TEDCO and Redpath Sugar Strike Deal to Free up Park Land



    TORONTO, Jan. 30 /CNW/ - The Toronto Economic Development Corporation
(TEDCO) announced today that it has entered into an agreement with Redpath
Sugar Ltd. to end its lease of TEDCO property at 125 Queen's Quay Blvd. East.
Redpath originally had a lease to use the land next door to the sugar factory
until 2021 but agreed to give up parking rights which would otherwise impede
planned redevelopment of the site. As part of revitalization of the
surrounding area, Redpath Sugar will remain part of the City's mixed-use
waterfront as reflected in the Central Waterfront Plan confirmed by City
Council. This agreement allows further redevelopment of the East Bayfront area
to proceed and will also help accommodate the Jarvis Slip Open-Space park.
    "With this agreement TEDCO continues to help make revitalization of the
waterfront a reality," said Jeffrey Steiner, President and CEO of TEDCO. "Part
of the dynamic of a mixed-use waterfront is the fact that we have active,
interesting and productive employment uses in close proximity to
institutional, residential and commercial development."
    Jonathan Bamberger, President of Redpath Sugar Ltd. said, "We have worked
hard with TEDCO to ensure the continuity of our business and the protection of
our employee base in the redevelopment of the East Bayfront. We believe that
this agreement is in the public interest, and protects our own site for
continued use as a sugar refinery as part of a vibrant waterfront."
    The East Bayfront area consists of a mix of public and private land
between Jarvis Street and Parliament Street, south of Lakeshore Blvd. The area
will be transformed into a mixed-use community with employment, institutional,
cultural and residential uses as part of a precinct plan developed by
Waterfront Toronto. TEDCO's Corus Entertainment building is currently under
construction in this precinct which will employ more than 1,300 knowledge
workers with occupancy slated for the fall of 2009.

    TEDCO owns more than 500 acres of land, manages 500,000 square feet of
space and works with both private and public sector partners. In addition to
the new Corus Entertainment building, TEDCO was the developer of the
award-winning CANPAR Logistics project in South Etobicoke, the first
City-owned LEED certified green building. TEDCO was also instrumental in
attracting the FILMPORT studio development currently under construction in the
Port Lands. Most recently, TEDCO announced a joint development with Monarch
Corporation to build the largest low-rise residential green development in
Canada.
    TEDCO was incorporated in 1986 as an Ontario Business Corporation, a
unique hybrid of public and private expertise, based on similar development
corporations around the world. As an Ontario Business Corporation, TEDCO is
governed by a ten-member Board comprised of both private and public sector
directors. TEDCO operates as an arm's-length entity with its sole shareholder
being the City of Toronto.





For further information:

For further information: Eva Varangu, Director, Communications & Public
Affairs, Toronto Economic Development Corporation (TEDCO), (416) 981-3869,
evarangu@tedco.ca, www.tedco.ca

Organization Profile

TORONTO ECONOMIC DEVELOPMENT CORPORATION (TEDCO)

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