Tough TDSB condition makes Scarborough land a hard sell

Potential buyers are being scared away from a piece of real estate behind the Scarborough Civic Centre because of one rigid condition of sale.

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The Toronto District School Board has been trying to sell the parking lot on Borough Drive since 2008 but has only received signs of interest from one source.

Shirley Hoy, CEO of the Toronto Lands Corporation, says the trouble lies with the board’s desire to maintain a minimum 123 of the 200 available parking spaces.

“I reported in June of last year saying as long as that condition is there, no developer or private interest can be developed,” said Hoy, whose company is marketing the property to potential buyers.

The Toronto Parking Authority (TPA) was interested in buying the land, which it had planned to run as a city-owned Green P parking lot, she said.

The TPA backed out of the deal after it learned of the TDSB’s condition of sale, parking authority spokesperson Ian Maher said.

“They did not indicate that they in fact did have an ongoing interest in the lands,” he said.

The TDSB did not respond to requests for comment by press time.

The board has a policy of selling surplus property — often the result of declining enrolment — to free up money that can be used to fund other priorities.

About this article

By: Chantelle Henriques
Posted: Feb 2 2011 12:38 pm
Filed under: News