Metrolinx cancels massive development contract with developer in receivership

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Robin MacLennan

Ontario Construction Report staff writer

Metrolinx has cancelled a major development  agreement with Vandyk Properties, putting the redevelopment of the Mimico GO station up in the air.

The agreement signed in 2022, required developer Vandyk Properties to rebuild the station along with a transit-oriented community (TOC) around it, including 300 underground parking spaces, 96 bicycle spaces, an integrated transit plaza, a retail plaza, and a greenway path for pedestrians and cyclists.

“While improvements are very much still part of our plan, Metrolinx has exercised our right to terminate the binding agreement with Vandyk Properties to protect public lands, including the planned transit-oriented community at Mimico GO Station,” a spokesperson told Ontario Construction News on Tuesday.

“Metrolinx is continuing to explore options to deliver new and improved transit infrastructure benefits at Mimico GO Station through the TOC program.

The Grand Central Mimico development is to include more than two million square feet of mixed-use development, anchored by about 1.85 million square feet of residential space.

It was the first signed, binding agreement between Metrolinx and a private developer, Vandyk Properties. The master-planned nine proposed tower community would span four city blocks and be anchored by over 1.85 million sq. ft of residential living space.

The first phase of Grand Central Mimico was to be The Buckingham, a three-tower, 751 unit condominium, featuring approximately 20,000 sq. ft of retail space, to be anchored by an urban grocery store and restaurants; and approximately 30,000 sq. ft of office space.

“While no construction projects are currently underway at or near this station, as with any of our transit projects, we will work with the local community, our contractor and the City of Toronto will ensure the appropriate traffic mitigations are in place once construction begins.”

Metrolinx was informed in February that a court-appointed receiver was appointed for the lands formally owned by Vandyk Properties adjacent to the planned transit-oriented community in this location.

According to the report, lenders who worked with Vandyk Properties claimed that the private developer owed more than $300 million.

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