[URBAN NOTE] "Historic building at 1 Front St. W. up for sale, and it won't be cheap"

[rfmcdonald]

CBC News' Trevor Dunn reports on the impending sale of the imposing Dominion Public Building, a Canadian government property literally located in the middle of Toronto. I can only imagine how much it will retail for in the end, and I can only hope it will go to some good ends.

A historic government building on a prime piece of downtown Toronto real estate is now on the market, fuelling speculation about its potential for redevelopment.

The Dominion Public Building, the five-storey curved concrete structure next door to Union Station, is being sold by Canada Lands Company (CLC), the crown corporation that acquires surplus federal government properties to manage their sale and redevelopment.

CLC acquired the 33,662 square metre building and 0.775-hectare lot from the federal government on Jan. 3. Neither side would disclose the sale price.

"The Government of Canada is committed to obtaining the best value for Canadians while managing large and complex property portfolios," Jeremy Link, spokesperson for Public Services and Procurement Canada said in a statement to CBC Toronto.

With the property now in CLC hands, the crown corporation isn't speculating on what it hopes to fetch on the open market.