The $421 million St. Lawrence Centre reconstruction project should be scrapped, according to a city staff assessment, since it poses serious financial risks to Toronto.

The goal of the massive project, known as STLC Next, was to renovate the performing arts center from the 1970s into a cutting-edge building including two performance halls, creative areas, and a modern glass front. But rising disbursement has resulted in the cancellation suggestion.

In 2020, The project's costs skyrocketed despite its initial approval but need extra finance from several sources. Stephen Conforti, the city's treasurer and chief financial officer, feels that Toronto faces significant financial risks because the project relies on money from federal, provincial, and outside sources.

The staff study recommends devoting monies to improving the venue's accessibility and State of Good Repair (SOGR) requirements rather than moving forward with the mending. These expenses are projected to reach between $70 and $80 million over the next 10 years, even without the reconstruction.

On October 1, the Executive Committee will have a look at the recommendation. On October 9, the City Council will make a final decision.