This coming week at Committee, we’ll be reviewing the staff reports on the Town’s 2020 purchase of the buildings located at the corner of Mosley and Yonge Street—15157, 15165, and 15171 Yonge Street.
Now that the full documentation has been released, I am pleased that we can speak openly about this important investment in our downtown. I want to commend the members of Council who supported this strategic acquisition last term and shared in our community’s long-term vision for a vibrant and thriving downtown core.
Let’s look at the facts regarding this purchase:
In 2020, the Town acquired this key piece of downtown property for $7,682,900 million (7.5 mil + closing costs), approved by a 4–3 vote of Council. This purchase, much like our investment in the development of Town Square, was part of Aurora’s broader downtown revitalization strategy.
Since then, the property’s value has appreciated significantly and has already generated over $1 million in lease revenue—with nearly $300,000 more expected over the next two years, after operating costs, repairs, maintenance, and even property taxes (yes, the Town pays property tax to itself). That’s hundreds of thousands of dollars in net revenue directly benefiting our community
Looking back, it’s clear this was the right move. We have safeguarded a vital part of our downtown and now have the ability to redevelop it in a way that honours the character of our historic downtown and respects our height restrictions. This purchase also positions us to address key local needs—including housing and parking—while continuing to generate a strong financial return.
I remain excited about the future of our downtown. It is strategic decisions like this that help us shape a stronger, more dynamic community—one that continues to earn recognition as one of the most desirable places to live, work, and invest in Ontario.
