Build Toronto Inc. (Build Toronto) is the City’s real estate and development corporation created to generate value from surplus and underused City real estate assets. The company has a focus on City-building (attracting commercial development, creating desirable jobs and improving the liveability of the City) as well as generating a financial return for the City.

Build Toronto provides entrepre­neurial development expertise to the City and its agencies to unlock the value of real estate holdings through acquisition, improvement, development and disposition, with a view to enhancing the economic competi­tiveness of Toronto and furthering the City’s strong neighbourhood and environmental stewardship objectives.

Follow this link for information on the Board governance structure for Build Toronto Inc.

Build Toronto’s mission is to be a catalyst for sustainable development, operate in a commercially viable manner and continually support City Council, City divisions and agencies, the development community and the citizens of Toronto.

2014 Service Overview

Build Toronto is involved in the following activities:

  • exploring development opportunities across 44 properties that have been declared surplus by the City for transfer to Build Toronto;
  • working with the City of Toronto’s Affordable Housing Office to determine a provision for an affordable housing strategy portfolio-wide;
  • working with City staff to improve the process to identify surplus and developable land;
  • tracking City-building initiatives, development progress and value creation to report to Council in 2015;
  • assisting the City with long-range accommodation strategies;
  • projecting a positive cash flow to provide a financial dividend back to the City ($30M in dividends declared to date); and
  • improving properties and moving them through the development cycle to sell to market (13 properties sold to date).

2013 Financial Results

Consolidated Statement of Comprehensive Income ($, millions)

  Year ended Dec. 31, 2013 Year ended Dec. 31, 2012
Profit from Sale of Real Estate Inventory

1.3

39.6

Net Property Income from Rentals

0.8

1.5

Net gain from fair value adjustments to investment property

5.0

5.2

Re-evaluation of real estate inventory and environmental provision

-0.2

Share of net losses from subsidiaries

-0.7

-0.4

General and administrative expenses and others

-9.4

-7.8

Operating profit (loss)

-3.2

38.1

Net interest income/(costs)

1.9

0.6

Other

-0.8

0.1

Net income and total comprehensive income

-2.1

38.8

Equity – January 1 opening balance

228.6

185.9

Transfer of properties from shareholder and related parties

-1.1

3.9

Dividend declared

-10.0

0.0

Equity – December 31 ending balance

215.4

228.6

 

Key City Council Decisions

Build Toronto – Annual General Meeting and Audited Annual Financial Statements 2013