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RAPTORS LOOK TO BE A CONTENDER DOWN ON THE WATERFRONT
Published October 17, 1994
The Raptors are attempting to swing a deal to purchase six acres near the Toronto waterfront where the team hopes to build a proposed 22,500-seat arena. Several sources close to the team have confirmed that there have been negotiations with Canada Post Corp. and Marathon Realty, the owners of the six-acre lot, about acquiring the site. The site has recently been appraised by an independent firm as worth about $20M. But a concern of the Raptors is that the land is contaminated and will have to be cleaned before anything is built. Potential clean-up costs are estimated at $12M (Robert MacLeod, Toronto GLOBE & MAIL, 10/15).