Waterfront Toronto and Sidewalk Labs are hard at work putting together their master plan for a smart city in Toronto’s Quayside. One of the items that they’ll need to address before completion of the final agreement is what the land itself is worth.

The 12-acre Quayside is a prime piece of Toronto real estate. Assessments conducted by two of the city’s leading real estate appraisers and obtained by The Logic—along with comparable sales nearby—show that the Quayside land, which is largely owned by Waterfront Toronto, could be worth as much as $675 million. If sold to Sidewalk Labs, it would be one of the biggest land deals in Toronto’s recent history.