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Condo gossip: three towers could be coming to the Toronto Star’s parking lot

Up to three condo towers could soon sprout from the parking lot of the Toronto Star building at Yonge and Queens Quay, according to a number of unnamed sources quoted in the Financial Post. Rumour has it that the Vancouver-based Pinnacle International Realty Group will soon close a deal to build a major project next to the office tower (the paper has a long-term lease for its space so it won’t be turfed out for at least 20 years). Back in 2000, Torstar Corporation sold the building to a holding company controlled by the Thomson family for $40 million, saying it was an opportune time because the real estate market was strong. The market is quite a bit stronger now (though talk of cooling has begun), and the price will be “far north” of $40 million this time, according to a source close to the deal. [Financial Post]