Toronto City Council to vote on $800 million development, includes 1,700 condos
August 25, 2010
Waterfront Toronto’s ‘Bayside’ development site is a vibrant, mixed-use neighbourhood complete with 1,700 condos, a retail, restaurant and entertainment corridor and office and employment space for 2,400 jobs.
Having received unanimous approval from Toronto City Council’s Executive Committee on August 16, the development agreement for the project will be presented to City Council for final approval this week. If approved, the new neighbourhood will be constructed in phases with first occupancy of buildings and completion of dynamic new public spaces as early as 2014. The entire project is expected to be completed by 2021.
Situated in a prime downtown location in the emerging East Bayfront waterfront district, the site consists of 10 acres of underutilized city-owned land south of Queens Quay Boulevard between Lower Sherbourne and Parliament Streets.
The project consists of 70 per cent residential use property, with a mix of market and affordable residences, both rental and owner-occupied. At least 20 per cent of the residences will meet Waterfront Toronto’s standards for affordable rental units, while at least 7.5 per cent will also be designated market rate rental units.
Waterfront Toronto has chosen development company Hines to develop the neighbourhood. Hines has assembled an internationally renowned design team lead by luminary architect Cesar Pelli, who is responsible for buildings such as the Petronas Twin Towers in Kuala Lumpur and Manhattan’s World Financial Center, and Stanston Eckstut, who is behind New York’s Battery Park City waterfront development.
The Bayside site will be the single largest parcel of land developed to date by Waterfront Toronto. Backed by an $800 million private sector investment, the development will result in approximately $1.6 billion in total economic activity and $20 million in development charges for the city of Toronto.
“The Bayside development is another major step forward in the complete revitalization of our waterfront and will be an integral part of East Bayfront, which is already taking shape into a showcase 21st century community,” says John Campbell, President and CEO of Waterfront Toronto. “We look forward to working in partnership with Hines, a company with an extraordinary track record for sustainable development, energy efficiency and innovative operational practices, to ensure that Bayside will be a model for green building across the city and around the globe.”
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