Item - 2020.PA18.7

The Board of Directors of Toronto Parking Authority:

1.  Directed that Confidential Attachment 1 remain confidential in its entirety, at the discretion of the City Solicitor, as it pertains to Financial Information that belongs to the Board of Directors of Toronto Parking Authority and has monetary value or potential monetary value.

2.  Directed Toronto Parking Authority, in consultation with CreateTO and Corporate Real Estate Management, to make the lands located at 2204-2212 Eglinton Avenue West and 601 Caledonia Road available through a commercial use.

3.  Directed Toronto Parking Authority to issue a tender for the demolition of the existing structures on the lands located at 2204 - 2212 Eglinton Avenue West and 601 Caledonia Road.

4.  In the event that there is early development of the properties, directed Toronto Parking Authority to seek to be compensated for any unamortized costs related to the capital investments made at these properties.

At its meeting of July 23, 2019, Toronto Parking Authority (TPA) Board of Directors requested the President, TPA to consult with the local Councillor, the Chief Executive Officer, CreateTO, and Deputy City Manager, Corporate Services, about including the lands located at 2204-2212 Eglinton Avenue West (Properties) in the ongoing review of City-owned assets for the Housing Now Initiative and to report back to the Board with an update.

Staff from CreateTO, TPA, the Housing Secretariat and City Planning have analyzed several scenarios in which the City-owned lands at 2204-2212 Eglinton Avenue West and 601 Caledonia Road could contribute towards the City's affordable housing objectives.

CreateTO completed an area planning review and believe with the Eglinton Crosstown LRT project and associated intensification of the surrounding area over the next ten (10) years, the subject sites hold strong potential to be redeveloped as a mid-rise mixed-use development with commercial uses at grade, a mix of affordable and market housing on the upper levels, and potential below-grade parking.

Given that the site is now expected to be available for the operation of a municipal car park for a much shorter timeframe (ten (10) years instead of 20 years) than was planned at the time the properties were acquired, TPA has reassessed the viability of a municipal parking operation at this location and carried out additional due diligence to consider other short-term uses for the site.

The purpose of this report is to present the potential options for the short-term use of this site, including the financial impacts of each. On the basis of the analysis of options completed, TPA is recommending that the TPA Board of Directors direct TPA, in consultation with CreateTO and CREM, to make the lands located at 2204-2212 Eglinton Avenue West and 601 Caledonia Road available through a commercial use for other third-party uses.

Given the condition of the existing buildings on the site, TPA is also recommending that the existing structures be demolished as soon as possible.