Development Partner Search On For East Bayfront



    - $1 billion waterfront revitalization initiative -

    TORONTO, March 7 /CNW/ - As part of the multi-billion dollar
revitalization project to create a new, showcase mixed-use community on
Toronto's waterfront and surrounding areas, Waterfront Toronto, the
organization established to oversee and lead waterfront renewal in the city
announced today that it is seeking development partners for its East Bayfront
initiative, one of the key sites in the revitalization of Toronto's
waterfront.
    Waterfront Toronto President and CEO John Campbell says, "We have before
us the unique opportunity to make waterfront revitalization an exemplar of
21st century development. There are high expectations for East Bayfront. Our
mandate is to deliver an urban waterfront destination - an innovative
mixed-use district that offers a full range of housing options and attracts
new employment opportunities, particularly in the knowledge based industries
and the creative sector. Our aim is to create a vibrant and diverse community
that includes new cultural, hotel and retail uses, vibrant public spaces and
exceptional architecture. At the end of the day, we want to create a
sustainable, modern community that draws people to live and work in an
environment where quality of place, connectivity and entrepreneurship
co-exist."
    The development opportunities at East Bayfront comprise two parcels of
land - known as Parkside and Bayside - together totalling 5.6 hectares
(13.9 acres). The investment value of the development is approximately
$1 billion. Planning permission has been secured for an innovative residential
and commercial/mixed-use development totalling some 225,000 sq m
(2.4 million sq ft).
    The Bayside site covers an area of 5.3 ha (13 acres), with planning
permission for approximately 160,000 sq m (1.7 million sq ft) of residential
and commercial/mixed-use development; while Parkside comprises 0.38 ha
(0.94 acre) with some 65,000 sq m (700,000 sq ft) of mixed-use development
potential.
    The Parkside and Bayside developments form part of the $3 billion,
22 hectare (55 acre) East Bayfront revitalization area - the jewel in the
Toronto waterfront crown.
    Roughly the same size as Canary Wharf or Battery Park City, East Bayfront
is within walking distance of downtown Toronto and is located along the
shoreline of Lake Ontario. The East Bayfront district will include
approximately 6,000 new homes (1,200 of which will be affordable rental
housing), 225,000 sq m (2.4 million sq ft) of commercial space providing jobs
for 8,000 people, together with 5.5 ha (13.6 acres) of parks and public open
spaces, including the 1.5 ha (3.7 acres) Sherbourne Park and a new waterfront
promenade.
    Work on the East Bayfront is already well underway with the construction
of the new $130 million First Waterfront Place by Toronto Economic Development
Corporation's (TEDCO), the Corus Entertainment office building and
broadcasting centre. The Canadian media conglomerate sets the tone for East
Bayfront as a new media hub. Corus is expected to take occupancy of its new
headquarters building in January 2010. In addition, Waterfront Toronto is in
negotiations to commit a further 50,000 sq m (535,000 sq ft) to an academic
institution for occupancy by autumn 2011.
    Says John Campbell, "East Bayfront is a unique proposition: a waterfront,
mixed-use revitalization project, within walking distance of the city's
downtown area. The momentum behind the whole of the East Bayfront development
area is phenomenal. We therefore expect strong national and international
developer and investor interest in the Parkside/Bayside development areas."
    The Government of Canada, the Province of Ontario and the City of Toronto
created Waterfront Toronto to oversee and lead the revitalization of Toronto's
Waterfront. Public accessibility, design excellence, sustainable development,
economic development and fiscal sustainability are the key drivers of
waterfront revitalization.

    About the RFQ Process:

    On March 14, 2008, Waterfront Toronto will issue two Requests for
Qualifications (RFQ's) for two development sites, with the objective of
short-listing development teams who will then be asked to respond to detailed
Requests for Proposals (RFP's) to be issued this summer.
    The RFQs and supporting background documents will be available on March
14, 2008 at: www.buildeastbayfront.ca
    Waterfront Toronto expects to select development partners by the end of
2008.





For further information:

For further information: Media contact: Marisa Piattelli, Waterfront
Toronto, (416) 214-1476, mpiattelli@waterfrontoronto.ca


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