The Vandyk Group has been chosen as the developer to build the new Mimico GO Station, Metrolinx has announced.
The private developer will foot the bill for the project, meaning the construction of the new station will be done at no cost to the taxpayer.
The construction will include the new station, a parking lot and a cycling and pedestrian path.
In exchange, the Vandyke Group will create a mixed-use development above the station. Vandyk also owns the land to the north of the existing Mimico GO station.
“There’s no doubt that the value we’ll be receiving for the air rights exceeds the value of the air rights,” Metrolinx CEO Phil Verster said in a statement released Thursday morning, ahead of the official announcement.
The official announcement is expected to be made at Mimico GO Station at 8 a.m. on Thursday.
The provincial Minister of Transportation and the president and CEO of Metrolinx will be in attendance.