Update on the landscaping around Central T, before the snow.... The newly developed area is "over the top" in my books. I threw a few seeds in those planters... and will be sure to check out what sprouts this coming Spring.!
Looking for the REIT answer... many developers like to cash out on one development to venture into another (same like Stantec Tower in the Ice District). Going into a development, soft costs and hard costs sum up to project costs and developers usually cover these off with a construction loan (often creatively lessening the actual funds that they invest themselves). Once the project is complete and substantially occupied there is then a mortgage-able value that is usually much higher than the project cost. Showing solid returns, then, the developer can sell to a REIT that has a property management department, looking to take advantage of investors wanting for a "safe" place to land their money at an interest rate that is substantially higher than bank savings accounts, muni-bonds, or Canada Savings bonds. These REITs are somewhat more risky than bonds as an investment, but are usually more stable than stocks on the public exchange. Remember that at one time Procura thought they had an innovative formula for a rent-to-own scheme that was later shelved. Now as a rental unit, George ("Mr. Procura") probably wants to take money out of the completed building to keep development happening on the rest of the site -- he is racing a time-line in his deal with the City to maintain densities on the overall.