South Etobicoke residents will have to wait much longer to see the future redevelopment of the aging Mimico GO station, after Metrolinx quietly terminated its deal with the project's developer, according to a new report by CBC News. 

The agreement, formally signed in 2022, required developer Vandyk Properties to rebuild the station along with a transit-oriented community (TOC) around it, including 300 underground parking spaces, 96 bicycle spaces, an integrated transit plaza, a retail plaza, and a greenway path for pedestrians and cyclists. 

The master-planned community, called Grand Central Mimico, was originally planned to be comprised of over two million square feet of mixed-use development, anchored by over 1.85 million square feet of residential living space. 

Metrolinx confirmed the agreement's cancellation to CBC News in February, noting that the project's collapse came about after the agency "learned a court-appointed receiver took control of the developer's lands." 

That area can never catch a break.

— Tracey Kent (@TraceyKent) March 4, 2024

According to the report, lenders who worked with Vandyk Properties claimed that the private developer owed more than $300 million. 

"While improvements are very much still part of our plan, Metrolinx has exercised our right to terminate the binding agreement with Vandyk Properties to protect public lands, including the planned transit-oriented community at Mimico GO Station," Metrolinx wrote in a statement to CBC News. 

This is the second time this has happened on this site. Metrolinx needs to reevaluate its process selecting private partners to build TOCs especially with a large amount of TOCs planned. Additionally upgrades need to be made to Mimico GO ASAP to make the station fully accessible.

— More Transit Southern Ontario (@MoreTransitSO) March 4, 2024

This is the second time a project for the redevelopment of the site has fallen through over the past several years. Back in 2012, the transit agency also dropped a deal with another developer, Terrasan. 

With news of the project's collapse, local residents continue to highlight many of the urgent updates needed for the station and its surrounding area, including improved accessibility and increased parking spots as the community's ridership skyrockets.