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development partner search on for east bayfront

- $1 billion waterfront revitalization initiative -

 

Toronto, March 7, 2008 - 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.

 

-30-

 

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

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