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November 12, 1998
Yonge-Dundas Project clears final legal hurdle
  
The Ontario Court of Appeal dismissed an application for a further appeal by
three land owners and gave the final go-ahead to the Yonge-Dundas Project. The
project will replace a run-down retail strip with an "urban entertainment
centre" and create Toronto's first new public square since Nathan Phillips
Square.

"The rebirth of downtown Toronto has begun," said
Councillor Kyle Rae.
"With today's decision, the square and entertainment centre
can now
proceed."

The entertainment centre, which is slated for the
north-east corner,
will include restaurants, stores and a 30-screen theatre
complex.

The square is planned for the south-east corner of Yonge
and Dundas.
An international architectural competition for the design
of the one-acre
square is currently underway. The square will be surrounded
by 67,000
square feet of new street-related retail stores framing the
three sides of
the square. Below the square will be 250 new parking
spots.

"I love this project!," said Mayor Mel Lastman, "It will do
for Toronto what
the clean-up of Times Square did for New York City. It will
make the
greatest city in the world even greater."

"It's a terrific day for everyone associated with the
project and a terrific
day for Toronto," said Glenn Miller, President and C.E.O.
of Penequity
Management Corporation, the Toronto-based developer of the
project.

"We have cleared the final legal hurdle" said City lawyer
Stephen Waqué
of the law firm Borden & Elliot.

"This project has brought together a wide range of
interests: business
and community associations, Ryerson Polytechnic University,
a private
developer and city planners and councillors, said Rae. "It
shows how
much you can achieve when you put together a great team to
work on a
great idea."

Construction of the Square will begin in January 1999.


Media Contact
Gary Wright, Project Coordinator
Urban Planning and Development Services, City of Toronto
(416) 392-1791
gwright1@city.toronto.on.ca

 

 

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