A massive casino, retail and condominium project on Front Street is being proposed by development firm Oxford Properties Group, provided Toronto gives its blessing to a new gambling resort within the city limits.
The project, valued at at least $3 billion, would potentially include a hotel, an urban park, and retail space in addition to a casino on the south side of Front Street between Simcoe Street and Blue Jays Way.
"If the decision is made to have a casino in the City of Toronto, Oxford believes it can provide the best location and the ideal solution for all stakeholders," said Blake Hutcheson, president and CEO of Oxford Properties in a Friday release. He added this development proposal "is a well-conceived private sector solution" that would require no public infrastructure.
"Although the casino itself represents less than 10 per cent of the project's area, it is a necessary and essential catalyst for the entire development and is a use that will be complementary to Toronto's core in the way that we have designed and conceived it," said Michael Kitt, Oxford's executive vice president in Canada.
Oxford said it is looking forward to working with the Metro Toronto Convention Centre, which currently occupies a large chunk of real estate on that stretch of Front Street, "to create a revitalized, state-of-the-art, convention facility."
"An expanded and modernized facility as part of Oxford Place will broaden the appeal of the MTCC and attract significant new convention business to the City of Toronto."
The complex would also include 4,000 underground parking stalls, said Oxford.
The announcement comes just days after theatre magnate David Mirvish and architect Frank Gehry announced plans to erect three 80-storey condominium towers and a museum on nearby King Street.
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