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November 20, 2002
Investment in public transit pays tremendous dividends: Shiner
  
Toronto Budget Chair and Ward 24 Councillor David Shiner, and area developers
today outlined the positive economic impacts the new Sheppard subway line has
had on the Sheppard corridor and north Yonge St. even before the subway
officially opens November 24.

"The line cost $930 million to build, but already Toronto residents have seen
more than $2.3 billion in investments in new home, office and retail
construction in the area," said Shiner. "Investment in public transit pays
tremendous dividends to the city, as well as to the provincial and federal
governments."

Shiner estimates that in addition to the $42.6 million in new property taxes
for the city and the $31 million in additional revenue for provincial education
taxes, already more than $318 million in sales and income taxes has been
generated for the Ontario government and $408 million for the federal
government.

Caps were in place and development on Yonge St. in the North York Centre could
not proceed until construction commenced on the Sheppard subway. Residential
and commercial developments in the Yonge-Sheppard corridor - of which there are
more than 80 - totals approximately 2.5 million square meters (25 million sq.
ft.).

"For every one dollar spent on transit, more than $2 is invested in the
community by the private sector," said Shiner. "It is funding investments like
these that need to be made in public transit. Traffic just keeps getting worse.
New transit lines have to be under construction before new developments are
permitted. Toronto's new official plan speaks directly to what we see occurring
along Sheppard Ave. Every year we must see the investment, by all three levels
of government, in new transit infrastructure."

There are five new subway stations between Yonge St. and Don Mills Rd. In
addition to the residential and commercial developments, the city's first
community centre on a subway station is being planned. The proposed centre will
be a joint-use facility that includes a library, two schools and a 9.5 acre
park in the Sheppard/Bessarion area.

Andrew Bigaukas, an architect with the Shane Baghai Group said, "The new
streetscape and amenities that my company, and others, will bring to the
Sheppard corridor will be a real eye-opener for many. Without the new subway,
the activity you see today would simply not be occurring. This is what
appropriate urban planning is all about."

Niall Haggart, vice president of The Daniels Corporation said, "We think the
Sheppard subway line is bringing tremendous benefit to the City of Toronto. Our
company is investing close to half-a-billion dollars in the New York Towers
community through the creation of condominiums, rental, and seniors housing
comprising over 2,100 residential units."

Ken Silver, vice-president, Real Estate and Construction, with Canadian Tire
Corporation, said, "We are very pleased with the progress that we've made
towards the redevelopment of our lands having worked closely with Councillor
Shiner, City staff and the community and we look forward to continuing that
work."

Toronto's economic development officials estimate 53,000 person years in direct
and indirect employment was created as a result of development in the
Yonge-Sheppard corridor.


Media Contact
Access Toronto
416-338-0338

 

 

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