I of course notionally always support the idea of the City securing more parkland, but I'm not sure I'm totally onboard with it being done at this location; who's going to want to linger and relax sandwiched between six lanes of Spadina and three lanes of Adelaide?
Of note, the City will have net proceeds from this transaction after factoring for the parking and parkland. These are to be used to fund affordable housing; likely on nearby Green P properties.
From the report:
The proposal for this redevelopment would result in remaining proceeds being available to the Housing Secretariat and CreateTO to acquire an estimated 25-30 new affordable housing units in the area, with specific focus on potential affordable housing opportunities at the City-owned properties, 35 Bellevue Avenue and 15 Denison Avenue, both of which are under the operational jurisdiction of TPA.