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blah blah blah.... will there be hover boards?For those who do not understand why such prime and coveted Waterfront land would sit for decades as a blight with no developer willing to touch it, I will explain.
This land not only represents lost opportunity to the City in terms of the cash it would have made and collected over the decades if developed but it represents a cost as the levels of gov't support the land and earn no income from it.
This was land used for decades as a Port in Toronto by Shipping companies using it offload imported goods such as sugar, oil and gas, and other into Toronto and off to N.America locales. Many people do not realize that what appears to be land locked Toronto, in the centre of the country, actually receives in, still, Ocean liner traffic coming in from the Atlantic Ocean, and following the St Lawrence river all the way into downtown Toronto. Yes the St. Lawrence river can handle the biggest ocean liners.
I am certainly not anti corporate (I have started and run and exited 3 companies) but this is perfect example of Crony Capitalism and its harm railed upon by many on the left. This issue is the cost left behind once a company is done with an area and moves on and how citizens are often left with that cost after the corporations take out all the profits. Due to limited liability and other laws that do not price in properly the full cost of the after effect you have a situation in Toronto's Eastern Waterfront, where the companies who raked in huge profits for decades where able to abandon the lands once done leaving a toxic soup in the ground that no one would want to touch.
You often see a similar thing inn residential neighbourhoods where there was once a gas station, it shut down, but developers won't buy or touch the land for about 7 years or more after.
Why?
Because as soon as that land has new ownership and they look to develop it the gov't can and will do environmental tests on the land and before granting permits REQUIRE the new owner to bring the land back up to spec. It is possible that unknown cost of doing so could make the entire proposed development unprofitable and thus not financeable. But once the gov't has found the toxins and other they can still impose an order on the new owner to clean it up, even if they are not developing it. They can seize all that new owners assets and liquidate them and apply that money to cleaning it up as these order are mandatory.
Do to the limited liability of the prior giant corporations they just get to walk away. the gov't then basically inherits these lands when no one pays the taxes and they do not force themselves to clean it up but they will force any new private owner.
so what Alphabet has jumped into here is a big unknown risk re the cost of remediation of that land. it is only once deep soil cores are taken and tested that the extent of the clean and cost will be known. they have low end and high end estimates and I am sure they are ok with both, but sometimes things on sites like this go horribly wrong and Alphabet/Google could be forced to pay a lot.
that is why this is such a big benefit Toronto as no one else has wanted to risk this and thus some of Toronto's best WaterFront property has sat as a blight for decades.
if any large developer in the future thought, 'this land has sat long enough, most toxins should be gone' and bought this land from the gov't it would almost certainly be a condo developer looking to put in yet another massive string of ultra high end condo's in Toronto. And we know some of the bigger ones have looked in the past. They would have the margin to take some risk. And i have nothing against massive developers nor high end condo's. I like to live in the latter, so its not about that.
To me, this is about Alphabet/google taking a huge risk to bring a big vision of mixed housing and employment and park lands to that section of Waterfront and ADD to the overall aesthetic and appeal of the entire city. The biggest complaint about Toronto's waterfront currently is that it ws given over to COndo developers who had no concern for its connectivity and accessibility for all the people who want to visit the Waterfront. Unlike in cities like Chicago you cannot walk Torontos water front without go in and out to the street to get around the condos that break it up.
This Eastern Stretch of waterfront in the Alphabet plan would be fully accessible to all and a massive improvement to what is there, especially when you consider if its not done, the blight is likely to remain for decades more. If the 'anti-corporate' shills manage to block this and celebrate a win over 'big corp's' while ignoring what they leave behind, that would be a true shame.