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