The Caisse de dépôt et placement du Québec’s real estate subsidiary, Ivanhoé Cambridge, and Metrolinx, the Province of Ontario’s regional transportation agency for the Greater Toronto and Hamilton Area, plan to build an integrated office and transit development in downtown Toronto.
Subject to pre-leasing progress, project construction could commence as early as next spring, with the new GO bus terminal to open approximately three years after the beginning of construction and the first office tower to be completed within the months following the opening of the terminal.
The development will feature the following:
- a 2.7-million-square-foot, multi-phased, premium office complex at 45-141 Bay Street;
- a new, larger GO bus terminal at the base of the planned 45 Bay Street office tower to reinforce Union Station’s transit-hub capabilities; and
- an elevated park above the rail corridor with new public green spaces.
“Building on several years of experience in developing first-class office buildings in North America and Europe, we are in a position to leverage our capabilities to deliver a superior project that contributes positively to the Toronto urban fabric and skyline,” says Paul Gleeson, executive vice-president, global development, with Ivanhoé Cambridge.
As part of this significant development, Metrolinx has agreed to sell the current bus terminal location at 141 Bay Street to Ivanhoé Cambridge in exchange for a 99-year lease agreement for the new bus terminal.
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