IMCO (Investment Management Corporation of Ontario) and CF (Cadillac Fairview) have reportedly planned to build an office tower of 46 storeys at 160 Front Street West that is situated at downtown Toronto. There is already sizable demand for commercial and residential property in this zone and this is expected to escalate once work starts on this commercial tower. This project is located strategically at the northeast corner from the Simcoe and Front Streets.
This tower will come with 12, 290 sq. ft. in overall retail space with the opening slated for 2022. There will be office space of around 1.2 million sq. ft. and 339 parking stalls as well. The project cost will be approximately $800 million as per reports. Toronto has a booming demand for office space and this is rubbing off on the residential market as well. There are major clients from the financial and IT sectors who are snapping up offices in the city. Availability of commercial space in downtown Toronto is at a lower level than before and this points to skyrocketing demand here from corporates. The first tenant of this building will be the OTPP (Ontario Teachers’ Pension Plan) which will be coming here from its North York head office.
Leading companies believe that downtown Toronto is the new financial and technology hub and hence it makes sense for many organizations to make the switch here. The new building will come with several innovative features in order to provide a sustainable and healthy ambience for doing business. It will be located near multiple options for transit as well. The project has been worked on for many years and the original blueprint envisioned an office complex of 54 storeys. However, this design has gone through some changes over the last few years. Cadillac Fairview is currently working on office projects worth $1.5 billion which include 16 York Street worth $479 million, 2 Queen Street West, ex-Sears building at Moncton for TD Bank Group and the BMO Campus at CF Toronto Eaton Centre.
The downtown Toronto building has been designed by Gordon Gill Architecture and Adrian Smith who have collaborated with B+H Architects for this purpose. There will be greater efficiency and environment friendliness on offer. 160 Front Street will also be WELL Building Standard and LEED Platinum certified in the future. Union Station is just one block away while there is good proximity to the Gardiner Expressway and multiple hotels, retail zones, restaurants and other entertainment areas.
The collaboration between IMCO and Cadillac Fairview is part of a long-running business partnership on behalf of the Ontario Pension Board. These include multiple office buildings in Vancouver and Toronto like the Toronto-Dominion Centre and RBC Centre.