City of Toronto Announces Union Station Deal|
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In the Great Hall of Union Station today, Mayor Mel Lastman officially
announced the City of Toronto's $80 million purchase of the landmark building
from the Toronto Terminal Railway Company (TTR). The mayor made the
announcement jointly with Federal Transport Minister David Collenette, the key
federal minister involved in brokering the deal.
"It is my honour to announce that a deal has been reached for the people of
Toronto to own this irreplaceable architectural marvel," said Mayor Lastman.
"Union Station is our train and bus gateway to Canada. It represents everything
that is great and good about our city."
The $80 million agreement will cost the City no new dollars. Toronto is
foregoing $25 million in back rent owed by TTR and GO Transit will pay $55
million for a 99-year lease. Additionally, a $200 million restoration will be
paid for by the private sector.
The purchase is the first step in launching a comprehensive redevelopment plan
for the Station that entails:
- GO Transit increasing its capacity to 50 million passengers a year from 35
- VIA doubling the 10,000 passengers it carries every day
- Improvements to subway platforms of the TTC
The purchase from TTR, a wholly-owned subsidiary of Canadian National Railways
and Canadian Pacific Limited, has long been one of the city's goals. But in the
new Toronto it has taken on additional meaning.
Said the Mayor, "The purchase of Union Station will be a catalyst for our
waterfront redevelopment and boost immeasurably our bid for the 2008 Summer
Toronto's Chief Administrative Officer Michael R. Garrett added, "Union
Station's purchase is a critical step forward in building the new Toronto. This
historic landmark, transportation hub and unique tourist attraction will be
enhanced and become even more of a jewel in the crown of Toronto."
Under the plan, which is subject to City Council approval, approximately
200,000 square feet of space will be available for retail and commercial
development. Leasing of this space will offset all renovation costs at the
For more information about Union Station, download our backgrounder in
PDF file format or visit the Union Station Web