Cedar Fair has conditional offer on Wonderland property

Posted Sunday, April 26, 2009 10:55 AM | Contributed by PCWCoasterBoy

The Vaughan Health Care Foundation will ask the city council next week for $80 million to buy a property for the purpose of building the city's first hospital next to Canada's Wonderland. It entered into a conditional agreement this month to buy the land from Cedar Fair, the Ohio-based owner of Wonderland, for an undisclosed sum.

Read more from The Star.

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Sunday, April 26, 2009 11:08 AM

How would this affect future CW development? Other than that, it seems like great news for Cedar Fair. Clear up some of that debt.

Last edited by d_port_12E, Sunday, April 26, 2009 11:09 AM
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Sunday, April 26, 2009 11:34 AM

I'm interested to find out how much money they'll actually net from the transaction. The article isn't clear if the foundation needs the $80 million just for the land purchase, and if that's to cover it plus some development or cover a part of the purchase price. It could be a lot more or less.

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Sunday, April 26, 2009 12:24 PM

Yeah...until they start complaining that the amusement park next door is too noisy for their normal operations.

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Sunday, April 26, 2009 2:30 PM

Is this the "separate" property that's across the street from the park?

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Sunday, April 26, 2009 8:01 PM

^^From what I understand, yes, this is the parcel across from CW on Major Mac.

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Sunday, April 26, 2009 8:19 PM

britishdebutante said:
Yeah...until they start complaining that the amusement park next door is too noisy for their normal operations.

Yeah, my first thought as well.

Last edited by P18, Sunday, April 26, 2009 8:21 PM
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Sunday, April 26, 2009 8:57 PM

Last year Kinzel talked about marketing an 82-acre tract adjacent to Wonderland that, it was felt, wasn't necessary for future development of the park:

http://seekingalpha.com/article/89280-cedar-fair-entertainment-comp...ipt?page=2

If that entire tract were purchased for $80 million, that would translate into a price of a smidgen more than $1 million/acre. Even for metro Toronto that sounds a little steep to me. I would guess that figure involves more than just land purchase.

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Monday, April 27, 2009 8:30 AM

britishdebutante said:
Yeah...until they start complaining that the amusement park next door is too noisy for their normal operations.

I will assume you do not live in the area. The area around Wonderland is heavily developed, and built up, and has a lot of traffic, commercial, and residential areas. If the hospital foundation was worried about noise, they would have chosen elsewhere. That area really needs a hospital. The nearest one is quite far away.

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Monday, April 27, 2009 4:29 PM

Is it possible this land was once set aside for parking in the event that the current lot needed to be used for park expansion?

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Monday, April 27, 2009 9:51 PM

Id flat put in as condition of the sale that Noise or SKYLINE never could be used against them EVER!

Last edited by Charles Nungester, Monday, April 27, 2009 9:52 PM
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Monday, April 27, 2009 11:34 PM

This had to have been very good news for Cedar Fair. Now if it actually happens, it's a whole new ball game. And as someone above stated, reduce that debt. Man, 80 million sure is a lot to reduce.

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