We identified 3 adjacent properties totaling approximately 13,000 square feet at the intersection of King and Princess. This royally named downtown site had many challenges, not least of which was an historic designation -- it took almost two years to achieve a "royal flush" at King and Princess.
We presented the site to a prominent Toronto developer, and then understood the true potential of these three properties; we were able to make a deal for the true "highest and best use" of the real estate - a condominium project that covered the entire block.
In order to achieve “highest and best use” and thus realize the maximum sale price possible for the owners we had to work with a large family who owned the property in the very middle of the site. Because of the numerous family members, conflicting work and vacation schedules it took a lot of patience and perseverance to bring everyone together.
We ended up meeting at the family Matriarch’s home and discussed the pros and cons of selling the property with the key decision makers, including their legal counsel. In the end, the family achieved a very high number for their property and the developer was happy to complete the assembly.
A wise man once said, "Real Estate moves at the speed of trust". Once everyone came together with the goal of achieving a win-win deal it was easy for the parties to trust one another and we finalized the deal.