Council is investigating the feasibility of such a development in Bath Street, on land overlooking the lake, next to Royal Motor Yacht Club, Toronto.

Council’s property manager Kate Cramp said the site – zoned operational – presented council with an opportunity to develop a commercial venture that would be another long-term source of income for the city.

“Our commercial activities, as they are today, generate a return to our general fund of about $2.5 million every year,” Ms Cramp said.

“Those funds are spent on community outcomes like foreshore upgrades or sporting fields.”

Mayor's message: Potential gains from proposed development

Ms Cramp said many local councils had similar commercial ventures.

“We are expected to do more and more with the money that we have as the state government starts shifting responsibility for service delivery to us [council] for certain things. We get less funding for projects, so the commercial returns are a good alternative source of income,” she said.

Council built the Toronto Woolworths shopping centre about 25 years ago. It also leases out a number of its shops in the Toronto main street, and has holdings in Belmont, Warners Bay and Charlestown.

“And we’ve got about 40 residential properties that we lease out.”

Ms Cramp said the proposed development in Toronto was far from a done deal.

Council in April had simply voted to explore the feasibility of progressing a proposal to the development application (DA) stage – a process that would cost up to $1 million. Ms Cramp said the $1 million would not be spent in one hit.

“There’s a series of investigations that we will sequentially start taking with the constraints mapping,” she said. If an issue such as sea level rise, ground conditions, or financial viability proved to be a deal breaker, council would stop and not spend the full $1 million, she said.

Consultation starts today on plans for Toronto foreshore

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