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).
