Toronto 260 Adelaide West | 196.8m | 61s | CentreCourt | Sweeny &Co

ProjectEnd said:
This has been in the hopper for some time now. Is there not a thread about it already? News story from 2019:

urbantoronto.ca

City to Relocate Fire Hall and Unlock Land in Entertainment District | UrbanToronto

The City of Toronto is about to buy a plot of land in the Entertainment District, sell an adjacent one, and move the area's fire station into the south side of Metro Hall facing Wellington Street. The moves will unlock land in the area for redevelopment, and possibly some park land.
urbantoronto.ca urbantoronto.ca
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I think the discussion was all on the 229 Richmond thread.
 
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New Report to the May 11th meeting of CreateTO's Board.


From said report:

RECOMMENDATIONS: The Vice President, Client Relationship Management recommends that the Board of Directors of CreateTO:

1. Approve the redevelopment plan for 260 Adelaide which will include affordable housing, a new Paramedic post, and community space by endorsing the Development Concept as shown in Attachment 1 and the Major Terms and Conditions outlined in the Confidential Attachment 1.
2. Approve the redevelopment plan for 229 Richmond, which will include an at-grade park and a potential below-grade parking garage that minimizes the impact on the function and utility of the park by endorsing the redevelopment plan as shown in Attachment 2.
3. Endorse the business plan for 55 John Street ("Metro Hall"), which will include the relocation of Fire Station 332 to Metro Hall, and the relocation of certain City tenants as outlined in Attachment 3.
4. Approve the financial business case for the potential disposition of 260 Adelaide and the requisite funding allocation of the proceeds of that disposal to the delivery of the business and redevelopment plans identified in Recommendations 1, 2, 3 as outlined in Appendix 2 of the Confidential Attachment 1.
5. Direct the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Social Development, Finance and Administration along with the Director, Indigenous Affairs Office, to explore opportunities to identify a not-for-profit partner for up to 10,000 square feet of community space at any future redevelopment of 260 Adelaide.
6. Request CreateTO staff and stakeholders to integrate sustainability requirements on property disposal and meet the Toronto Green Standard Version 3 Tier 2 with any proposed redevelopment of 260 Adelaide using the approach in the Climate Change Initiative - Energy Consumption and Carbon Emission Reduction section of this report.
7. Direct the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, to locate a City-owned property in the general area of the current YMCA location at Metro Hall to allow for the continued operation of the YMCA.
8. Direct that the Confidential Attachment 1 to this report remain confidential in its entirety as it contains information regarding the proposed disposition of land.

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Additional Tidbits:

Toronto Employment and Social Services has identified an opportunity to consolidate its Metro Hall office with its High Park office at the new proposed location within Dufferin Mall.

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Concept Render for the current Firehall site at 260 Adelaide:

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I love the style of this building ! It has that early 1900s structure art deco look that's well needed in this area.
 
The TPA are looking to build parking garages below both 229 Richmond and 260 Adelaide? Can’t we just pick the latter?
 
bilked said:
The TPA are looking to build parking garages below both 229 Richmond and 260 Adelaide? Can’t we just pick the latter?
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I oppose a TPA garage under the park, period.

But in terms of their rationale, it's about land area.

The Park site is the larger of the two; and would not need to accommodate residential parking, if built free-standing from any development.

That, in theory, lowers the cost per space by allowing a shallower parking lot and/or more spaces.

However, I'm not a fan of that here.

The Park should be unencumbered (no structure below it).

I believe any commercially viable parking could go under the 260 site or the Tridel development adjacent to the new park, fronting John Street.

Though, I question the ROI on the spaces at these price points.
 
Commercial parking in this area was quite expensive pre pandemic, so spaces can be pretty expensive to build and still turn a profit.

If you ask me just stick it under the Adelaide building and let that building have near 0 residential parking. Sticking it under the park is a waste.
 
innsertnamehere said:
Commercial parking in this area was quite expensive pre pandemic, so spaces can be pretty expensive to build and still turn a profit.

If you ask me just stick it under the Adelaide building and let that building have near 0 residential parking. Sticking it under the park is a waste.
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Is that ROI relative to the construction costs only, though, or does it also account for the land acquisition costs?

If the City is only accounting for construction costs when considering whether the revenue from a parking garage justifies the cost, this would represent a massive public subsidy for private parking users.
 
Land doesn’t have to be input if the land is being used for something else as well, or at least can be spread over a much larger amount of development.

buying a site and putting up an above grade parking garage in this area isn’t going to be profitable. But digging an extra level or two below a new development? That might be, as only the marginal construction cost needs to be considered.

there is a reason Pinnacle is building a ~1,000 space commercial garage above its minimum requirements at One Yonge - the pricing for parking in that area, especially for events, makes it quite profitable even at the high cost of underground parking. Pinnacle did it before with their development in the early 2000’s in the area, and seems to be making enough from it they are willing to do it again at One Yonge.
 
Fair enough, but that would assume the parking garage wouldn’t compromise the above ground use. It wouldn’t compromise above ground use for a building at 260 Adelaide. It will compromise the quality of a park at 229 Richmond, though, and to the extent it does, the building costs of garage alone won’t reflect its true cost to the public.
 
Just read about Tory's announcement. Unnamed developer will build condos and affordable housing on the site of the fire hall. The fire hall will be relocated to Metro Hall.

www.cp24.com

City to build new downtown park in surface lot on Richmond Street as part of wider redevelopment

The city has announced a series of interconnected moves that will allow it to relocate a downtown fire station and use the proceeds from the sale of the land that it stands on to pay for a much needed new park nearby.
www.cp24.com www.cp24.com
 
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