Investment Potential
December 6, 2018 - Metrolinx Board presentation
Metrolinx has adopted a Transit Oriented Development (TOD) Market Driven Strategy for the implementation of transit infrastructure that leverages the value of Metrolinx’s transit network, service and real estate portfolio.
This strategy is driven by local real estate market conditions and/or the local need for additional transit. The 2041 Regional Transportation Plan supports TOD as Mobility Hubs, achieved through public and private collaboration, as a vital opportunity to maximize transit investment. Transit Oriented Development (TOD) is higher density, mixed-use development that is connected, next to or within a short walk of transit stations and stops, and is designed to encourage transit use.
The objective is to leverage third party investment to reduce the funding required from the Province for transit expansion and to enhance the GO customer experience through dense, mixed-use, integrated development at GO stations.
Metrolinx will partner with third parties (e.g. municipalities, land developers, etc.) to deliver new or improved transit infrastructure. Third parties will fund the design and construction of infrastructure, and Metrolinx will operate it. Metrolinx requirements will still be met for service, design, construction, consultation, etc. Third parties will coordinate project design, timing and integration with private development, if applicable.
Currently, Metrolinx is developing of an in-take process for reviewing and assessing third party opportunities to fund and construct Metrolinx transit infrastructure; developing principles, policy and a governance framework that supports a Market Driven Strategy; and will reach out third parties to test interest in this new strategy.
Example of TOD third party investment – Mimico GO Station
Community Building and Revitalization
The Region and municipal partners wholeheartedly support a transit-oriented development process with private sector partners for these stations. Local developers have already expressed an interest in being involved. Since Metrolinx owns property at the station sites, the benefits of land value uplift will be shared.
The Region is advancing $150 million in related infrastructure projects to support the extension in our capital program. Durham Region Transit is actively working with Metrolinx staff on options for schedule coordination, service and fare integration initiatives. This is being done so that we have the transit service supports and local infrastructure in place to effectively serve the new GO Stations.
Durham Region is home to almost 700,000 people today. In the next 12 years, our population will grow by 270,000 people. To attract these new residents as new transit riders, frequent reliable transit must be present where and when they arrive. Establishing the transit infrastructure is urgent. To achieve this, we are seeking Provincial transit investment comparable to that being delivered to communities west of Durham.