A coveted downtown lot has sold to a condo developer but the neighbourhood’s dream of having a park there isn’t kaput.

Councillor Kristyn Wong-Tam is in discussions with Lanterra Developments, the successful bidder, to bring green space to 11 Wellesley St. W, just off Yonge St.

The long-empty spot belonged to the province but was recently declared surplus and put up for sale. Wong-Tam unsuccessfully fought to secure the spot for a park, first asking the province for a lease, and later seeing if the city could place a bid.

In the end, she said, it was too expensive to bid. The lot sold to Lanterra for $65 million last month, chairman Mark Mandelbaum said. But the desire for a park on the 2.1-acre lot was heard.

“We’re very sensitive to the fact that the community really has their heart in getting a park,” Mandelbaum said, adding that with other developments in the area, “we’re quite invested.”

One rendering shows a park of about 1.5 acres, he said. “That’s a vision that could reasonably be achieved, with the cooperation of the city and the neighbouring communities,” he said.

The developer has two other nearby developments, one on Yonge and one at the Sutton Place Hotel, and could combine the city’s required park and community benefits, to make a “fairly substantial park” instead of “piecemeal” sections, Mandelbaum said.

Lanterra is due to put in a development application with the city this week, which could be enough space for two towers. “You apply for the highest and best use and then discuss with the city,” Mandelbaum said.

Wong-Tam said she anticipates having to generate some funding for a park, and there will likely be disagreements over size and density, but she’s hopeful about the prospect.

“I’ve stressed to them the community need for green space,” she said, noting there are few nearby spaces where a park could go.

She said it’s a shame a deal wasn’t struck with the province, especially because the land was going to be donated in the 1980s for a ballet and opera house.