August 27, 2010

Toronto council approves Bayside development plan

Toronto city council has approved Waterfront Toronto’s selection of international real estate firm Hines to develop the Bayside site into a mixed-use community.

The sale and lease agreements for the city-owned parcel were brought to council on the recommendation of Waterfront Toronto following a two-stage bidding process.

The Hines plan will transform the Bayside development site into a mixed-use community connected by major parks and public spaces.

The project will include 1,700 homes and office and employment space for 2,400 jobs.

Bayside is the single largest parcel of land to be developed by Waterfront Toronto, the agency created by the federal, provincial and municipal governments to oversee the renewal of Toronto’s waterfront.

Backed by an $800-million private sector investment, the Bayside development will result in approximately $1.6 billion in total economic activity and $20 million in development charges for the City of Toronto, Waterfront Toronto says.

Bayside is being targeted as an employment hub on the waterfront, particularly for knowledge-based industries such as information and communication technology companies and the creative sector.

The new neighbourhood, located on a four-hectare (10-acre) site between Lower Sherbourne and Parliament Streets, is expected to be constructed in phases, with first occupancy of buildings and completion of new public spaces by 2014.

The entire project is expected to be completed by 2021.

Hines assembled an internationally renowned design team led by architects Cesar Pelli, Fred Clarke and Stanton Eckstut to develop its plans for Bayside.

The Bayside development is part of the new East Bayfront precinct that Waterfront Toronto is currently developing.

The precinct is home to the new headquarters of Corus Entertainment, and construction is underway on George Brown College’s new Health Sciences Campus.

-RCD Digital Media

Print | Comment