Kingsett Capital has a…

Kingsett Capital has a controlling interest in 315 and 327 Royal York Road. We fully support the revocation of Ontario Regulation 337/22 as it applies to our land interest located within Block 1. We have spent the last 6 months in consultation with various stakeholders including KSV Advisory (court appointed receiver) Metrolinx, Infrastructure Ontario, Ministry of Municipal Affairs and Housing and Ministry of Infrastructure and the city councillor's office. Our conclusion after this process is that Ontario Regulation 337/22 as it applies to 315 and 327 Royal York Road which was advanced by a now defunct Vandyk Properties sterilizes our lands. The underlying land exchange between Vandyk Properties and Metrolinx that Ontario Regulation 337/22 relies upon is no longer in existence.

By way of email dated October 23, 2024, the court appointed receiver KSV Advisory Services in response to a request from Metrloinx's legal counsel to state its position on Kingsett's requested revocation formally communicated to Metrolinx's legal counsel that they "support" the revocation as it applies to our lands at 315 and 327 Royal York Road.

Our lands are comprised of an empty excavation that has sat vacant for years next to an important transit hub. We have worked diligently with all noted stakeholders to come up with a real solution to the problem left behind by the former landowner and facilitate development at this transit hub. As a result, we have assembled a team of consultants and are in a position to make a formal entitlement application to the municipality in January 2025 to facilitate the realistic development of our lands. This entitlement application will involve all stakeholders including Metrolinx, the municipality and surrounding community as it progresses through the public process.

Kingsett has a history of working with all stakeholders and developing lands that support transit infrastructure. Our most recent development at 1319 Bloor Street West in Toronto was developed in close consultation with Metrolinx. It will deliver a new Go Transit Station on site to be integrated with Metrolinx's Bloor Lansdowne Go Station. We also worked closely with Metrolinx to coordinate our development efforts at 1801 Eglinton Avenue West with their Fairbank Station. We are also currently in construction in this neighborhood at 300-304 The East Mall with a large-scale mixed-use development containing hundreds of purpose-built rental units. We will bring this knowledge and expertise and implement a development that is feasible and sound so that we can deliver much needed housing in proximity to transit.

After much work and consultation and given our experience we fully support the revocation of Ontario Regulation 337/22 as it applies to our lands for all the reasons noted. Without its revocation no housing can be delivered on our lands.