Forget the oil sands, Toronto parking lots could be Canada’s most valuable natural resource. In what is rumored to be one of the biggest land deals in Toronto history, the parking lot at Toronto Star headquarters at One Yonge Street has reportedly been sold to Vancouver-based condo developers Pinnacle International Realty Group. The Toronto Star maintains a long-term lease on their curent home and that tower will not be affected by the deal, but the adjacent parking lot is expected to become the site for up to three “iconic” towers. The Financial Post, citing multiple unnamed sources, reports that a deal is expected to close in the coming days with a pricetag that will far surpass the $40 mil pricetag a Thomson family holding company paid for the property in 2000. No figure has been released, but rumours suggest the sale price could be over a quarter of a billion dollars, making it possibly the biggest development deal in the city’s history. [via The Financial Post]

____

Michael Kolberg is The Sprawl Editor at Toronto Standard. Follow him on Twitter for jokes @mikeykolberg

For more, follow us on Twitter at @torontostandard and subscribe to our Newsletter.