quote:

Feb. 11, 2005. 01:00 AM Waterfront TV studio scrapped Was to kick-start revitalization project Sources: Too many subsidies asked for ROBERT BENZIE AND KERRY GILLESPIE STAFF REPORTERS Plans for a waterfront television studio and office complex — touted as a way to kick-start revitalization of the city's derelict shoreline — have been scrapped, the Toronto Star has learned. Sources say media giant CanWest Global wanted too much financial help from the city. "We have not been able to reach a deal," a source said yesterday. "The feeling was they were just looking for too many subsidies." The Winnipeg-based owner of Global Television and the National Post had planned to build a studio and newspaper headquarters worth up to $200 million next to the Redpath sugar plant on Queens Quay, just east of Jarvis St. The city-owned Toronto Economic Development Corporation (TEDCO) had planned to contribute $50 million toward the construction of the facility — code-named Project 24/7, sources say. The facility would have been built by TEDCO and leased back to CanWest. The justification for using taxpayer dollars to help a private company was that such a high-profile complex could kick-start revitalization plans for the city's derelict waterfront. The $50 million was to have been recouped through the lease payments. As well, the city expected to earn millions more in property taxes. But in the end, a deal couldn't be reached, sources say. "CanWest was being more and more aggressive in their asking for things to make it financially feasible," a source said. "It got to the point where the city said, `We can't go that far.'" The problems with the deal are to be discussed today, in camera, at a TEDCO board meeting. When the project was first revealed by the Star last November some people questioned whether a private building was right for such prime waterfront land. The Toronto Waterfront Revitalization Corporation is tasked with transforming 46 kilometres of waterfront into vibrant neighbourhoods full of homes, jobs and parks. John Campbell, CEO of the waterfront corporation, said it would be "disappointing" if Project 24/7 didn't go ahead. The waterfront plan calls for a public venue on that parcel of land, but Campbell said they were willing to be flexible to take advantage of the opportunity of having a creative information age employer on the site. "We felt it was the kind of use that could help kick-start (waterfront development) ... provided that the designs met certain basic principles, access to the waterfront and animation at ground floor," Campbell said. "We raised concerns over some design issues, but they were not things that couldn't be worked on and corrected." The waterfront corporation is trying to ensure that waterfront development east of Yonge St. doesn't follow the pattern on the west side, where there's a wall of condos blocking lake views and little public space. Some residents have suggested the way to avoid bad development is to simply create a network of parks and paths along the waterfront. "That's not realistic," said Deputy Mayor Mike Feldman, a TEDCO board member. "We need a very good combination of parks, recreation facilities, residences and jobs. "If this particular building doesn't go ahead," he said, referring to Project 24/7, "it doesn't mean that we stop marketing that area." TEDCO chief executive Jeffrey Steiner said attracting businesses to the waterfront is a high priority but not an easy one to meet. It's a great opportunity to get noticed but transportation issues, such as not having effective public transit, can hold companies back from locating there, he said. Project 24/7 was to have been home to the Global studio, currently on Barber Greene Rd. in Don Mills, and CanWest's nearby newspaper and magazine publishing offices on Don Mills Rd. "They're looking at another Toronto property," for the complex, a source said. "It's too bad. The actual design and building itself ... was great. Having those kind of white-collar jobs down on the waterfront is a pretty good thing," another insider said. "They were talking about having these open studios and other things for people to visit." Geoffrey Elliott, vice-president of corporate affairs for CanWest Global, said the company did not wish to discuss the project. "We don't comment on projects that we may or may not be involved in until there is something to talk about."

source:
http://www.thestar.com/NASApp/cs/Co...ol=968793972154


well i guess that means that parking lot across the street from the Guv will be around for a little while longer ..

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Palm Trees > Pine Trees , Sand > Snow