My modest proposal:
This site is City-owned land, leased to the proponent here.
The City should offer to 'sell it' to the proponent, for $1, subject to certain requirements; (landmark architecture among them).
But, the proponent must agree to sell approximately 1/2 of the current hotel site to the City, also for $1.
The owners will be allowed to retain the current total density on the site, on a reduced footprint, but must also commit to 'landmark architecture' (design competition overseen by Waterfront Toronto.
The owners get considerable enhanced value, because 100% of the land they turn over will be used as parkland and considerably enhance the value of the site for hotel/rental/office or condo; the parkland dedication requirement will be satisfied through the below market-transfer of a portion of the site, already part of this proposed deal.
The City agrees to subject the new/improved park space to the same design competition process as the proponent and be bound by the result.
From TO_Maps below, the yellow area is the footprint a new building would retain, while the balance would be conceded to the City for new park space/Ferry Terminal lands.
Note the the proponent does not own any land beyond the southern limit the building, and the same for the eastern extent as well.
View attachment 465636
This proposal would see the City claim ~0.35 ha of the current Harbour Castle site (or about 0.85 acres)
Meanwhile, the City would 'trade' a ~0.8ha or about twice as much land on the north side of Queen's Quay, and provide the proponent with roughly double its current density.
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The City gets prime park space, expanded terminal space, enhanced view corridors and landmark architecture, the proponent picks up additional land, removes a pesky City lease, gains significant density, and
the signature park dramatically enhances the value of the their property.
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Just a thought.
be sure to vote anyway (a candidate with lots of free time).
