William Ashley Posted April 5, 2011 Report Share Posted April 5, 2011 (edited) What has illicited the sale of one of the Federal Governments primest peices of real etate. Why sell an office tower if you could migrate leased buildings to the office tower? http://www.thestar.com/business/article/969057--metro-convention-centre-up-for-sale?bn=1 Why did they buy full ownership - if only to sell it? All they ALWAYS sell this stuff for WAY under market value - same deal when they sold old Canadian Military Land/Bases in the 90's. What is with this sale? Edited April 5, 2011 by William Ashley Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted April 5, 2011 Report Share Posted April 5, 2011 It astounds me that the public never figures out that there is something wrong with this picture. That property bought with public funds is sold at a discount to private buyers. This is almost called money laundering....or worse...stealing! The poor Joe tax payer admires the rich so much they don't mind giving away their hard earned tax bucks to those they consider gods. As if by being kind to the rich you will be rewarded...so where is my share of the profits gained in selling what was the old Dome Stadium - Hugh!??? Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted April 5, 2011 Report Share Posted April 5, 2011 It's like selling off a nickle mine to China. They get a huge swath of land that in the long term they can colonize. Short term gain for long time pain and internal and economic displacement that someone other than the profiteer has to suffer through. Quote Link to comment Share on other sites More sharing options...
Moonbox Posted April 5, 2011 Report Share Posted April 5, 2011 It astounds me that the public never figures out that there is something wrong with this picture. That property bought with public funds is sold at a discount to private buyers. The price hasn't even been set yet. Wait until you see what it's being sold for before you start wetting your pants over it Oleg. Quote Link to comment Share on other sites More sharing options...
Keepitsimple Posted April 5, 2011 Report Share Posted April 5, 2011 Sounds like the Crown Corporation could turn a tidy profit - buy low, sell high: CN Rail used to be a part-owner of the complex, which spans 1.95 million square feet over a 7.41-acre site. Running along the south side of Front St., it takes up the entire city block between John and Simcoe Sts.Canada Lands Company Ltd., the crown corporation in charge of selling federal government assets, has been the sole owner since April 2008. “That was not a good time to be selling anything,” said Gordon McIvor, vice-president of Canada Lands. “We look at all of our assets regularly and study a whole variety of economic indicators. We thought this was a really good time to put this asset on the market.” The agency expects the complex to be sold within the next 12 months, with proceeds from the transaction going to the federal government, McIvor said. While the north side of the building is for sale, the newer south side of the convention centre will not be part of the deal. Quote Link to comment Share on other sites More sharing options...
scribblet Posted April 5, 2011 Report Share Posted April 5, 2011 Sounds like the Crown Corporation could turn a tidy profit - buy low, sell high: That what it sounds like, it was an investment, they should turn a profit on it. http://www.theglobeandmail.com/news/national/toronto/metro-toronto-convention-centre-up-for-sale/article1970312/ The government has held a stake in the centre since it was built in 1983, but didn’t acquire it outright until early 2008. Since then, Canada Lands has been waiting for a strong enough market to sell. Quote Link to comment Share on other sites More sharing options...
treehugger Posted April 5, 2011 Report Share Posted April 5, 2011 Here are the facts about the convention centre. The convention centre is owned by Canada Lands Co.and is an arms length group of the federal crown. Only the north block is for sale. It consisits of a hotel, 1,200 parking garage and an office tower. The centre section is leased (99 year lease) by the provincial corp. It was owned fully by Canada Lands Co. in 2008. and it is 27 years old. The value of it has been determined and is thought to probably seel in a year. For what reason would the government need to hold onto this part of the building?. Major repairs will be coming up in a few years. Not much to get excited about in my opinion. Quote Link to comment Share on other sites More sharing options...
William Ashley Posted April 5, 2011 Author Report Share Posted April 5, 2011 (edited) Here are the facts about the convention centre. The convention centre is owned by Canada Lands Co.and is an arms length group of the federal crown. Only the north block is for sale. It consisits of a hotel, 1,200 parking garage and an office tower. The centre section is leased (99 year lease) by the provincial corp. It was owned fully by Canada Lands Co. in 2008. and it is 27 years old. The value of it has been determined and is thought to probably seel in a year. For what reason would the government need to hold onto this part of the building?. Major repairs will be coming up in a few years. Not much to get excited about in my opinion. Dude it is in the heart of downtown Toronto and the Harbour Front. http://maps.google.ca/maps?hl=en&q=Convention%20Centre%2C%20255%20Front%20St%20W%2C%20Toronto%2C%20Ontario&um=1&ie=UTF-8&sa=N&tab=wl The land is probably worth more than the building. Have you even been there.. it is "value" with money earning capacity. The convention centre Always has stuff going on. It is the #1 location for a hotel stay for downtown access. Its also a short walking distance from the #1 stadium in Toronto "Rogers Centre" (Skydome) and the CN tower ---- like two minutes.. really close to union station and the bus terminal... the PATH (the most extensive underground shoping network in Canada (one of the largest in the world) (it is part of it) and a gazillion other things..It oddly has one of the most traffic free cooridors in toronto - in the down town -- there is massive development potential to the site and existing turnover under good management. This place regularly sees world reknown individuals and leading business people. Its advertising potential and resource for spreading word in the "best and brightests" is massive. http://www.mtccc.com/calendar1.cfm As a managed asset it is AS GOOD AS GOLD THIS IS MINT REAL ESTATE! (one confusion on the list of events is the american bar association having their annual meeting there???????? in July through august? Their constitition --- s. 1.2 The Purpose of the ABA is to uphold the constitution of the United States of America and ... - must be good price compared to places in the US or some legal advantage they need??? by housing it outside the US?) Edited April 5, 2011 by William Ashley Quote Link to comment Share on other sites More sharing options...
treehugger Posted April 5, 2011 Report Share Posted April 5, 2011 (edited) Dude it is in the heart of downtown Toronto and the Harbour Front. http://maps.google.ca/maps?hl=en&q=Convention%20Centre%2C%20255%20Front%20St%20W%2C%20Toronto%2C%20Ontario&um=1&ie=UTF-8&sa=N&tab=wl The land is probably worth more than the building. Have you even been there.. it is "value" with money earning capacity. The convention centre Always has stuff going on. It is the #1 location for a hotel stay for downtown access. Its also a short walking distance from the #1 stadium in Toronto "Rogers Centre" (Skydome) and the CN tower ---- like two minutes.. really close to union station and the bus terminal... the PATH (the most extensive underground shoping network in Canada (one of the largest in the world) (it is part of it) and a gazillion other things..It oddly has one of the most traffic free cooridors in toronto - in the down town -- there is massive development potential to the site and existing turnover under good management. This place regularly sees world reknown indivduals and leading business people. THIS IS MINT REAL ESTATE! I am not a dude and what is your point? Everyone knows where the centre is, what has that got to do with it up for sale? Because of where it is situated is probably the reason why it is up for sale. Everyone knows where the centre is, what are you talking about other than giving us a tour of the city? Edited April 5, 2011 by treehugger Quote Link to comment Share on other sites More sharing options...
William Ashley Posted April 5, 2011 Author Report Share Posted April 5, 2011 (edited) I am not a dude and what is your point? Everyone knows where the centre is, what has that got to do with it up for sale? Because of where it is situated is probably the reason why it is up for sale. Everyone knows where the centre is, what are you talking about other than giving us a tour of the city? Because someone downplayed a sale on PRIME REAL ESTATE and called it MEH.. you can't get better than this in Canada. Show me a better property up of this calibre? They took $1 for Skydome.. they've sold bunkers military grade facilities for nickles and dimes. They havn't even set a minimum BID.. they aren't saying how much.. they are saying $0.01 is good enough for me. Lets get this thing ported. NOT this is the the ballpark area we are looking at. let the bids begin. This is a loss for the government and the public---- it has massive tax write off potential. Edited April 5, 2011 by William Ashley Quote Link to comment Share on other sites More sharing options...
Moonbox Posted April 5, 2011 Report Share Posted April 5, 2011 They havn't even set a minimum BID.. they aren't saying how much.. they are saying $0.01 is good enough for me. Lets get this thing ported. I'm going to guess you have no citation for that.... Quote Link to comment Share on other sites More sharing options...
M.Dancer Posted April 5, 2011 Report Share Posted April 5, 2011 Everyone knows where the centre is, what are you talking about other than giving us a tour of the city? It's the centre where you don't want to be....great for the car show....but it sits empty most of the time. Not a prime piece at all in my opinion...now if it is leveled and somthing better goes up.... Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted April 5, 2011 Report Share Posted April 5, 2011 The price hasn't even been set yet. Wait until you see what it's being sold for before you start wetting your pants over it Oleg. Sorry but I am all out of adult diapers and will simply have to hold it. Okay lets do the math...once the price is set...and see if we are actually going to turn a profit or if hard earned tax dollars are going to go into private hands - hands that did not pay nor do the work. I bet you a nickle that once the math is done it will appear like this....20 million paid by the tax payer...sold for 3 million - to private concerns who in turn possibly flip it for 21 million. Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted April 5, 2011 Report Share Posted April 5, 2011 Actaully I don't care - sell everything - privatize the world..bring back the Kings - and get rid of commie mob rule...Let have some real open capitalist oppression...I am all for it as long as you deal me in. Quote Link to comment Share on other sites More sharing options...
guyser Posted April 5, 2011 Report Share Posted April 5, 2011 ....but it sits empty most of the time. Wha??? Quite busy a lot of the time. But with almost 2M sf it may just seem so. The dead season is coming up though Not a prime piece at all in my opinion...now if it is leveled and somthing better goes up.... Ergo the prime lot....the building maybe not. Quote Link to comment Share on other sites More sharing options...
Bonam Posted April 5, 2011 Report Share Posted April 5, 2011 I am all for it as long as you deal me in. That's not how it works. You have to deal yourself in. That's the point of capitalism. Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted April 5, 2011 Report Share Posted April 5, 2011 As for crown corporations buying low and selling high - I am all for that - but if they buy high and sell low - that's called common corruption. Quote Link to comment Share on other sites More sharing options...
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