The OMB decision concerning rezoning will come down this month. Unfortunately, Toronto Film Studios (TFS) at 629 Eastern Ave. would be likely demolished regardless of the OMB's decision. Property taxes on fallow land are much lower than on acres of empty buildings.
If the OMB decides against SmartCentres and the studios are demolished, the land will likely sit vacant until Leslieville and the city are fatigued by the economic loss of the film studios and the neighbourhood crime problems associated with a huge hoarded empty urban lot. The lands will then likely be willingly rezoned by the City and SmartCentres would eventually prevail.
Should the OMB decide against rezoning, the best solution in my opinion would be for SmartCentres to do the right thing and find a studio operator buyer for Toronto Film Studios, thus sparing the film industry at the eleventh hour from virtual extinction.
The demolition of TFS represents the tipping point for Toronto's film industry. The noise and vibration of the demolition and construction of a SmartCentre will make Cinespace studios next door at 721 Eastern Ave useless as studios. They too would then likely be sold for retail development. Showline Studios across Lakeshhore from TFS will likely suffer the same fate. Arguably, Cinespace Studios on Booth Ave. south of Eastern would also be lost from the film industry to retail development. The Toronto film industry will then no longer have any studios in "The Studio District", or in fact any film studios anywhere other than Filmport Studios in the portlands, unfortunately itself woefully overpriced for about 95% of Toronto film and TV production.
It's ironic that the leveraging of TFS to build Filmport (still wearing the mantle of a secret back-room 99 year lease deal with the City) would be the singular act leading to the demise of the entire Toronto film and television production industry. If the Toronto film industry survives, it will be in spite of the City of Toronto (and its Councillors), which, seeing the error of its ways, did oppose SmartCentres at the OMB hearing. Sadly, too little, too late. The horse got out of the barn when the Filmport deal was inked by the City at the expense of the TFS site.
Dominos anyone?
