STRIKE ONE!

The ink is hardly dry on the report presented by Comrade Miller's blue ribbon group and Comrade Miller and his council give away prime property......the voters oppose council decision.

Do you agree with council's decision to sell prime Bloor St. land to a restaurant chain and end the 99-year lease on the propery?
Yes
	803	26%
No
	2042	67%
Not sure

Toronto sells McDonald's site for a bargain

Mar 06, 2008 04:30 AM

Paul Moloney
city hall bureau

The city has decided to sell a prime piece of land on the Bloor St. W. strip for a bargain price and expects the property to be flipped quickly to allow a 100-metre condo tower on the site.

After a closed-door session, city council voted 28-4 yesterday to accept the original offer of $3.38 million made by McDonald's for the site the restaurant chain occupies with a cheap 99-year lease, across from the Royal Ontario Museum.

Local councillor Adam Vaughan said he understands that McDonald's plans to resell the land to Kazakhstan-based developer Bazis International Inc., which is building an 80-storey condo building down the street at 1 Bloor and already owns the lot adjacent to McDonald's.

The chain would get a new restaurant in the building as part of the deal.

Just two weeks ago, a blue-ribbon panel that examined the city's books concluded Toronto could do a better job of managing its massive real estate portfolio, and said the city could realize an extra $150 million a year from asset sales.

Full Story