If you’ve been on social media lately, you may have come across headlines like “Could developers tear down the CN Tower?” or “CN Tower Could Be Torn Down Because Of High Land Prices.”
While the articles have caused quite a stir online, don’t be fooled: The CN Tower isn’t going anywhere. At least, not anytime soon.
The reason some media outlets are reporting this is because Patrick Quinn, an engineer who worked on the iconic tower, argued that the Toronto landmark could be torn down “when it is more profitable to replace it.”
“With land prices escalating in Toronto at warp speed, that will be sooner than we might think,” Quinn wrote in the Toronto Star.
His argument certainly isn’t entirely invalid. Quinn notes, rightfully so, that real estate in Toronto has become precious, with some condos selling for more than $1,000 per square foot. The price of a detached home in the city has soared past $1 million. It’s not unreasonable to assume that the money generated from the CN Tower wouldn’t be enough to offset the profit that could be made from selling it. After all, it’s on prime, downtown land.
But the problem with Quinn’s argument is a pretty big one: He doesn’t own the tower, which means he has literally zero say over when it’s sold. He also seems to be confused about who actually does own the tower. While Quinn argues that the iconic building is owned by “private hands,” it’s actually owned by the Canada Lands Company, a commercial Crown corporation. They’ve made it pretty clear that they have no intention of selling it.
“Canada Lands Company, owner and operator of the CN Tower, advises that there are no considerations of any type to sell or redevelop Canada’s National Tower,” a spokesperson wrote in an email. “In fact we continue to consider ways of enhancing the precinct as evidenced by the recent opening of the Ripley’s Aquarium of Canada on our land.”
A report by the Canada Lands Company also notes that the CN Tower continues to receive “excellent attendance numbers.” It generated $72.2 million between 2014-15–$6.6 million more than the year before. It would also be pretty hard to tear it down, as the Toronto Star reports it was built to last upwards of 300 years.
But hey, we aren’t fortune tellers. We suppose anything is possible in the future…except the sale of the CN Tower.
WATCH: The CN Tower has some pretty amazing views of Toronto.