with a national homebuilder for
the purchase of all of the residential lands and a limited portion of the employment lands. Two of the
packages were successfully sold. Approximately 397.4 acres of what was identified as future residential
development lands were sold for a total consideration of $160 Million to Mattamy Homes, TACC
Construction, Fieldgate Homes and Paradise Development. A smaller parcel of approximately 28 acres
was sold for $2.8 Million to the City of Pickering for the development of a business park known as the
Pickering Innovation Centre.