What the critics don't mention (or understand) is that the area being leased is a volumetric portion of the site directly under the viaducts between the support columns. The area being leased is not, in itself, sufficient to build an underground parkade (I don't think the City owns the adjacent lands from which access would be required). The part owned by the City would be the Right-of-Way expropriated for the viaducts - ie. a "swath" across the third party owned land - so even if the viaduct is removed, the City-owned parcel wouldn't be developable in a large scale manner (highrises).
And yes, as I think the lease is just the underground volume (it's not really clear who has the surface, as the report described a volumetric area under the "viaduct" not under the "surface"), the surface area is still probably available to the City to develop for parkland, etc. Conceivably, a small structure (or the new Georgia ramp?) could be built within the "swath" if the underground parkade can support it.
Here's the plan from the City Council report:
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