Toronto sells McDonald's site for a bargain

The city of Toronto has decided to sell a prime piece of land in the high-traffic area of Bloor Street West, just west of Avenue Road, for a bargain price and expects the property to be flipped quickly to allow a 100-metre condo tower on the site.

According to a Toronto Star report, McDonald's plans to resell the land to Kazakhstan-based developer Bazis International Inc., which is building an 80-storey condo building down the street at 1 Bloor and already owns the lot adjacent to McDonald's. As part of the deal, the chain would get a new restaurant in the building.

On March 5, city council voted 28-4 to accept the original offer of $3.38 million made by McDonald's for the building with a cheap 99-year lease.

Just two weeks ago, a blue-ribbon panel that examined the city's books concluded Toronto could do a better job of managing its massive real estate portfolio, and said the city could realize an extra $150 million a year from asset sales.

Some estimates had suggested the site, which is across from the Royal Ontario Museum, could be worth $7 million to $9 million, though its desirability could be limited by the long lease McDonald's holds on the land.

Question: How does this happen? You reckon the boys at Mickie Dee's could shell out the extra $3 million?

Read the whole story.

Photo from Toronto Star

Ontario Government to take over the TTC?

Apparently a 12-year, $17.5 billion transit expansion plan for the Greater Toronto Area announced on February 14 said the province of Ontario would like to eventually integrate the Toronto Transit Commission into the fledgling Metrolinx regional authority, and could do so without additional funding.

Formerly known as the Greater Toronto Transportation Authority, Metrolinx's ideal plan is a system of efficient transit across the region that would let commuters travel effortlessly across municipal boundaries without the hassle of separate fare and route systems.

"If you look around at most large urban centres, there tends to be a larger regional body that takes responsibility for these kinds of things," Ontario Premier Dalton McGuinty told reporters.

But it isn't clear why Mr. McGuinty floated an idea that municipal and transit leaders vehemently oppose. An independent panel appointed by Toronto Mayor David Miller to examine the city's finances apparently makes no such recommendation.

Miller said a provincial takeover of the TTC would "destroy transit in Toronto," leaving the city at the mercy of politicians at Queen's Park.

The mayor said the TTC needs money, not a takeover. The new plan is set to put new buses and streetcars out to ease overcrowding on routes across the city, with some of the improvements starting with in a week of the announcement.

I have always been in the opinion that finding and expansion for the TTC is critical to aptly service the fifth largest metropolitan area in North America. While I agree that the TTC needs major funding, as well as synergy with municipal transit bodies -- I think anyone who depends on public transit in the GTA does -- ultimately, I believe that the city of Toronto must still be in charge of operating the system.

Click here to read the story form the Toronto Star.

Click here to read the story from the Globe and Mail.