Item - 2022.PA29.4

The Board of Directors of Toronto Parking Authority received the revised report (April 12, 2022) from the President, Toronto Parking Authority, for information.

The purpose of this report is to provide an update to Toronto Parking Authority Board of Directors on the status of the investment opportunity in a new parking garage at 229 Richmond Street West.

At its meeting of February 8, 2021, Toronto Parking Authority Board of Directors authorized Toronto Parking Authority to work with CreateTO to carry out due diligence on Toronto Parking Authority's potential investment in a public parking garage at 229 Richmond Street West at a cost not to exceed $350,000 (excluding Harmonized Sales Tax). Since that time, Toronto Parking Authority has worked with CreateTO as well as the City Planning and Parks, Forestry and Recreation Divisions to assess the viability of constructing a parking garage beneath a planned City park at 229 Richmond Street West.  The new park at 229 Richmond Street West represents the City’s most significant park acquisition in the Downtown in recent decades. Toronto Parking Authority has also worked with the Owner of 133 John Street and 241 Richmond Street West to explore the feasibility of a joint venture development involving the developer's construction of the parking garage with a shared access arrangement within the development.

As a result of the investigations carried out and the stakeholder feedback received, CreateTO has advised Toronto Parking Authority that construction of a parking garage at 229 Richmond Street West cannot be supported because the garage would delay completion of the park, impact design and programming of the park space and pose future maintenance issues.  In light of this decision, CreateTO will work with Toronto Parking Authority to identify other parking opportunities in the area.