Update on Investment Opportunity at 229 Richmond Street West

Since that time, Toronto Parking Authority has worked with CreateTO as well as the City Planning and Parks, Forestry and Recreation Divisions to assess the viability of constructing a parking garage beneath a planned City park at 229 Richmond Street West. The new park at 229 Richmond Street West represents the City's most significant park acquisition in the Downtown in recent decades. Toronto Parking Authority has also worked with the Owner of 133 John Street and 241 Richmond Street West to explore the feasibility of a joint venture development involving the developer's construction of the parking garage with a shared access arrangement within the development. As a result of the investigations carried out and the stakeholder feedback received, CreateTO has advised Toronto Parking Authority that construction of a parking garage at 229 Richmond Street West cannot be supported because the garage would delay completion of the park, impact design and programming of the park space and pose future maintenance issues. In light of this decision, CreateTO will work with Toronto Parking Authority to identify other parking opportunities in the area.