11-04-2015, 10:31 AM
(11-04-2015, 09:22 AM)BuildingScout Wrote: They could have developed the lands...That would have required the vision, the will and the money.
Even if the D'Altons had/have the vision it's not clear they have the will. Consider that "[Mary D'Alton, president, managing director and shareholder] D'Alton was appointed general manager in 1986 at the age of 30 and has run the inn ever since." She's 60 years old today. Most people of that age are more likely thinking of retiring than expanding their business. If there's another generation of the family willing and capable of redeveloping the site why aren't they running the operation today? So perhaps selling off the land makes the most sense for the principals under the circumstances that I'm reading between the lines. It's what I'd do if I were in that position.
This reminds me of Buttonville Airport in Richmond Hill. It was privately owned and operated by the Sifton family for many years. Then a few years ago they decided the land (about 10x the acreage as Waterloo Inn) was far more valuable for other purposes. So they sold it to Cadillac Fairview who will now redevelop it.