Mariannville Developments bought the Glenway lands for $9, 900, 000 on 21 January 2010 from Glenway Country Club (1994) Limited.
The sellers probably thought they were getting a good deal since the former golf course lands are designated as open space in the Town’s Official Plan.
But if the land can be developed its value, quite literally, goes through the roof.
To recap. Marianville wants to build on the Glenway lands a high density residential block with 292 dwellings, 219 townhouses, 54 one storey bungalows, 165 single detached dwellings and a commercial block.
On 7 December 2012, Mariannville took out a loan for $100 million from the Canadian Imperial Bank of Commerce. There is a charge for this sum attached to the Glenway land.
On Tuesday (21 May) Councillor Dave Kerwin quizzed the Glenway Preservation Association’s Dave Sovran about the purchase price but no figures were given. (see post below)
Dave tells me later it would be nice to know how much the land is worth.
I disclose Mariannville paid under $10 million for Glenway and he says it is “a fantastic buy”.
However, it is only a “fantastic buy” if the developers are allowed to build on the open space.
Otherwise it is a lemon.