Toronto Corus Quay | ?m | 8s | Waterfront Toronto | Diamond Schmitt

I wonder if there is still time to CANCEL this project and save taxpayers and Toronto City Hall over $100 million to help with the this huge budget crises we are having.
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a short term bandaid solution over Symphony Place which despite the sweetheart deal to Corus (which in itself creates property value) is a revenue generating asset in a city struggling to find new revenue streams - you don't my vote
 
What? are you kidding me? Revenue generating? When? The year 2025?

I've read all the reports related to to project crap and I don't recall reading a business case where this was hailed as a revenue generator for the great city of Toronto.

Louroz
 
I read the report too. Its very clear that the project creates significant new tax revenues for the City, starting at end of 2009. The City is apparently providing a loan to TEDCO for the construction, which will then be repaid, so it is not like an expenditure that goes down a drain.

Another key motivator for the project was to create the buffer between the sugar plant and the future residential to the east of the Corus building.
 
That's a load of BS, any new tax revenue is off set by the fact that the city is subsidizing a major corporation.

Also, I fail to see where this new tax revenue is coming from? Its not like its a major new corporation moving into the city, its already here, if anything, moving the offices out of neighbourhoods like Liberty will have a huge economic impact locally.

As for the city taking on the responsibility for creating buffer zones by building multi million dollar office buildings that we can't afford in the first place, no wonder the city of Toronto is on way to becoming bankrupt.

Louroz
 
That's a load of BS, any new tax revenue is off set by the fact that the city is subsidizing a major corporation.
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WTF? TEDCO is a city run organization which by the time of completion should have a building worth double the initial investment which can be sold or mortgaged to buy subways while generating a steady revenue stream from the leasing of the space. Odd it doesn't bother you about the millions of dollars the city will be throwing towards the TCHC over the next few years which is guarranteed to have little return
 
Building affordable housing for families and seniors in redeveloped mixed use communities with private partners on board is vastly different from building affordable office space for a media corporation who at the end of the day can afford to build something on its own if it wanted to, however, instead managed to team up with an undemocratic body called TEDCO to build an uninspiring box along our city's waterfront, nevermind the fact they disregarded years of meaningful public consultation on the precient plans, and managed to quickly get the stamp approval and millions of dollars from a city council who can't even afford to balance its own budget and is crying poor, all the while we have the mayor's office threatening major cuts to the ttc and yet again raising fares. Oh yeah, I can really see your point there buddy.

Louroz
 
FM, that has to be one of the longest sentences I've ever seen on UT. While I do agree with your point that the City shouldn't be financing such an endeavour while in the current financial squeeze, I do understand why they did it. Understanding that many corporations are risk-adverse and given the history and number of "plans" for the waterfront, I'd be pretty hesitant to put countless millions into a new neighbourhood too. The City has helped alleviate that risk by putting it's money where it's mouth is on the waterfront plans.
 
How is it risky to the city? Brookfield is putting money for an office building in the city so why wouldn't the city do the same to kick start development in an area that needs it. Its not like the city can't sell the building down the road and recoup their money. As long as the rent covers the cost of borrowing the money for the construction the city comes out ahead.
 
The city of Toronto in my humble opinion should not be in the business of building office buildings.

This is not even a matter of city building in my opinion. If that was the case, this would not be an uninspiring box and TEDCO would have respected the local planning process, instead of ramming it through city council with almost not public consultation.

Nobody asked or campaigned in the last election for a city built and owned office building on the waterfront.

At the end of the day over $100 million of taxpayer backed dollars is a lot to ask for, especially when this city is crying poor with a $500 million budget deficit.

Louroz
 
At the end of the day over $100 million of taxpayer backed dollars is a lot to ask for, especially when this city is crying poor with a $500 million budget deficit.
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Not something that can be compared. Operating budget is different from the capital budget, especially when the investment will cover its costs or even make a profit. If the Hong Kong transit authority can make a fortune this way why can't the city?
 
I think it would be fantastic if Toronto was able to replicate the financial success of the Hong Kong Transit Authority, but sadly Toronto isn't Hong Kong at the end of the day.

Hong Kong and Toronto are two very different cities, realities, and circumstances. One manages to off set the cost of running its system through real estate, while another is threatening to shut down a recently built subway line to nowhere and to raise fares.

If this new office development is suppose to be an investment in the future of the waterfront of Toronto and its long term economic health, it should have been done correctly.

I want to be clear that I'm not opposed to developing an office building on the waterfront. However, I have said this loudly repeatedly, I have a huge problem with the design and planning appproval process taken by city owned TEDCO on the project.

Louroz
 
I have read this debate and must say that I think FutureMayor is misinformed about what is going on with the office building. Nothing in the project has been in disregard of the waterfront plan, in fact the TWRC supports the Corus building being built by TEDCO. Its the first real development that is a needed precondition for future residential [i.e. mixed-use] to exist on that part of the East Bayfront Lands (it buffers Redpath).

The City Council vote was very strong for the project (I can't find the exact vote result online) and it has been under public discussion and planning for nearly a year before the actual tenant (Corus) was finally revealed. It was called "Project Symphony" or First Waterfront Place.

The Council report said that the initial return for the building is low, but its the "first in" employer to that area. The rent completely covers the City construction loan and the City (TEDCO) owns the building and its future growth in value -- not the Corus company.

Usually governments (and their agencies) spend and often waste money - this project is an example of creating something, something of value.
 
Excuse me? I'm misinformed? Where the hell have you been all along my friend? Do you read/watch the news? I can understand if you live outside of the country, but if you read all the posts and links on this forum related to project crap, you would have read that this building goes against many of the urban design guidelines the Waterfront Corporation had set for this site.

I would advise you to do a lot more homework on this matter, before you go on accusing me of being misinformed. Clearly at the moment, you are the one who is misinformed.

Louroz
 
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