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Union Station purchase |
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In August 2000, the City of Toronto purchased Union Station from the Toronto Terminals Railway Company (TTR).
The agreement cost the City no new money. The cost was offset by $25 million in back rent owed by TTR, and GO Transit prepaid $55 million for the CP Express site – tracks from the Don River to Strachan Avenue – and prepaid a 99-year lease in the station.
The purchase is the first step in launching a comprehensive redevelopment plan for Union Station that entails:
- GO Transit increasing its capacity to 50 million passengers a year from 35 million
- VIA Rail doubling the 10,000 passengers it carries every day
- Improvements to subway platforms for the TTC
- Under the plan, approximately 200,000 square feet of space will be available for retail and commercial development
Key points
- The redevelopment of Union Station is subject to City Council approval and is intended to improve the delivery of local, regional and national rail passenger services. It is also intended to increase capacity for transportation uses, improve the use of space, restore the heritage aspects of the building and revitalize the retail and office components of the station.
- Union Station must be economically self-supporting and will gain a significant component of its revenue from expanded transportation, retail, office and other commercial sources.
- Improvements will be undertaken to maintain and restore the architectural structure and historical features of the building, while also improving its overall ability to serve its tenants and the public.
- GO Transit plans for Union Station include extending platforms for GO trains, adding stairways, escalators and elevators to platform level, and operating back-to-back train loading and unloading.
- Heritage aspects are paramount to the future development.
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