Stage is set for storied theatre to make its first foray outside New York City with franchise in corner of Etobicoke
With its glitzy art-deco design, Hollywood film premiers and leggy dance shows, Radio City Music Hall helped Manhattan’s old “speakeasy belt†go from seedy to spectacular.
Now the storied theatre is poised to do the same for an economically depressed corner of Etobicoke.
The former suburb is hoping to land Radio City Music Hall’s first satellite venue outside of New York City, The Globe and Mail has learned.
The developers behind Woodbine Live, a massive entertainment complex slated to open in Rexdale in 2013, are in discussions with Madison Square Garden Inc. to open a theatre under the Radio City brand, sources say.
If the deal goes ahead, Radio City would anchor the $1-billion Woodbine Live project, one of the largest and most ambitious urban developments in Toronto’s history.
The Woodbine Entertainment Group, which owns the racetrack and casino on Rexdale Boulevard near Highway 427, has partnered with Baltimore-based Cordish Companies to transform 81 hectares of underdeveloped land near the track into a new entertainment destination.
If the Radio City deal goes through, the theatre is slated to be part of a complex that will include cafés, nightclubs, a skating rink, heated outdoor sidewalks, a 400-metre canal, a 600-room four-star hotel, a 16-screen cinema and a 100,000-square-foot conference centre when it opens in three years.
Blake Cordish, a vice-president with the family-owned developer, declined comment on the pending Radio City deal. “As a company policy, we do not comment publicly as to tenant names,†he said in an e-mail.
Rob Ford, the mayoral candidate whose council ward includes Woodbine, was equally tight-lipped. “This is confidential information so I can’t release anything to you,†he said. “I don’t want to jeopardize the deal.â€
Woodbine Live was expected to have revealed the first of its tenants by now.
Two years have passed since council voted to forgo $120-million in additional property taxes over 20 years to secure the project, a first for Toronto.
At the same time, council endorsed a community improvement plan that guarantees Rexdale’s low-income residents a piece of the action. Woodbine Live has agreed to underwrite a $10-million training and employment centre on the site and give locals first crack at 5,000 construction jobs and 9,000 permanent positions.
Although council approved the tax relief and community improvement plans in the summer of 2008, lawyers for the city, Woodbine Entertainment and Cordish are not quite finished with the fine print.
“We’re just crossing Ts and dotting Is on our final legal agreements,†said Eva Pyatt, director of business services in the city’s economic development and culture division.
She said she expects the legal agreements to be finalized in the next couple of weeks.
That could explain the holdup on unveiling tenants. However, Ms. Pyatt stressed that the city deals strictly with Woodbine Entertainment and Cordish, staying out of their negotiations with potential tenants.
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