dt_toronto_geek
Superstar
A Dufferin Mall style, 2-storey Walmart would fit in there nicely
So, it helps to have deep pockets if you want to set up shop on one of Toronto's busiest high streets. I think it would be alarming if that wasn't the case.
You are missing the point. The Duke family already owns the property. They are already established, with a good business. Changing just one factor, new tax rate vs. old, has such a material impact that conducting business in a location that they already own is unfeasible.
If Dukes was rebuilt, as it was, it would be facing a $90,000 per year property tax bill. That is $7,500 per month, just in taxes. This is a fate that will befall all non residential properties in the city. Areas currently protected by the cap, think Kensington, the Beach, Ossington etc., and almost all of Toronto, will eventually be taxed out of existence.
The vitality of commercial areas, save for Class 'A' office, follow a pattern. Old areas, heavily protected by capping, are doing better than new areas. Queen's Quay is a perfect example.
When's the plan to phase out the protection? and how does that work - for example, on Queen W - where is the protection in place?
Correct me if I'm wrong but the tax rate on these protected areas is unbelievably low? If that's the case it really doesn't make sense to keep them as is long term, maybe they need to be phased in slowly, not sure, but I agree that something needs to be done.