TORONTO, Aug. 27 /CNW/ - Toronto City Council has overwhelmingly approved
Waterfront Toronto's selection of premier international real estate
firm Hines to develop a prominent waterfront site minutes from downtown.
The sale and lease agreements for the city-owned parcel were brought to
City Council on the recommendation of Waterfront Toronto following a
competitive two-stage bidding process.
The Hines plan will transform the Bayside development site into an
active and diverse mixed-use community connected by major parks and
public spaces. Complete with 1,700 homes, a bustling main street and
office and employment space for 2,400 jobs, Bayside is the single
largest parcel of land to be developed by Waterfront Toronto.
"Today's approval is a huge milestone not only for waterfront
revitalization but for the City of Toronto," said John Campbell,
President and CEO of Waterfront Toronto. "With Hines, we can now move
forward with reconnecting the city to the waterfront by building a
liveable, walkable, community defined by beautiful parks and public
Backed by an $800 million private sector investment, the Bayside
development will result in approximately $1.6 billion in total economic
activity and $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 new neighbourhood, located on a 4 hectare (10 acre) site between
Lower Sherbourne and Parliament Streets, is expected to be constructed
in phases with first occupancy of buildings and completion of new public
spaces as early as 2014. The entire project is expected to be completed
"We are delighted with City Council's approval and to be working with
Waterfront Toronto in creating a dynamic new live/work/play
neighbourhood on the harbour," said Avi Tesciuba, Hines vice president
of Canadian operations. "Bayside is an extremely important development
for Hines, and we look forward to the excitement of bringing the vision
Hines assembled an internationally renowned design team led by luminary
architects Cesar Pelli, Fred Clarke and Stanton Eckstut to develop its
plans for Bayside. The plans will deliver a vibrant new neighbourhood
built on a human scale, with mews and small streets that promote a sense
of closeness and community all year round. The neighbourhood's main
street — Bonnycastle Street — will draw visitors from across the city
and will provide connections to neighbouring public spaces, including
the soon-to-be-completed Sherbourne Common, Queens Quay linear park, and
the Water's Edge Promenade.
The Bayside development is an integral part of the remarkable
transformation already well underway in the new East Bayfront precinct
that Waterfront Toronto is developing. Employees have now moved into the
area's first commercial building, Corus Quay, the new headquarters of
Corus Entertainment. Construction is well underway on George Brown
College's new state-of-the-art Health Sciences Campus. Canada's Sugar
Beach and the first stretch of the Water's Edge Promenade are now open
and next month Waterfront Toronto will open Sherbourne Common, the
area's other major new park.
The Governments of Canada and Ontario and the City of Toronto created
Waterfront Toronto to oversee and lead the renewal of Toronto's
waterfront. Public accessibility, design excellence, sustainable
development, economic development and fiscal sustainability are the key
drivers of waterfront revitalization.
SOURCE Waterfront Toronto
For further information: For further information:
High-resolution renderings and a project animation video are available for download at http://news.waterfrontoronto.ca/
To learn more about the developer and design teams: