Northern Light
Superstar
Do we have a real estate lawyer (or paralegal, or real estate policy nerd superfan) who can clear up the following please?
As far as I know, and despite what is written in the Planning Rationale that @Msleylar has clipped above says, Toronto does not allow the sale of air rights; that's a New York thing... or at least it has been.
The Goldberg Group quote from the 2024 Provinicial Policy Statement on page 16 of the Planning Rationale that "prioritizing intensification, including potential air rights development" is part of what the Province wants to see in MTSAs, but that PPS is directed at all Ontario municipalities, not just Toronto.
I have no idea if other Ontario municipalities allow air rights to be sold or not, but it's my understanding that Toronto doesn't. By owning 162 Soudan, I believe what the proponents own are its redevelopment potential, and by surrounding the intervening property, the ability to sterilize that redevelopment potential owing to its small size. So, they don't actually own air rights, just the right to redevelop the 162 Soudan property too, no? (Understanding that it too would be too small to actually redevelop.)
42
I make no claim of expertise; and would still invite such........but.........
To my understanding 'The National Club' sold 'air rights' to Scotia Bank for the construction of Scotia Plaza.
From: https://ontariorealestatesource.com/air-rights-explained/
From here: https://www.cba.org/sections/constr...ties-of-air-rights-in-canada-s-urban-landsca/
We get this: