Item - 2022.PA29.3
Tracking Status
- This item was considered by Toronto Parking Authority on April 20, 2022 and was adopted without amendment.
PA29.3 - Update on the Transfer of Property Management Responsibilities for Toronto Parking Authority’s Rental Property Portfolio to Corporate Real Estate Management
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- 3 - Etobicoke - Lakeshore, 5 - York South - Weston, 8 - Eglinton - Lawrence, 9 - Davenport, 10 - Spadina - Fort York, 11 - University - Rosedale, 13 - Toronto Centre, 14 - Toronto - Danforth, 15 - Don Valley West
Board Decision
The Board of Directors of Toronto Parking Authority received the report (April 4, 2022) from the President, Toronto Parking Authority, for information.
Origin
Summary
The purpose of this report is to provide Toronto Parking Authority Board of Directors with an update on the status of the transition of Toronto Parking Authority’s rental property portfolio to the City of Toronto's Corporate Real Estate Management division, under the City-Wide Real Estate Model. Implementation of a centralized real estate service delivery model is in progress and it is anticipated that the transfer of Toronto Parking Authority’s rental portfolio will begin in the third quarter of 2022.
Toronto Parking Authority has a commercial and residential rental portfolio comprised of 35 units accounting for over 7,000 square metres across 17 properties. The tenancies are varied in use including retail, office, car wash operations and residential. The entire rental portfolio generated a Gross Revenue of $693,809 in 2020. While revenues were impacted by the COVID-19 pandemic, historical performance of the rental portfolio has seen Gross Revenues as high as $1,540,305 in 2018.
Background Information
https://www.toronto.ca/legdocs/mmis/2022/pa/bgrd/backgroundfile-223994.pdf