[URBAN NOTE] "Rail deck park could cost at least $1.05 billion"

[rfmcdonald]

The Toronto Star's Jennifer Pagliaro reports on the costs involved with the proposed Rail Deck Park. All I can say is that, if Toronto wants something nice, sooner or later it's going to have to pay for it.

To achieve the Mayor John Tory-backed vision of a 21-acre park decked over the downtown rail corridor, city staff estimated it will cost at least $1.05 billion to build.

That is a very preliminary estimate ahead of engineering work and a feasibility study for a massive signature park the mayor has staked his name on. That does not include the cost of purchasing the necessary air rights over the corridor from various rail companies.

The staff report to Tory’s executive committee, which meets next week, found that a park stretching 850 metres from Bathurst St. to Blue Jays Way is technically feasible. Staff have yet to do any detailed work on the exact costs or how to pay for it.

They are recommending $2.4 million be earmarked for initial work in 2017, most of which will pay for staffing costs and consultants. It is recommended that $1.2 million of that funding come from a city-wide reserve dedicated for new parkland.

“Today’s staff report demonstrates important progress on this complex project, and reinforces my belief that this park is both entirely feasible and entirely necessary,” Tory said in an emailed statement. “This project has been met with huge support and I am determined to get it done.”