Following an extensive competitive selection process, Waterfront Toronto has chosen Hines, one of the world's premier real estate firms, to develop Toronto's next great waterfront neighborhood.
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The entire project is expected to be completed by 2021.
Hines will help Waterfront Toronto transform the Bayside development site into a vibrant and diverse mixed-use neighborhood, complete with 1,700 homes, a bustling retail, restaurant and entertainment corridor, and office and employment space for 2,400 jobs. Situated in a prime downtown location in the emerging East Bayfront waterfront district, the Bayside site consists of 4 hectares (10 acres) of underutilized city-owned land south of Queens Quay Boulevard between Lower Sherbourne and Parliament streets.
Having received unanimous approval from Toronto City Council's Executive Committee on August 16, the development agreement for the Bayside project will be presented to City Council for final approval at the August 25/26 council meeting. If approved, the new neighborhood 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.
To develop its winning proposal, Hines assembled an internationally renowned design team led by luminary architect Cesar Pelli, who is responsible for such iconic buildings as the Petronas Twin Towers in Kuala Lumpur and Manhattan's World Financial Center, and Stanton Eckstut, the visionary behind New York's celebrated 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 CA $800 million private sector investment, the development will result in approximately CA $1.6 billion in total economic activity and CA $20 million in development charges for the City of Toronto. To promote lasting economic development, Bayside is being targeted as an employment hub on the waterfront, particularly for knowledge-based industries such as information and communication technology companies and the creative sector.
"The Bayside development is another major step forward in the complete revitalization of our waterfront and it will be an integral part of East Bayfront, which is already taking shape into a showcase 21st century community," said 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."
In addition to meeting or exceeding Waterfront Toronto's Mandatory Green Building Requirements, Hines is planning a number of strategic green programs for Bayside, including the implementation of the Hines GREEN OFFICE Tenant Program, which enhances the sustainable features and operations of employer spaces in commercial buildings. The firm has also proposed the creation of an ENERGY STAR® pilot program for commercial construction, which would see Hines partner with Natura
Having received unanimous approval from Toronto City Council's Executive Committee on August 16, the development agreement for the Bayside project will be presented to City Council for final approval at the August 25/26 council meeting. If approved, the new neighborhood 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.
To develop its winning proposal, Hines assembled an internationally renowned design team led by luminary architect Cesar Pelli, who is responsible for such iconic buildings as the Petronas Twin Towers in Kuala Lumpur and Manhattan's World Financial Center, and Stanton Eckstut, the visionary behind New York's celebrated 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 CA $800 million private sector investment, the development will result in approximately CA $1.6 billion in total economic activity and CA $20 million in development charges for the City of Toronto. To promote lasting economic development, Bayside is being targeted as an employment hub on the waterfront, particularly for knowledge-based industries such as information and communication technology companies and the creative sector.
"The Bayside development is another major step forward in the complete revitalization of our waterfront and it will be an integral part of East Bayfront, which is already taking shape into a showcase 21st century community," said 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."
In addition to meeting or exceeding Waterfront Toronto's Mandatory Green Building Requirements, Hines is planning a number of strategic green programs for Bayside, including the implementation of the Hines GREEN OFFICE Tenant Program, which enhances the sustainable features and operations of employer spaces in commercial buildings. The firm has also proposed the creation of an ENERGY STAR® pilot program for commercial construction, which would see Hines partner with Natura
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