$37M plan to transform Toronto Union Station into destination spot

January 6, 2016

By Maryam Shah, Toronto Sun

TORONTO – Taxpayers won’t have to put down a dime up front under a proposed $37-million plan to turn Union Station into a destination where they can grab dinner or spend time shopping.Website Insert Development Finance and Management copy

Brad Keast, a vice-president for Osmington Inc., the station’s main lessee, told councillors on the government management committee Monday that his company’s plan will transform the landmark station into a “unique destination” with shops, restaurants, and space for cultural events.

“The overall vision is to turn this into a destination in itself and to make it a great civic space,” Keast said. “The transit function is there and it’ll always be a transit hub first.”

Osmington will pick up 60% of the cost, leaving the city to cover the remainder, according to the plan.

However, Keast offered assurances there will be no up-front cost to taxpayers.

The city’s portion will be recovered by Osmington through future revenues and sponsorship.

“And in fact, if after 15 years there’s still monies outstanding, we will forgive the loan. So there’s zero risk to the city,” Keast insisted.

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