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RAPTORS STILL SHOPPING FOR AN ARENA SITE
Published October 14, 1994
A Canada Post Corp. official in Ottawa confirmed yesterday that the Raptors have placed an offer to purchase the "historical 56-year-old Postal Delivery Building at 40 Bay Street, and adjoining property used as a parking lot." According to several sources, it is the "preferred site" for the Raptors proposed 22,500-seat arena. Raptors spokesperson Tom Mayenknecht said the rail lands site is "one of four the team has identified for discussions." This site meets the team's criteria of being downtown, and of being accessible by mass transit. If the arena is built on this site, according one real estate expert, there is potential for the naming rights to go for tens of millions of dollars, since the building could be seen throughout downtown (Christie & MacLeod, Toronto GLOBE & MAIL, 10/14). ANOTHER IDEA: CN Real Estate has a proposal that would have the Raptors build an arena "and share such things" as TV and kitchen facilities with the SkyDome. CN proposes that a basketball-only arena be build just west of the SkyDome and that a tunnel link the arena up with some of the dome's existing infrastructure. But the report notes that the Raptors "are suddenly getting inquiries and proposals from real estate agents and developers all over town" (Jim Byers TORONTO STAR, 10/14).