As Midtown residents know all too well, the former TTC bus barns site at the South West corner of Yonge & Eglinton was a derelict eyesore for well over a decade and is now a construction staging ground for the Metrolinx Eglinton Crosstown LRT. With the completion of the Crosstown in 2021, it is important that we start planning for the future now to help ensure that this site doesn’t remain a blight on the area for one moment longer than is necessary.
A major hurdle in the way of moving forward with planning for the site is that approximately 75% of the property is encumbered with existing long-term commercial leases. That’s why I’m pleased that City Council approved a report for a new deal with the long-term lessees for a new ground lease relating to redevelopment of the property. The deal was negotiated by Build Toronto (now CreateTO), in consultation with the TTC, City Real Estate Services and City Planning. The proposed transaction has been developed within the new City real estate model to achieve key city building objectives, including unlocking the value of City assets through transit oriented development.
Illustration by City Planning
I will continue to make it clear to the City that any proposal for this site must include a remarkable public square, right at the corner, to even be considered by our community.