After 90 years, it looks like the Toronto Coach Terminal has just about served its last weary bus passenger.
For almost a century, the grey building near the corner of Bay and Dundas Streets downtown has been Toronto’s hub of intercity bus service, but according to a new report it will cease operations next month and be handed over to the municipal government for potential redevelopment.
The terminal at 610 Bay St. is owned by a subsidiary of the TTC, the Toronto Coach Terminal Inc. (TCTI), which for years has leased it out to private bus operators.
A report going to the TCTI board next week says its agreement with a joint venture of Greyhound and Coach Canada will run out on July 7, and the bus companies “will not be occupying the properties after the lease expiration.”
Neither the TTC nor its subsidiary has “any current or future operations plans” for the site, the report states. It recommends the TCTI transfer the Bay Street property, as well as an addition to the bus terminal at nearby 130 Elizabeth St., to the city once the lease expires.
In exchange TCTI will ask for $4.2 million from the city so it can pay down a loan, although the valuation of the property “significantly exceeds this amount,” according to the report.
According to the report, the Greyhound and Coach Canada intend to move their operations to the new Union Station Bus Terminal near Bay and Front Streets. Coach Canada relocated to the new station this week.
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A city spokesperson could not immediately say Wednesday what the municipal government intends to do with the terminal building, which sits on prime downtown land.
But in 2019 the city identified the property as underutilized, which makes it a suitable location for new development that would meet municipal objectives like the provision of affordable housing, employment uses, or other community infrastructure.
Under city policy, surplus land is administered by the municipal real estate agency, CreateTO.