- The Ontario government is investing $8.4 billion to expand transit in Toronto. The Eglinton Crosstown LRT (light rail transit) is a crucial part of “The Big Move”.
- The Eglinton Crosstown will run across the Eglinton Avenue between Mount Dennis (Weston Road) and Kenndy Station. This 19-kilometre corridor will include a 10-kilometre underground portion, between Keele Street and Laird Drive.
- The Eglinton station will become a transit hub linking all the different subway lines and the LRT line together.
- RioCan is investing $100 million to give the Yonge Eglinton Centre a major makeover. The 750,000 square foot space have two office towers above a 3-storey mall which will include over 75 stores, anchored by a grocery store and a multi-screen cinema.
- Many businesses are hungry for office space in the Yonge-Eglinton area. Facebook Toronto Head Office anchored in the Yonge Eglinton Centre in 2012 and had expanded twice since.
- Since construction of the Crosstown line was announced, more than 40 rezoning requests to build mixed-use office and condo projects along the Eglinton corridor have been made to City Planning.
- “Though Toronto is experiencing an overall real estate boom, transit construction immediately causes property prices in neighbouring areas to increase,” says Matti Siemiatycki, an associate professor in the Department of Geography and Program in Planning at the University of Toronto.
With the government, businesses and condo developers investing so much money into the Yonge-Eglinton area, I see it as an area full of potential to grow. History also tells us that properties along the subway line are always in demand, even during the rough times and the Eglinton is more than just a subway station, it is going to become the transit hub in Toronto.