News   Apr 09, 2021
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Recent content by zot627

  1. zot627

    Toronto | The One | 338.3m | 94s | Mizrahi Developments | Foster + Partners

    The charge shows the maximum loan commitment, not what's advanced. Also, the Aviva charge may not be a loan. Revenue from this project should be over 1 billion.
  2. zot627

    Toronto | ORCA Project | ?m | ?s | P.I.T.S. | Safdie & Associates

    This sounds more feasible than "let's spend many years and many millions of dollars on a project we have no intention of building so that we can extort money from the city". People who have the kind of money it takes to advance projects of this size are not that stupid.
  3. zot627

    Toronto | ORCA Project | ?m | ?s | P.I.T.S. | Safdie & Associates

    They already designated it as park but that doesn't stop the private application from moving forward. If the City wants to protect the air space for Rail Deck Park, they will have to buy or expropriate.
  4. zot627

    Toronto | ORCA Project | ?m | ?s | P.I.T.S. | Safdie & Associates

    Unlike the City's Rail Deck Park, which is totally plausible. 🤣
  5. zot627

    Toronto | ORCA Project | ?m | ?s | P.I.T.S. | Safdie & Associates

    The air space was never designated for parks only. The LPAT decision on OP395 was made without prejudice to the private application, meaning it had no impact on the private development application. OP395 had more PR value than practical value. The City can buy or expropriate land anywhere in...
  6. zot627

    Rail Deck Park (?, ?, ?)

    I agree with your first point. If the City is serious about building a park here, they have many tools available to them to make it happen. The City owns a lot of surplus land and I'm sure a workable trade could be made if the City was prepared to move forward with Rail Deck Park. Your second...
  7. zot627

    Rail Deck Park (?, ?, ?)

    As I have previously posted, the City has the right to expropriate the airspace at any time. There would be a Hearing of Necessity but the expropriation almost certainly would be approved. According to the law, they have to pay fair market value according to highest and best use for the land. In...
  8. zot627

    Rail Deck Park (?, ?, ?)

    By default the effective date of valuation is the date of registration of the plan of expropriation, unless the parties mutually agree to a different date. It takes three to six months from Council passing a by-law authorizing commencement of expropriation proceedings to register the plan of...
  9. zot627

    Rail Deck Park (?, ?, ?)

    What do you mean by "air rights debacle"? Here are some facts from recent media releases. There are air rights over the rail corridor. The City would like to acquire those air rights for an aspirational park. According to Mayor Tory, the City has apparently not been able to agree on a purchase...
  10. zot627

    Rail Deck Park (?, ?, ?)

    In what way is the status of the air rights ownership contested?
  11. zot627

    Toronto | ORCA Project | ?m | ?s | P.I.T.S. | Safdie & Associates

    You have misread the conclusion. The so called court battle had nothing to do with ownership. The City's OP395 designated the air rights as a public park. The developer's appeal of OP395 was rejected at LPAT "without prejudice" to the developer's LPAT hearing, which will be heard later this...
  12. zot627

    Toronto | ORCA Project | ?m | ?s | P.I.T.S. | Safdie & Associates

    Why would any land owner turn over most of their land to the City and build on a "couple of discrete areas"? Where's the precedent for that?
  13. zot627

    Toronto | ORCA Project | ?m | ?s | P.I.T.S. | Safdie & Associates

    The air rights over the rail corridor were created when CN and TTR sold the rail to GO Transit. They retained strata title above the rail corridor for future development purposes. The air rights came with an easement over the rail lands for structural support and access improvements, along with...
  14. zot627

    Rail Deck Park (?, ?, ?)

    If the City really wanted to acquire the air rights quickly, they could. They can expropriate immediately based on what they think the air rights are worth. The final value will be decided by independent appraisers. They may be concerned that the land may be worth a lot more than they've been...

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