As city builders we are committed to make Toronto one of the greatest places in the world. Over the years, we have delivered a vibrant mix of developments. We’ve built residential buildings and commercial office spaces. We’ve built internationally acclaimed cultural centres and stunning public open spaces.

Today, however, we’re advocating for tearing something down. It’s time to remove an out-of-date piece of infrastructure: the 1.7-km section of the Gardiner Expressway East.

In the last few weeks a chorus of voices has spoken out on the looming critical decision concerning the Gardiner Expressway East. We’ve heard from professional planners and transportation experts, environmentalists and truck and automobile associations, engineers and elected officials. Even our past mayor, David Crombie, has weighed in. One important group of voices missing thus far has been that of developers and landowners. We’d like to change that.

Last week we joined a group of city builders in publicly voicing our support for the Gardiner “boulevard” option (also known as the remove option). This group has been investing across the city, including Toronto’s waterfront. Among its members are corporations that own or control approximately 51 hectares in the Central Waterfront, East Bayfront, Keating Channel, Villiers Island, West Don Lands and Film Studio Precincts across Toronto’s waterfront.

In total, these lands represent 20 million square feet of mixed-use development. With the right decision on the Gardiner East, these areas collectively have the potential to provide thousands of new ownership and rental residential units, extensive affordable housing, new cultural landmarks, parks, schools and a substantial number of jobs.

The capital cost estimates for the “hybrid” proposal are more than double those for the ‘boulevard’ option, requiring an additional $500 million and assumes that a new elevated highway deck would not require replacement for 100 years. This is a lot of money that could be better spent on other critically important City-wide initiatives, including the delivery of SmartTrack or other initiatives to decongest the city.

From a development point of view, the economic case for the boulevard option is as clear as it gets. According to the city’s own staff report, the boulevard option would create 17.5 acres of new development lands compared to only 5.5 acres under the “hybrid” option. The difference is significant. That 12-acre difference represents a land value of $150 million and potential investment approaching $2 billion.

Moreover, these numbers neglect to take into account the enhanced value and subsequent increase in tax base for the city that would be generated by new developments outside of the shadow of the elevated expressway. When other cities like New York and San Francisco made the decision to tear down their elevated downtown expressways the values and tax base of adjacent sites rose significantly. Considering that the city is the largest landowner in the area, Toronto’s taxpayers will benefit most from these enhanced values.

The economics of the “boulevard” option should, on their own, make this an easy decision. The boulevard option is half a billion dollars cheaper than the hybrid option, will create more tax revenue for the city, and will generate significantly more investment. This should be a slam-dunk for its economic merits. However, this is bigger than simply economics.

At its core, the Gardiner debate is about a vision for our city. Do we aspire to build a city for the future, or maintain a city of the past? Cities around the world – from New York to San Francisco, Madrid to Seoul – have removed their downtown elevated expressways to much acclaim. It is time for Toronto to join them!

Toronto is a great city and we’re deeply proud of our small contribution to its development. We’d like to continue building a great city, an economically strong city. Removing the Gardiner East will help us do just that.

Leo DelZotto is President of the Tridel Group of Corporations.

Loading... Loading... Loading... Loading... Loading... Loading...

Mitchell Cohen is President of the The Daniels Corporation.

Alfredo Romano is President of Castlepoint Numa Inc.

Read more about: