Metrolinx plans tie-up with developers for multiple TOD ventures

Metrolinx has already confirmed its plans for tying up with multiple private real estate developers for building transit oriented developments or TOD projects. New transit infrastructure will be built as part of this announcement with profits coming in from adjacent residential and commercial properties. This is a new market driven blueprint for Metrolinx and the first project will involve the reconstruction of the Mimico Go station and developers are already coming up proposals for Metrolinx for sites spanning the GTA. This new wave of infrastructural development will definitely boost the real estate market in the Greater Toronto Area (GTA) and much of Ontario as per experts.

There are several Go railway stations which have surrounding surface parking areas that are vast and expansive. Go is currently on a modernization drive to a transit model that will be more beneficial. There will thus be higher demand for commercial zones and residential units located around these stations. Under-used land owned by Metrolinx may be tapped extensively for this purpose. Transit-oriented development may also go a long way towards lowering overall car usage in the Greater Toronto Area.

Metrolinx will be funding these ventures through revenues garnered from local developments. A private developer will fund the new station cost at Mimico and get the right to construct a mixed-use project above the station. Older subway stations located in Toronto have been examples of transit based development with entrances to stations often situated within commercial or residential structures. Another site that is being considered is the new Woodbine station located at Highway 27 on the Go Kitchener Line. Metrolinx is also striving to close the station at Etobicoke North which will be relocated for upcoming projects.