syn
Senior Member
The short answer is that they can't develop at all (or certainly much slower and at lower density) without the subway. Ergo, they have a financial incentive to get the subway going since it's a pre-requisite for development and making back the money they invested however many years ago in purchasing and assembling the land. I'm not at all suggesting that means they'll build a subway station for Doug Ford or that we are - in any way- like Hong Kong.
I'm merely saying that Yonge/7 is basically your BEST case scenario: undeveloped land, prime corridor, urban growth centre, zoned for high density, contingent on the provision of the rapid transit infrastructure, consolidated ownership, large parcels (also, no real NIMBY's around and willing municipalities)... And even in THAT scenario, I don't think you make much of a dent in the overall project cost and that's as good as it gets. Scarborough has almost none of that. That's why I think it's a shell game.
That's what my point there was.
Mississauga is building quite a few condos without the benefit of a subway.
A financial incentive would be a grant or government subsidy to encourage development. Asking them to drop on $500 million each on subway construction is not a financial incentive - it's a huge burden. That cost is going to be passed along to the buyer, which eliminates the point of doing it in the first place.
I agree with you - you aren't going to make much of a dent in the project cost assuming the best case scenario. For me the 'best case scenario' is also a completely unrealistic scenario - there's just nothing in it for the developer.