Deal Near For Globe Building
The Allied-RioCan-Diamondcorp JV that bought the 6.5-acre Globe and Mail lands for $136M in November now has the neighbouring Spadina-Front corner under contract.
RioCan CEO Ed Sonshine has confirmed the group "fully expects" to add the 1.2 acres to the assembly, in a deal conditional on the JV building a new home for the Globe. The price is secret until the deal closes, likely Feb. 18. "We're not going to build the same building," Ed said, referring to a 19-storey tower that Globe parent Woodbridge abruptly stopped work on in November; instead, it'll be a multi-use plan for the entire block.JV principals, who this week spoke out against OLG's downtown casino plans, are Europe-bound, seeking ideas for transforming the site into "a vibrant, truly urban, old-style destination." (We suggest making it look like Bavaria in the 1600s... with WiFi.)