Up to 70 per cent of the renovations to a Wrigleys Point home will be made to house an arena team, according to a new study from a Toronto real estate brokerage.
The survey, released Monday, found that in five of the six cases the renovations would include the building’s home and office, the owner would pay a fee for each home and property and then sell the property to a developer.
A home with a WNBA team would cost $300,000.
An office building with a NHL team would be $250,000, and a two-storey apartment building with two teams would be about $200,000 to $300.
In six cases, the renovations will include a new home or office.
The median price for a home with an NHL team is about $300 million.
In seven cases, it’s about $400 million.
For every WNBA home, about 20 per cent will be demolished, and the rest will be renovated.
That’s because the NHL is a franchise that has been around for so long, and is so popular in Toronto, said Jason Lott, managing director at Landmark Real Estate.
“A WNBA house is going to be an asset, but it’s not going to go for $1 million,” he said.
“It’s going to cost more.
It’s going get replaced.”
Lott said there is a lot of pressure on the owners to get the WNBA done and that is going on in some of the deals.
The real estate survey comes as the NHL and WNBA are still waiting for the final deal to be finalized with the league.
A final agreement between the NHL, NHLPA and the WPA is expected next week.