The Ontario Government has announced that it plans to partner with a condominium developer in order to deliver the proposed new Mimico GO Transit station.
“Transit Oriented Development will let us partner with the private sector to build a new GO Transit station at Mimico, and get the work done at a lower cost to the taxpayer,” said Jeff Yurek, Minister of Transportation, in a press release. “The developer will pay all construction costs for the main station building, new parking and a greenway, in exchange for the right to develop above the station.”
The government says allowing developers to build housing above transit stations in exchange for building new facilities around transit stations will create mixed-use communities in these regions.
Yurek added that he has asked Metrolinx to assess the status of transit projects and determine how feasible it is to apply this sort of approach. “We are open to new ideas for other forms of partnerships that will create value for transit users, communities and interested parties. We will look at all our major transit projects through this lens.”
“We are very excited to partner on a market-driven approach that puts people at the core of transit planning,” added Phil Verster, president and CEO of Metrolinx. “Working to build new places to live, work and play right at stations will grow transit ridership, save tax dollars, and create the new and seamlessly connected communities that Metrolinx has long envisioned. We look forward to our continued work with the government, municipalities, and the private sector to deliver a great customer experience with benefits that extend to communities across the region.”