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Gondola, tunnel or bridge? Toronto city council eyes improved island access

Gondola, tunnel or bridge? Toronto city council eyes improved island access

Yahoo21-05-2025

Toronto city councillors are being asked to create a task force to accelerate expanded access to the Toronto islands, work that includes long-term and pricey options like a possible bridge, tunnel or gondola to the popular park.
City staff are recommending that council create the new group to accelerate access improvements to the Toronto Island Park which has over 1.8 million visitors every year. The debate comes after the city's aging ferry fleet struggled with service outages last year, sometimes resulting in long delays to access the park.
"I think it's not a bad idea to explore," Mayor Olivia Chow said of options the task force could consider. "Maybe they are too fanciful. We don't know until we examine the possibilities."
The mayor's executive committee approved in principle the creation of the task force last week, but city council will make the final call at a meeting that starts Wednesday. The task force will look at short and medium-term options to expand access like more water taxis and relief ferries. It will also look at long-term solutions like building a bridge, tunnel or gondola, which staff have warned could cost more than $100 million.
"The constraints would not make a fixed link project impossible, but they do indicate that such a project would not be quick, simple or inexpensive," staff said of the fixed link in a report to council.
WATCH | Torontonians frustrated at long lines to island ferry:
Council approved the purchase of two new electric ferries to replace a pair of vessels but the first of those ships won't be delivered until next year. Staff said last year the purchase will cost taxpayers $85 million.
Deputy Mayor Ausma Malik, whose downtown ward includes the islands, has been pushing for expanded access to the park since last summer. The space is as close to a backyard as many downtown apartment and condo residents can get, but accessing it can be a problem, she said.
"I know what an ordeal it can be to get to, especially in our peak summer months," she said. "We've heard it and we've experienced it: the lineups, the heat and sometimes the uncertainty."
Councillor Paula Fletcher, who represents the neighbouring ward, which is home to the Port Lands said building a bridge, tunnel or gondola is easier said than done. The city doesn't own the land where the gap between the city and island is the narrowest — around 220 to 265 metres — and the waterway is a live shipping lane.
"I'm just saying it's really a factor here that sometimes we forget about and it's still a working port," she said.
Deputy Mayor Mike Colle voted against establishing the task force at the mayor's executive committee and does not support expanding access to the islands, saying increased visitor traffic will damage habitat and natural spaces.
"Leave it alone," he urged his fellow councillors. "These hare-brained ideas. I mean, the only gondola I'd like to see is like the one they have in Venice."

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Scotiabank ramps up return-to-office mandate to four days a week
Scotiabank ramps up return-to-office mandate to four days a week

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Scotiabank ramps up return-to-office mandate to four days a week

Scotiabank is changing its return-to-office policy to require some employees to work in-person four days a week. In an internal memo shared last week, Scotiabank told staff the new mandate will apply starting in September. Teams that have limited office space will be expected to be present three or more days, with the goal of eventually having all employees based at the head office on Bay and King streets in four or more days each week, according to the memo seen by Bloomberg. And some employees won't be affected by the changes at all due to the nature of their work, with those on the global client-experience centre and Canadian banking collections teams seeing no change in their work arrangements. 'We know having our teams working together in-person has many benefits — greater collaboration, higher engagement, more career development opportunities, and a stronger culture and sense of belonging — and we are already seeing the positive impact this is having across the bank as we focus on executing on our strategy,' Scotiabank spokesperson Katie Raskina wrote in an emailed statement to the Star. 'We will continue to build on this impact as we bring our teams on-site more often, with the goal of reaching four days on-site across the bank over time.' One of the Big Six banks said it would tighten lending criteria for self-employed borrowers in Canada's Big Six banks, which have the largest presence in Toronto's financial district among other industries, have been leading the pack in the return-to-office movement . Since the COVID-19 pandemic, they started having workers back in the office as early as February 2022 — ahead of most companies. In May, it was reported that RBC has also asked its staff to work from the office four days a week, beginning in the fall. 'RBC is a relationship-driven bank, and in-person, human connection is core to our winning culture,' spokesperson Jeff Lanthier said in statement Monday. 'We have important commitments to our clients and bold goals for the future. We are confident that prioritizing working together in-person is a vital component in setting us up for continued, long-term success. Starting in September, we expect our employees around the world to be in the office, with flexibility to work remotely one day per week.' The Star contacted TD, CIBC, BMO and National Bank for their most recent return-to-office policies. National Bank spokesperson Alexandre Guay said each team has a different mandate depending on their needs — some employees work entirely in-person, while others follow a hybrid model. A CIBC spokesperson provided a similar statement. TD and BMO did not immediately respond to requests for comment. Last summer, the Star reported that Toronto Mayor Olivia Chow had met with several bank CEOs to discuss ways to get Torontonians back in the office at least four days a week, if not five, 'to make sure our financial district is vibrant.' She also said the banks had been calling on City Hall to 'set a good example and get all your workers back in.' With files from Bloomberg.

Oxford Properties and CT REIT Announce Major Retrofit at Canada Square, Anchored by New 20-year Office Lease with Canadian Tire Corporation
Oxford Properties and CT REIT Announce Major Retrofit at Canada Square, Anchored by New 20-year Office Lease with Canadian Tire Corporation

Yahoo

time2 days ago

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Oxford Properties and CT REIT Announce Major Retrofit at Canada Square, Anchored by New 20-year Office Lease with Canadian Tire Corporation

TORONTO, June 9, 2025 /CNW/ - Oxford Properties Group ("Oxford"), the global real estate arm of OMERS, and CT Real Estate Investment Trust ("CT REIT") (TSX: today announced, in partnership with Canadian Tire Corporation ("CTC") (TSX: CTC) (TSX: CTC.A), a transformative investment to retrofit the existing office buildings at Canada Square, a key midtown Toronto hub. This Canadian-led partnership includes a 550,000 square foot, 20-year office lease with CTC, demonstrating the enduring appeal of centrally located, transit-connected workplaces and representing a major investment in Toronto's urban core. The redevelopment project represents a combined investment of over $200 million by Canada Square co-owners Oxford and CT REIT. The two office towers at 2180 and 2200 Yonge Street will be retrofitted to deliver 680,000 square feet of highly functional and modernized office space, over 80% of which will be anchored by CTC. Having operated its head office at Canada Square for over 50 years, CTC is also investing to build a next-generation headquarters for thousands of employees. "This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we've called home for more than half a century," said Greg Hicks, President and CEO, Canadian Tire Corporation. "We're excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction." Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge Street will undergo internal upgrades and a complete façade renewal, followed by a full renovation of the 17-storey tower at 2200 Yonge Street. Construction, which will begin in late 2025, will minimize embodied carbon from the project while introducing significant energy efficiency upgrades in support of LEED Certification. The retrofit work will also deliver new employee amenities and approximately 15,000 square feet of modern retail space on Yonge Street, significantly improve the streetscape and offer a refreshed retail experience for the neighbourhood. "This 'made in Canada' solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford," said Blake Hutcheson, President and CEO of OMERS. "This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world. We are proud to put our pensioners' dollars to work to improve our cities while, at the same time, delivering on our obligation to generate returns to pay pensions for our members." The project will further benefit the community by delivering an upgraded and more accessible TTC entrance on Yonge Street to help local residents and workers more efficiently access Eglinton station. "Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential," said Kevin Salsberg, President and CEO, CT REIT. "This major reinvestment exemplifies our commitment to enhancing our assets and providing reliable, durable and growing results for our unitholders. We're building for today while setting the stage for the decades to come." "This substantial investment at Canada Square is part of Oxford's deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform," said Daniel Fournier, Executive Chair at Oxford Properties. "A company of Canadian Tire's stature signing a multi-decade office lease speaks to the trust our customers have in Oxford to create their ideal workplace. Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square." The office retrofit project is an important step towards the planned redevelopment of the 9.2-acre site into a vibrant, mixed-use addition to the community. Oxford and CT REIT continue to advance plans for the west side of the site that contemplate a significant amount of critically needed new rental housing and public open space in one of the city's most transit-connected nodes. FORWARD-LOOKING INFORMATION This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities laws, which reflect the current expectations of CTC and/or CT REIT management regarding future events and financial commitments concerning Canada Square. All statements, other than statements of historical fact, contained in this press release that address activities, events or developments that CTC and/or CT REIT or a third-party expects or anticipates will or may occur in the future, including with respect to the redevelopment of Canada Square and the assumptions underlying the same, are forward-looking statements. Readers are cautioned that such information may not be appropriate for other purposes. Although CTC and CT REIT management believe that the forward-looking statements in this press release are based on information, estimates and assumptions that are reasonable, such statements are necessarily subject to a number of risks, uncertainties and other factors that could cause actual actions and results to differ materially from those expressed or implied in such forward-looking statements. For more information on the material risks, uncertainties, factors and assumptions that could cause actual actions and results to differ materially from current expectations, refer to section 14.0 (Forward-Looking Information and Other Investor Communication) of CTC's 2025 First Quarter Management's Discussion and Analysis and all subsections therein, available on the SEDAR+ website at and and section 5 (Risk Factors) of CT REIT's Annual Information Form for fiscal 2024, and sections 12.0 (Enterprise Risk Management) and 14.0 (Forward-looking Information) of CT REIT's Management's Discussion and Analysis for Q1 2025 and fiscal 2024, as well as CT REIT's other public filings, all of which are available at and at CTC and CT REIT do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by either of them or on their behalf, to reflect new information, future events or otherwise, except as required by applicable securities laws. ABOUT OXFORD PROPERTIES GROUP Oxford Properties Group ("Oxford") is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford's owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world's most active developers with over 70 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. Learn more here. ABOUT CT REAL ESTATE INVESTMENT TRUST CT Real Estate Investment Trust ("CT REIT") is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 375 properties totaling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada. Canadian Tire Corporation, Limited, is CT REIT's most significant tenant. For more information, visit ABOUT CANADIAN TIRE CORPORATION Canadian Tire Corporation, Limited (TSX: CTC.A, TSX: CTC, "CTC") has been a proudly Canadian business since 1922. Guided by its brand purpose, "We are here to make life in Canada better," CTC has built an expansive national retail presence, exceptional customer brand trust and one of Canada's strongest workforces – employing, along with its local Dealers and franchisees, tens of thousands of Canadians. At its core are retail businesses, each designed to serve life's pursuits: Canadian Tire, offering products spanning Living, Playing, Fixing, Automotive, and Seasonal & Gardening, bolstered by notable banners Party City and PartSource; Mark's, a leading source for casual and industrial wear; SportChek, Hockey Experts, Sports Experts and Atmosphere, offering the best brands of active wear and gear; and Pro Hockey Life, a hockey specialty store catering to elite players. CTC's banners, brand partners and credit card offerings are unified through its Triangle Rewards loyalty program – a linchpin of CTC's customer-driven strategy. With nearly 12 million members, Triangle integrates first-party data to deliver valuable rewards and personalized experiences across nearly 1,700 retail and gasoline outlets. CTC also operates a retail petroleum business and a Financial Services business and holds a majority interest in CT REIT, a TSX-listed Canadian real estate investment trust. For more information, visit FOR MORE INFORMATION Oxford Properties Group: Media: Josh Burleton, (416) 865-5360, media@ CT Real Estate Investment Trust: Investors: Lesley Gibson, (416) 480-8566, Canadian Tire Corporation:Media: Stephanie Nadalin, (647) 271-7343, Karen Keyes, (647) 518-4461, SOURCE Canadian Tire Corporation, Limited View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Oxford Properties and CT REIT Announce Major Retrofit at Canada Square, Anchored by New 20-year Office Lease with Canadian Tire Corporation
Oxford Properties and CT REIT Announce Major Retrofit at Canada Square, Anchored by New 20-year Office Lease with Canadian Tire Corporation

Yahoo

time2 days ago

  • Yahoo

Oxford Properties and CT REIT Announce Major Retrofit at Canada Square, Anchored by New 20-year Office Lease with Canadian Tire Corporation

TORONTO, June 9, 2025 /CNW/ - Oxford Properties Group ("Oxford"), the global real estate arm of OMERS, and CT Real Estate Investment Trust ("CT REIT") (TSX: today announced, in partnership with Canadian Tire Corporation ("CTC") (TSX: CTC) (TSX: CTC.A), a transformative investment to retrofit the existing office buildings at Canada Square, a key midtown Toronto hub. This Canadian-led partnership includes a 550,000 square foot, 20-year office lease with CTC, demonstrating the enduring appeal of centrally located, transit-connected workplaces and representing a major investment in Toronto's urban core. The redevelopment project represents a combined investment of over $200 million by Canada Square co-owners Oxford and CT REIT. The two office towers at 2180 and 2200 Yonge Street will be retrofitted to deliver 680,000 square feet of highly functional and modernized office space, over 80% of which will be anchored by CTC. Having operated its head office at Canada Square for over 50 years, CTC is also investing to build a next-generation headquarters for thousands of employees. "This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we've called home for more than half a century," said Greg Hicks, President and CEO, Canadian Tire Corporation. "We're excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction." Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge Street will undergo internal upgrades and a complete façade renewal, followed by a full renovation of the 17-storey tower at 2200 Yonge Street. Construction, which will begin in late 2025, will minimize embodied carbon from the project while introducing significant energy efficiency upgrades in support of LEED Certification. The retrofit work will also deliver new employee amenities and approximately 15,000 square feet of modern retail space on Yonge Street, significantly improve the streetscape and offer a refreshed retail experience for the neighbourhood. "This 'made in Canada' solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford," said Blake Hutcheson, President and CEO of OMERS. "This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world. We are proud to put our pensioners' dollars to work to improve our cities while, at the same time, delivering on our obligation to generate returns to pay pensions for our members." The project will further benefit the community by delivering an upgraded and more accessible TTC entrance on Yonge Street to help local residents and workers more efficiently access Eglinton station. "Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential," said Kevin Salsberg, President and CEO, CT REIT. "This major reinvestment exemplifies our commitment to enhancing our assets and providing reliable, durable and growing results for our unitholders. We're building for today while setting the stage for the decades to come." "This substantial investment at Canada Square is part of Oxford's deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform," said Daniel Fournier, Executive Chair at Oxford Properties. "A company of Canadian Tire's stature signing a multi-decade office lease speaks to the trust our customers have in Oxford to create their ideal workplace. Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square." The office retrofit project is an important step towards the planned redevelopment of the 9.2-acre site into a vibrant, mixed-use addition to the community. Oxford and CT REIT continue to advance plans for the west side of the site that contemplate a significant amount of critically needed new rental housing and public open space in one of the city's most transit-connected nodes. FORWARD-LOOKING INFORMATION This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities laws, which reflect the current expectations of CTC and/or CT REIT management regarding future events and financial commitments concerning Canada Square. All statements, other than statements of historical fact, contained in this press release that address activities, events or developments that CTC and/or CT REIT or a third-party expects or anticipates will or may occur in the future, including with respect to the redevelopment of Canada Square and the assumptions underlying the same, are forward-looking statements. Readers are cautioned that such information may not be appropriate for other purposes. Although CTC and CT REIT management believe that the forward-looking statements in this press release are based on information, estimates and assumptions that are reasonable, such statements are necessarily subject to a number of risks, uncertainties and other factors that could cause actual actions and results to differ materially from those expressed or implied in such forward-looking statements. For more information on the material risks, uncertainties, factors and assumptions that could cause actual actions and results to differ materially from current expectations, refer to section 14.0 (Forward-Looking Information and Other Investor Communication) of CTC's 2025 First Quarter Management's Discussion and Analysis and all subsections therein, available on the SEDAR+ website at and and section 5 (Risk Factors) of CT REIT's Annual Information Form for fiscal 2024, and sections 12.0 (Enterprise Risk Management) and 14.0 (Forward-looking Information) of CT REIT's Management's Discussion and Analysis for Q1 2025 and fiscal 2024, as well as CT REIT's other public filings, all of which are available at and at CTC and CT REIT do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by either of them or on their behalf, to reflect new information, future events or otherwise, except as required by applicable securities laws. ABOUT OXFORD PROPERTIES GROUP Oxford Properties Group ("Oxford") is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford's owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world's most active developers with over 70 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. Learn more here. ABOUT CT REAL ESTATE INVESTMENT TRUST CT Real Estate Investment Trust ("CT REIT") is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 375 properties totaling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada. Canadian Tire Corporation, Limited, is CT REIT's most significant tenant. For more information, visit ABOUT CANADIAN TIRE CORPORATION Canadian Tire Corporation, Limited (TSX: CTC.A, TSX: CTC, "CTC") has been a proudly Canadian business since 1922. Guided by its brand purpose, "We are here to make life in Canada better," CTC has built an expansive national retail presence, exceptional customer brand trust and one of Canada's strongest workforces – employing, along with its local Dealers and franchisees, tens of thousands of Canadians. At its core are retail businesses, each designed to serve life's pursuits: Canadian Tire, offering products spanning Living, Playing, Fixing, Automotive, and Seasonal & Gardening, bolstered by notable banners Party City and PartSource; Mark's, a leading source for casual and industrial wear; SportChek, Hockey Experts, Sports Experts and Atmosphere, offering the best brands of active wear and gear; and Pro Hockey Life, a hockey specialty store catering to elite players. CTC's banners, brand partners and credit card offerings are unified through its Triangle Rewards loyalty program – a linchpin of CTC's customer-driven strategy. With nearly 12 million members, Triangle integrates first-party data to deliver valuable rewards and personalized experiences across nearly 1,700 retail and gasoline outlets. CTC also operates a retail petroleum business and a Financial Services business and holds a majority interest in CT REIT, a TSX-listed Canadian real estate investment trust. For more information, visit FOR MORE INFORMATION Oxford Properties Group: Media: Josh Burleton, (416) 865-5360, media@ CT Real Estate Investment Trust: Investors: Lesley Gibson, (416) 480-8566, Canadian Tire Corporation:Media: Stephanie Nadalin, (647) 271-7343, Karen Keyes, (647) 518-4461, SOURCE Canadian Tire Corporation, Limited View original content to download multimedia: Sign in to access your portfolio

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