TORONTO, Sept. 30, 2014 /CNW/ - Metrolinx has signed an agreement with
real estate investor and developer Ivanhoé Cambridge to develop an
integrated transit and office development that will bring bus and rail
services to one convenient location, allowing for more transit options
and an improved experience for GO customers.
A significant piece of this development is a brand new GO Bus Terminal
that will be located at the base of Ivanhoé's planned office complex
development at 45/141 Bay Street. The new bus terminal will serve
thousands of GO customers and is an integral part of the revitalized
Union Station hub and UP Express service.
"This integrated development is a perfect example of how Metrolinx is
working to provide travellers with connected spaces, more transit
options and better access to the places they need to be," said Robert
Prichard, Metrolinx Chair. "Such a significant hub in the downtown core
will greatly improve the quality of life for thousands of people who
travel, work and play in this area."
"Projects like 45 Bay are an excellent example of what can happen when
partners work together to invest in our communities. Today's
announcement of a new GO bus terminal at Union Station with commercial
space above it aligns perfectly with our government's plan to create
transit hubs integrated with sustainable employment developments," said
Steven Del Duca, Minister of Transportation. "This new terminal will
welcome GO Transit's fleet of environmentally friendly double-decker
buses to downtown Toronto, and will provide more options for travellers
in the Greater Toronto and Hamilton Area."
"At Ivanhoé Cambridge, we believe it is important for the private sector
to create public benefit in the communities in which we operate and
invest and this project achieves that goal. Our project will also
include a new, larger modern GO bus terminal located at the base of 45
Bay that will provide easy accessibility to Union Station, the
financial district, the waterfront and the PATH," said Paul Gleeson,
Executive Vice President Global Development Ivanhoé Cambridge. "By
creating more opportunity for commuters, residents and tourists to get
around, whether it is on the GO, through the PATH, or on the newly
created green space, we are creating an integrated, forward-thinking
sustainable development that will make a significant contribution to
the evolution of our downtown and help it achieve its full potential."
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 long-term (99-year) lease agreement for the
new bus terminal. In addition to a new GO Bus Terminal, there will be a
new premium office complex at 45/141 Bay Street that will include up to
2.5 million square feet of office space and a landscaped, elevated "sky
park" over the rail corridor. As part of a future phase the development
will be connected to the PATH.
Construction is expected to start in spring 2015 on the entire
development, and the new GO Bus Terminal is expected to take about
three years to build.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages
its high-level expertise in all aspects of real estate including
investment, development, asset management, leasing and operations, to
deliver optimal returns for its investors. Its assets, held through
multiple subsidiaries and located mainly in Canada, the United States,
Europe, Brazil and Asia, totalled more than Cdn$40 billion as at
December 31, 2013. Its portfolio consists mainly of shopping centres,
office and multiresidential properties. Ivanhoé Cambridge is a real
estate subsidiary of the Caisse de dépôt et placement du Québec
(lacaisse.com), one of Canada's leading institutional fund managers.
For further information: ivanhoecambridge.com.
Metrolinx is working to provide residents and businesses in the Greater
Toronto and Hamilton Area with a transportation system that is modern,
efficient and integrated. Find out more about The Big Move, Metrolinx's Regional Transportation Plan for the GTHA. Find out more
about GO Transit, PRESTO, and Union Pearson Express, divisions of Metrolinx.
For further information:
Media enquiries Anne Marie Aikins - (416) 202-5796