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I think the decision not to complete the loop and thus no run cars on Cherry until 2016 was one made by Infrastructure Ontario - who are responsible for the Pan-Am Village - and Waterfront Toronto not the TTC. It does seem rather silly as there is now more and more traffic going to that area and the TTC really need a short-turn location further east than Church Street.
I too had wondered about using the new River Street link at King/Queen as loop of some kind but was told that the TTC has plans for a new loop on Broadview just north of Queen (the car park on east side). This loop was supposed to replace the one at parliament Street the City sold off about 8 years ago but, of course, fixing that up is not in budget... (I doubt that the Cherry Street loop will be used by the 501, they will supposedly send every x 504 eastbound car to Cherry rather than Broadview so it will be 'branch' of the 504.)
Far down the list like Park Lawn and would be surprised to see it before 2020.
They've already purchased land, and built a new parking lot to replace the spots that would be lost by the loop. Though if they wait too much longer, they'll still get complaints, as everyone will forget why they built the new lot.
Details of the transfer of the Green P lot on Broadview to the TTC are at: http://www.ttc.ca/About_the_TTC/Com...April_6_2011/Reports/PARLIAMENT_LOOP_LAND.pdf Not sure where the Green P are supposed to move to - if the TTC ever actually uses the lot for a loop. (Though a turning loop somewhere in that area is a good idea, this lot is really not the best location as - the new long - streetcars coming out or into it would block Broadview.)
