Why isn't Metrolinx cashing in on Eglinton Crosstown air rights?
last spring, the owners of property next to the proposed Metrolinx station at Eglinton Ave. W. and Avenue Rd., Terranata Developments, offered to buy the air rights above the Metrolinx station, so they could incorporate it into their condo project.
They offered the Terranata site for construction staging — a place to store heavy equipment during the upheaval.
Sounds like a no-brainer, right? Metrolinx said no.
“With the amount of money taxpayers are going to be paying to put this line in, you’d think they’d want the extra revenue coming from the sale of these air rights above the stations. It can only help the province and the City of Toronto,” Terranata partner John Aquino told the Sun’s Shawn Jeffords.
“It was win-win,” Aquino thought.
“Money was going to flow back to them with the sale of the land. We said we’d pay market price.
“We were shocked it went this way.
“I think we lose, the city loses, and it’s bad for business.”
Interestingly, Metrolinx had considered purchasing the Terranata property at 346-356 Eglinton Ave. W. for their construction, but decided they didn’t need it.
Now Metrolinx has decided to expropriate part of the Terranata property. The property they said they didn’t need will now cost taxpayers’ millions to expropriate.
As well, Metrolinx will cause major traffic and business upheaval in the area as they try to work around the property.
Instead of using the site Terranata offered them to store their heavy equipment, they’ll force lengthy lane closures on both Avenue Road and Eglinton over the next four years.
More............http://www.torontosun.com/2016/10/01/why-isnt-metrolinx-cashing-in-on-eglinton-crosstown-air-rights
