Item - 2022.RA32.8

The Board of Directors of CreateTO:

1.  Authorized the Chief Executive Officer, CreateTO to negotiate a conditional term sheet and conditional agreement of purchase and sale of the City-owned Property at 1169 Weston Road, with the adjacent Private Landowner based on the strategic plan outlined in Confidential Attachment 1 to the report (June 6, 2022) from the Chief Executive Officer, CreateTO; and report back to the Board of Directors of CreateTO on the outcomes of these negotiations by the first quarter 2023.

2.  Directed the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, the Chief Planner and Executive Director, City Planning, the Executive Director, Housing Secretariat and any other divisions necessary to advance this opportunity, to explore the strategic opportunities identified within Confidential Attachment 1 to the report (June 6, 2022) from the Chief Executive Officer, CreateTO, and report back to the Board of Directors of CreateTO on a specified recommendation by the first quarter 2023.

3.  Authorized the public release of Confidential Attachment 1 to the report (June 6, 2022) from the Chief Executive Officer, CreateTO following the closing of any agreement of purchase and sale transaction, and at the discretion of the Chief Executive Officer, CreateTO.

On June 8, 2021, City Council adopted item MM34.6 - "Exploring Development Opportunities at 1169 Weston Road and 4 Hollis Street" and requested CreateTO, in consultation with City staff and the Toronto Parking Authority, to explore the development opportunities of the City-owned real estate assets known as 1169 Weston Road and 4 Hollis Street. The development opportunities were to include the following:

·  a mixed-use development that provides a variety of community benefits and with the potential inclusion of private land holdings within the immediate vicinity;

·  working with the Toronto Parking Authority to identify new parking opportunities in both on and off street locations suitable for replacement of parking spaces within the vicinity of the proposed development, should an investment in parking on-site be deemed not feasible; and

· working with City Planning and Parks, Forestry, and Recreation, to conduct a Cultural Heritage Evaluation Report on the existing building at 4 Hollis Street.

The Mount Dennis neighbourhood is an area of expected rapid change, due to the future Eglinton Crosstown LRT (Mount Dennis) station. The City-owned property municipally known as 1169 Weston Road (Subject Property) is an existing surface carpark (Carpark #651) currently operated by the Toronto Parking Authority within the Mount Dennis neighbourhood. 4 Hollis Street is the current location of the Mount Dennis Community Hall building and serves as the recreation support office for the surrounding neighbourhoods as well as office and storage space for use by the City's Parks, Forestry, and Recreation Division.

CreateTO staff conducted due diligence on the development potential of the site. This included a highest and best use massing analysis and land valuation exercises while working with City staff and the adjacent private landowner to confirm development opportunities and determined an appropriate strategic next step to return value to the City. This is discussed in detail within the report and in Confidential Attachment 1. This report outlines the strategic next steps to advance an opportunity for disposition of land that could yield city building benefits.

This report recommends that staff pursue negotiations directly with the adjacent private landowner to achieve strategic value for this City-owned real estate asset.