East Bayfront Revitalization Begins

Waterfront Toronto Short-Lists Developers to Bid on East Bayfront

TORONTO, June 19, 2008 – Waterfront Toronto today announced the short-listed development teams to bid on two mixed-use development parcels in East Bayfront, a vibrant new waterfront community steps from Toronto’s downtown core.

Teams were short-listed through two Requests for Qualifications (RFQ’s) issued March 14, 2008. 25 submissions were received.

Parkside, a one acre site at Queens Quay East and Lower Sherbourne Street, has approximately 65,000 sq m (700,000 sq ft) of mixed-use development potential. The short-listed development teams for Parkside* are:

• The Daniels Corporation (Canada)
• The Great Gulf Group of Companies (Canada)
• Menkes Development Ltd. (Canada) and AEW Capital Management LP (USA)
• Tridel Builders Inc. (Canada) and Concert Properties Ltd. (Canada)
• Walker Corporation Pty Ltd. (Australia) and Cityzen Development Corporation (Canada)

Bayside, a 13 acre site between Lower Sherbourne Street and Parliament Street south of Queens Quay East, has approximately 160,000 sq m (1.7 million sq ft) of mixed-use development potential. The short-listed development teams for Bayside are: *

• The Cadillac Fairview Corporation Limited (Canada), Monarch (Canada), Fram Building Group Ltd. (Canada) and Albanese Development Corporation (USA)
  Hines (USA)
• Menkes Development Ltd. (Canada) and AEW Capital Management LP (USA)
• Walker Corporation Pty Ltd. (Australia) and Cityzen Development Corporation (Canada)

“I am thrilled with the quality and strength of the submissions. Each team has understood our revitalization objectives and vision and each brings to the table stellar architectural and environmental experience. The caliber of these submissions bodes well for the coming transformation of our waterfront,” said John Campbell, President and CEO, Waterfront Toronto.

Parkside and Bayside form part of the 22-hectare (55 acre) East Bayfront revitalization area. At full build-out, East Bayfront will include 6,000 new homes (1,200 of which will be affordable), jobs for 8,000 people, a new transit line, a 1.5 hectare (4-acre) waterside park and a1.5 km continuous water's edge promenade.

A Steering Committee comprised of members from Waterfront Toronto as well as external sustainability, development and design experts evaluated the RFQ submissions and the Honourable Justice Coulter A. Osborne, former provincial Integrity Commissioner provided oversight of the fairness of the selection process.

Design excellence and sustainable development are critical to the success of waterfront revitalization. All the short-listed teams demonstrated strong expertise and experience in these areas.

Waterfront Toronto will issue Requests for Proposals to the short-listed teams this summer and expects to make the final selections by the end of 2008.

The first phase of revitalization in the East Bayfront is already underway, with First Waterfront Place, an office building being constructed by the Toronto Economic Development Corporation that will be the future home of Corus Entertainment Inc.

The federal, provincial and city governments established Waterfront Toronto to oversee and lead the renewal of Toronto’s central waterfront.

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Media Contacts:

Marisa Piattelli, Waterfront Toronto
Tanya Bevington, Waterfront Toronto