Item - 2026.PA20.8

The President, Toronto Parking Authority recommends that:

1. The Board of Directors of the Toronto Parking Authority approve capital funding in the amount of $3,865,000.00 in base scope, plus $635,000.00 as a contingency allowance, being a sum total of $4,500,000.00 excluding Harmonized Sales Tax (HST), for the fit-out of Car Park 15 (50 Cumberland Street and 37 Yorkville Avenue).

The purpose of this report is to seek authorization from the Board of Directors of the Toronto Parking Authority (TPA) to approve capital funding in the amount of $4.5 million, excluding Harmonized Sales Tax (HST), for the fit-out of Car Park 15 (CP15), and to include this funding in the Toronto Parking Authority capital budget across the 2026 and 2027 fiscal years.

Car Park15, located at 50 Cumberland Street and 37 Yorkville Avenue in the Bloor-Yorkville area, is a new joint-venture facility developed in partnership with the Pemberton Group. The site includes a public car park integrated within a condominium development.

Prior to this redevelopment, Car Park 15 was a six-storey garage with 1,036 parking stalls, generating over $5.4 million in annual revenue in 2017 and ranking among Toronto Parking Authority’s top five revenue-generating locations. This strong performance reflected the site’s strategic location in Bloor-Yorkville and sustained parking demand in the area.

Through the joint-venture redevelopment with the Pemberton Group, the new Car Park 15 will be a six-storey underground garage with 795 parking stalls. The facility is expected to generate over $6.4 million in annual revenue and rank among Toronto Parking Authority’s top five revenue-generating locations. With the City of Toronto retaining ownership of the below-grade parking lands, the redevelopment preserves the long-term value of this high-performing asset while integrating a modern public car park within a new condominium development.

In accordance with the Agreement of Purchase and Sale (APS), the developer is responsible for delivering a base-built parking structure. The Toronto Parking Authority, in turn, is responsible for procuring and installing all the operational systems required to open the garage to the public. These works, collectively known as the fit-out, include parking access and revenue control (PARCS) equipment, security cameras, access control, a cell phone repeater system, IT systems and servers, electric vehicle (EV) charger infrastructure, a parking guidance system, and commissioning.

The proposed investment is being delivered cost-effectively. Toronto Parking Authority’s recent fit-out at Car Park 72, St. Lawrence Market North, was completed at approximately $6,755 per stall across 250 stalls. By comparison, the Car Park 15 fit-out is estimated at approximately $5,031 per stall across approximately 795 stalls. This lower per-stall cost reflects the benefit of delivering a comparable fit-out across a larger parking facility, where fixed project costs are spread over a significantly greater number of stalls, resulting in improved cost efficiency on a per-stall basis.

The fit-out is intended to reflect Toronto Parking Authority's latest garage standards, while incorporating enhancements that support a consistent and recognizable Toronto Parking Authority brand experience.

The total estimated capital cost to fit-out Car Park 15 (50 Cumberland Street / 37 Yorkville Avenue) is $3,865,000.00 in base scope, plus $635,000.00 in contingency, being a sum total of $4,500,000.00, excluding Harmonized Sales Tax (HST).

Funding for this work will be included in the Toronto Parking Authority capital budget and is phased across two fiscal years, $1.25 million in 2026 and $3.25 million in 2027 aligned with the facility's targeted opening in the fourth quarter of 2027.

Table 1: Planned Capital Expenditure by Fiscal Year (excluding HST)