$3B casino complex proposed for Front Street
Posted October 12, 2012 9:07 am.
This article is more than 5 years old.
Oxford Properties Group is proposing a casino at the Metro Toronto Convention Centre as part of a $3-billion redevelopment project, the company said Friday morning.
The Ontario Lottery and Gaming Corp. is pushing the city to accept a casino, which has sparked a grassroots protest against a mega gaming complex.
“If the decision is made to have a casino in the City of Toronto, Oxford believes it can provide the best location and the ideal solution for all stakeholders,” Oxford president and CEO Blake Hutcheson said.
The 4.4-hectare development would be funded by the private sector, Hutcheson said.
“Oxford Place…requires no public infrastructure or other funding,” Hutcheson said.
But Mayor Rob Ford has reservations about the location and said he’d have to see the numbers before endorsing the project.
“The Port Lands, Exhibition Place — that’s my preference. We can make more money when we own the property obviously,” he said.
“If we can make money and it creates good paying jobs, then I’m in favour of it … But until then, I want to see all the proposals that come forward.”
Coun. Adam Vaughan had stronger criticism for the proposal, saying it would demolish two existing office towers.
“Those buildings currently pay about $10 million a year in taxes to the city,” he said at city hall.
“It’s going to take about five years to build this. That’s a $50-million hit to our tax base. We also lose those jobs,” he said.
The proposed Oxford Place property comes just a week after David Mirvish unveiled plans for a Gehry-designed art and condo complex at the site of the Princess of Wales Theatre.
Oxford, the real estate arm of OMERS (Ontario Municipal Employees Retirement System) pension fund, would expand the existing convention centre and add new retail, office and residential space as well as the casino. The company has also proposed a hotel on the Front and Simcoe site.
The casino would be funded, built and operated by the casino operator selected by the province, Oxford said, and would be connected “directly” to existing transportation infrastructure, company vice-president Michael Kitt said.
“Oxford’s announcement today demonstrates one example of how gaming can be integrated into a multi-billion-dollar mixed-use project,” Canadian Gaming Association CEO Bill Rutsey said in a release.
“This is the beginning of what we expect will be iconic options for the city to consider if it chooses to do so.”
City manager Joe Pennachetti is expected to deliver a report on the pros and cons of a Toronto casino in November.
With files from CityNews.ca staff
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