Ontario Construction News staff writer
Pickering council has voted to defer all work on the City Centre project due to the long-term fiscal and economic impacts.
This is the second delay for the project which was also put on hold in 2020 due to setbacks resulting from COVID-19, including a lack of revenue from Pickering Casino, which had a significantly delayed opening due to restrictions surrounding the pandemic. The city had been expecting $10 million to put toward the development.
The project labeled a bold transformation includes a variety of new, state-of-the-art buildings and municipal facilities including a performing arts centre, relocated and expanded central library, combined seniors & youth centre, three condominium towers, hotel, and a vibrant public square.
“In light of the project deferral, we must stress that the city continues to support the vision of a landmark City Centre project but has chosen to pause any further work until this matter can be deliberated using the most up-to-date information,” he said.
It’s a partnership with OPB Realty Inc., owners of Pickering Town Centre (PTC), and focuses on the redevelopment of lands on the east side of the mall and immediately south of Esplanade South.
Originally endorsed by councillors in 2013, the vision consists of three broad components:
- Ensuring an appropriate land use framework is in place.
- Working with senior levels of government and utilities to ensure required infrastructure is in place.
- Working with downtown landowners and potential investors to attract desirable investment.
In February, the public got a sneak peek of the vision for the project, as staff presented a draft plan of subdivision and a zoning bylaw amendment application submitted by OPB Realty for the easterly portion of the Pickering Town Centre lands.
Last October, council voted to sell its Elexicon Energy investment to find $207.7 million needed to fund the project.
“It should also be noted that although the City Centre project is deferred, the city is continuing with the divestiture of its shares in Elexicon,” Guinto said.
Staff is now reviewing the project “in light of the latest information” presented to council in a staff report in March. Following the review and updated financial projections, council will decide on the future of the project.
“In light of the project deferral, we must stress that the city continues to support the vision of a landmark city centre project, but has chosen to pause any further work until this matter can be deliberated using the most up-to-date information,” reads a statement on the city’s website.