Toronto approves $388M Union Station fix

Toronto approves $388M Union Station fix:

Constructing a new retail promenade at Union Station is a risk, but it is a gamble well worth taking, Mayor David Miller said today as council endorsed a sweeping $388-million plan to revivify the station.
‘This city council has the courage, yes, to take a little bit of risk,’ Mr. Miller said on the floor of council. ‘One thing this government has going for it is that we have a long-run vision.’”
Mr. Miller and council, which endorsed the plan by a wide margin, 39 to 5, hope their latest vision for the commuter hub will succeed where others have failed.
The City of Toronto has struggled to bring life back to the Beaux-Arts landmark since purchasing it from the Toronto Terminal Railways Company in 2000.
A long-term lease agreement with a private consortium collapsed in 2006.
This time council has opted for a hybrid approach that will see the municipal government retain ownership of the building while turning to the real-estate arm of a pension fund to pay for and operate the station’s office and retail space, including a newly excavated $81.38-million mini-mall in the basement.
Some councillors who voted against the plan complained it puts the opportunity to make money ahead of commuters.
‘My fear is that the ability for us to expand and accommodate future rail use in this city will be forever compromised by the agreements we enter into around the commercial space in this facility,’ Councillor Adam Vaughan said.
The station needs approximately $270-million in repairs, heritage upgrades and improvements to services for commuters, staff say.
‘I’m a believer in if it ain’t broke don’t fix it,’ said Councillor John Parker. ‘But here we’re dealing with an asset that is broke and it’s got to be fixed.’
— Story by Kelly Grant, photo by Brent Foster, National Post

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(Via national post.)