Could you expand on your CoS comment?
Which part are you taking issue with?What a Crock of Shit....
Slow condo sales may delay Queens Quay facelift
CITY HALL BUREAU CHIEF
A major makeover of Queens Quay Boulevard, an iconic project crucial to Toronto's waterfront renewal, may be slowed by the slump in the condo market.
Financing of the $192-million project depends, in part, on revenue from private-sector developments in proposed new waterfront neighbourhoods to supplement public investments by the city, the province and the federal government.
Despite uncertainty over how to pay for the overall project, the board of Waterfront Toronto yesterday agreed to pay for millions of dollars in design work over the next year, assuming expected environmental assessment approvals by the city and the province in the next few months.
"The [condo] market created a lot of uncertainty for us, particularly earlier this year," said Mark Wilson, chairman of the three-government agency set up to oversee waterfront renewal. "So the timing and pacing became a little less certain."
So far, Waterfront Toronto has negotiated a deal with one private-sector condo developer for a project in the West Don Lands. A phase-one sales office, delayed by the economic downturn, now is expected to open this fall.
The agency also has issued requests for proposals from private developers - likely to be named this fall - on two parcels of land in the new East Bayfront neighbourhood on the north side of Queens Quay.
Development revenues would help pay for the transformation of Queens Quay between Spadina and Parliament, with contributions from the three governments as well.
Despite the financial uncertainties, Mr. Wilson said the board understands the need to show tangible results.
"The central waterfront is what Torontonians view as their waterfront," he said. "They want to see progress there." That's why the board agreed to pay for design work to keep up momentum on a project that, on paper, would roll out over the next five years.
Mayor and waterfront board member David Miller said the goal is to turn Queens Quay into a "place for people, not a place that cars go through."
Amid signs of a rebound in the condo market, he hopes the project will pick up steam.
Its completion, he said, "is really one of timing of revenues ... the revenues will come in eventually but slower than originally predicted."