Toronto charity sells 8 buildings for $36m to developers

Image copyright Take Stock Image copyright Image courtesy of www.gmt.ca Image caption Street art helps decorate the streetlamps and turn it into an urban mall A charity group in Toronto has successfully auctioned off…

Toronto charity sells 8 buildings for $36m to developers

Image copyright Take Stock Image copyright Image courtesy of www.gmt.ca Image caption Street art helps decorate the streetlamps and turn it into an urban mall

A charity group in Toronto has successfully auctioned off eight properties for $36 million.

The money raised by the collective We, a charity for everyday Canadians struggling with homelessness, will go towards supporting shelters and centres in the city.

The charity holds these auctions every year to raise money for the cause.

The properties were sold off to developers who plan to construct apartment buildings, shops and offices.

Some of the buildings are complete and the work is expected to be completed in the next few years.

Image copyright Take Stock Image copyright Image courtesy of www.gmt.ca Image caption Garages near the city’s Centennial Park were sold for $5.3 million

At Friday’s auction, buyers were looking for popular spaces, including a parking garage, the ground floor of an office building and an art gallery.

Altogether, more than 1,200 registered bidders participated in the online bidding.

The Carnegie Endowment for International Peace, which created We, felt confident that all eight properties would sell for at least $30m.

One property that failed to find a buyer was a large building on Queen Street East that had been empty for several years.

In the end, the auctioneer announced that the two-acre site was not sold, adding it was “a sad state of affairs.”

“What we hear is that they just sold the ground level to a developer for $40 million,” said Chris Bourque, the executive director of the Carnegie Corporation of New York, which supported the project.

In another part of downtown Toronto, street art also adds to the vibrancy of the space.

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