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

Troubling indeed. The pressure on Miller to do something on the waterfront may have made him open to doing politically dangerous things. This could blow up in his face.
 
Totally redundant, but the more the un-merrier:

This sucks balls.

Time to pull the plug - seriously, this has to be stopped. A complete catastrophe. And I'm beginning to suspect a rat, as well - smells like corruption.
 
The city's on the hook? Well, I guess if MLSE is able to get sweet deals for hockey (Ricoh, under Lastman's term) and soccer facilities from the city, then I guess that Corus, or anyone else, is eligible too. Equal opportunity.

Project Psymphony! That's great!
 
^do you have access to the lease agreement with Corus?

The city does an adequate job at managing its inventory of 75000 residential units so I don't see why it can't successfully play landlord in the more lucrative commercial office side of real estate


not to mention our newest real estate venture - a dump site
 
Bayfront office tower bid endorsed
TheStar.com - News - Bayfront office tower bid endorsed

May 01, 2007
Paul Moloney
city hall bureau

A $159.5 million taxpayer-financed waterfront building was enthusiastically endorsed yesterday by city council's powerful executive committee.

The seven-storey office development, to be leased to Toronto-based Corus Entertainment, is to be built with a $132 million loan from the city, $15 million from the city's economic development agency and $12.5 million from the Toronto Waterfront Revitalization Corp.

The project is seen as a way to bring 1,300 jobs to the East Bayfront section of the waterfront, just east of the Tate & Lyle (formerly Redpath) sugar refinery.

Developers want to put up condominiums on the north side of Queen's Quay, so it's important to secure jobs on the water's edge, said TWRC president John Campbell.

"From our point of view on the public side, I think the onus is on us on the south side to try to drive as much commercial development as possible and get jobs down there," he said. "That is really, really critical."

The return on the public investment is estimated at 8 to 8.5 per cent, slightly lower than a private sector investor would require, said Joe Pennachetti, the city's chief financial officer.

Another public benefit is the expectation surrounding public lands will rise in value, the committee was told.

"Council at the end of the day must weight the project's public benefits," Pennachetti said. "From my perspective, the employment benefit kickoff for the waterfront is a very positive force for us moving forward..."

Mayor David Miller urged councillors to look beyond the city's naysaying political culture. "We need to learn how to say yes." If approved by council, construction would begin in August, with Corus moving into the building in November 2009.
 
yyzer said:
The seven-storey office development, to be leased to Toronto-based Corus Entertainment, is to be built with a $132 million loan from the city, $15 million from the city's economic development agency and $12.5 million from the Toronto Waterfront Revitalization Corp.

Mayor David Miller urged councillors to look beyond the city's naysaying political culture. "We need to learn how to say yes." If approved by council, construction would begin in August, with Corus moving into the building in November 2009.
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If the lease is profitable, then I have no problem with that, as long as the city gets its money's worth - some incentive might be required if it is in fact it is city policy to start momentum there (how can this be worse than the Ontario government providing incentives to auto makers to build or upgrade plants?). But the building still sucks.
 
I don't really think how good the deal is is as important a question as why the City thinks it needs to be a land developer in the first place? I'm not sure it is Miller himself but members of his executive committee (and therefore Miller is responsible as their leader) are displaying a disturbing tendancy to want to run this city like thugs.
 
The following message was sent to all member of Waterside Sports Club, the property with the Tennis domes,gym and Bistro that sits right beside the Symphony Property(on the East side).

From reading the notice, it certainly implies that they will be moving out as well..

OT, the current Waterside Bistro has a great patio and view of the lake if you ever want a nice relaxing place to grab a beer and some food..

---------------------
Waterside Sports Club has received confirmation from the Toronto Waterfront Revitalization Corporation (TWRC) of their intent to move forward with East Bay Front Developments.

While Waterside will still remain in its current location until later stages of development, we will be keeping you posted on changes that will be taking place on the surrounding properties.

The first stage of developments will involve demolition of the empty Cinespace building to our west. In addition a harbour cruise boat that is affected by redevelopment activity will be docking at the far eastern end of our waterfront. The other boats will be moored at the former Canpar site to our east.

We have been assured by our landlord that we will be located here until at least August 2008. In the meantime, we are already working on plans for our new location. In our new location we are planning for more tennis courts, a charming Bistro and patio, expanded fitness facilities, and maybe even a spa. It is also part of our plan that the Waterside staff we have all grown to love, will be with us at our new location.
Thank you for being a part of our growing success over the past years. We are excited about the opportunity to deliver a new club with expanded modern facilities while nurturing the warmth and character that our club is known for.

Stay tuned for new information and thank you for your continued interest.

--------------
 
Will Waterside's new location continue to be along the waterfront? It's the kind of service that would be quite useful to a new neighbourhood.
 
I hope Council votes this thing down. Although I doubt they will.
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I agree. There is just too much of a potentially blind desire to show some action on the waterfront. This will go ahead.
 
Of all people, consultingwhore would know. That makes me a bit nervous.

The problem is that if this project were voted down, I think the press would be even worse than it already is. That truly would be wilful inaction on the waterfront.
 
unimaginative2 said:
Of all people, consultingwhore would know. That makes me a bit nervous.
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Oh, I don't know anything at all about this project...I just have a hard time believing that just because the City is the proponent that somehow it will look any better than if it were being built entirely by the private sector.
 
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