TerraCap purchased a store at 1429 Yonge Street in 1978 for $250,000 and purchased adjacent stores for $1.6 million in 1982. This property is located just south of the south- east corner of Yonge & St. Clair which is part of an exceptional residential neighbourhood in Toronto, between Rosedale and Forest Hill with subway access. Over the years, it has assembled the majority of the block and now controls the addresses from 1417 to 1429 Yonge Street. The assembly is intended for redevelopment as a mixed use condominium. Planning work is currently underway to gain approval for over 225,000 sq.ft. of residential and a further 15,000 sq. ft. of retail. The land value today is approximately $10 million and a further $10 million in development profit could be realized by constructing the condominium.
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