Tribunal awards $4.3 million for expropriated land, finding highest and best use was mid-rise development.
The Claimant sought compensation for the expropriation of her property by the City of Toronto.
The City expropriated the land to build a new childcare centre after selling its previous childcare site to Metrolinx for the Eglinton LRT project.
The Tribunal determined that the 'scheme' to be ignored for valuation purposes was the childcare centre, not the Eglinton LRT.
Finding the highest and best use to be an 8-storey mixed-use mid-rise development, the Tribunal awarded market value compensation of $4,326,350 based on a rate of $70 per square foot buildable.
A claim for disturbance damages was dismissed.
OLTOntario Land TribunalJul 10, 2023