Cornell Gates is a 20-acre master-planned mixed-use community to be developed in the rapidly growing Town of Markham in Greater Toronto.
The project and Markham community are part of burgeoning urban growth underway in Greater Toronto, directly in the region's direction of growth. The Toronto market has been largely unaffected by the world's economic crisis, due to a local economy based on high-tech jobs growth and continued influx
of new immigrants to Canada.
The project site enjoys excellent access to and from regional highway routes and public transit system, and just ten minutes from rail access to Downtown Toronto. The Cornell Gates community will be situated immediately adjacent to Markham Stouffville Hospital, a billion-dollar health care facility preparing to double its facilities by 2014 to serve local residents of more than 300,000.
Cornell Gates is part of an area Secondary Plan that sets the
foundation for a major regional center at this location. A land
use plan and product array have been prepared for Cornell Gates, providing for the creation of an eco-friendly wellness, health, and residential community. The financial plan for Cornell Gates estimates total land sales revenue of approximately $700 million over a 7-year land takedown schedule. This return is based on a margin of $200
per build-able square foot. Landowner of Cornell Gates, IBC, is exploring joint venture arrangements for developing the Project site. IBC seeks to place its entitled and master-planned land into a joint venture business arrangement, in exchange for a share of a new venture entity. At current land prices for entitled land in the Toronto marketplace, IBC's land is valued at $87.5 million based on a $25.00 per square foot of gross building area.
