Why don't they just tear it down and tunnel it under downtown? Then charge a toll to pay it off. This is what the Federal government is doing with the new Detroit bridge crossing. Allows the city to pay it off, and also reduces traffic on the gardiner, not to mention an ultimately better public domain above on the open land, as well as faster commutes for those people that DO pay to use the new buried gardiner. It could even act as a catalyst for accepting road tolls in the region. I bet 90% of people would be fine with paying a toll on the gardiner if it was buried and provided them a better service. While they're at it, they could even add segregated Bike lanes on the sides of the tunnel to provide an all-year cycling highway that wouldn't be tolled and would provide protection from the elements.
This has been discussed thoroughly on Urban Toronto for as long as Urban Toronto has been around (2001). I can tell you that knocking down the Gardiner and doing nothing else would have little effect on traffic gridlock and I bet you wouldn't believe me.
People see the amount of cars on the Gardiner and assume that it's well used but fail to realize that it's not being used for its intended purpose. The vast majority (upwards of 90%) of traffic on the Gardiner enters and exits downtown. Very little of it is through traffic. Since this is the case, we don't need a highway downtown to bypass the city. What would be the difference of getting on/off at Spadina instead of York? Very little.
It turns out that gridlock is in fact
caused by the Gardiner. The on and off ramps are the bottlenecks and create lineups of cars waiting to get on and off. For example, at rush hour, you can see a lineup of cars waiting to get on the Spadina Westbound ramp that back up all the way to King st. This creates a problem not only on Spadina but on Bremner and King. The whole downtown gets bogged up.
In alternative, if you had a surface route -- in this case a widened Lakeshore -- you'd have entry and exit points at every city street on the grid. You wouldn't be forcing everybody into these few ramps. Instead, you'd be dispersing traffic organically into all the different streets that people need to get to.
Replacing the Gardiner with Lakeshore also has an enormous potential of revenue. The Gardiner's ramps takes up a lot of room. Now imagine selling all that property to developers? Imagine the entire route of Lakeshore blvd -- which is now a barren wasteland -- being lined with new construction? That's A LOT of land. I theorize that we could pay for this with land development alone. Hey, that's Rob Ford's favourite catchphrase: let private developers pay for it. This one actually adds up.
Tearing down the Gardiner and replacing it with a new Lakeshore makes so much sense and it's a big fat solution staring us in the face. It's amazing that it hasn't been done yet. Political capital is required because it's a difficult proposal to sell to Torontonians but maybe a bull in the china shop like Rob Ford is just the guy to make it happen. But first somebody has to explain it to him.