Toronto’s real estate sector is on the cusp of tremendous future growth, enabled partly by the renewed buying sentiments of the local population and also due to skyrocketing commercial and industrial growth. Toronto and several parts of the GTA (Greater Toronto Area) are witnessing a steady commercial transformation with several industries setting up shop in the region. Toronto itself is witnessing the influx of several technology companies, start-ups and global biggies who are recognizing the merits of the city as a great place to do business.
This economic and commercial growth has also contributed towards the recovery of the city’s real estate market in recent times. The condo boom continues unabated in Toronto since demand is higher than supply at any given point of time and there will be even higher demand over the next few years as more people immigrate to Toronto for jobs and business opportunities. In fact, experts believe that Downtown Toronto will undergo a rapid makeover courtesy several mega real estate projects taking place here.
Toronto to get a swift makeover of sorts
The skyline of Toronto will evolve further and property markets will get a massive boost from several big-ticket projects coming up in the city. In recent times, another mega project was confirmed for downtown Toronto as developers continue pursuing vertical growth opportunities. Union Park, a project worth approximately $2.7 billion, spearheaded by the Oxford Properties Group (partner in Hudson Yards, New York) should be one of Toronto’s biggest ever mixed-use ventures.
The project will have curved twin towers going up to 58 and 48 storeys respectively. It will have several apartments on offer along with 4.3 million sq. ft. of mixed-use residential, office and retail spaces which will be added to the inventory of downtown Toronto in this aspect. It is located on a whopping 4 acres and near the Rogers Centre or former SkyDome and the CN Tower. Public parklands will be surrounding the project.
This project announcement follows the onset of development for several other mega mixed-use projects including Quayside smart city on 12 acres supported by Sidewalk Labs and the 21st-century city named The Well over 7 acres. These projects are fuelling swift transformation for downtown Toronto. The increase in migration and the growth of the technology industry are two key factors in the city which have driven the boom in the condominium segment. There are about 400 high-rise projects that have been proposed in recent times as per reports. Some of the other big-ticket ventures include the two-tower project named CIBC Square which will integrate 3 million sq. ft. of extra space into downtown Toronto and a new office for Microsoft and also the plans made by Investment Management Corporation of Ontario and Cadillac Fairview for the development of 1.2 million sq. ft. of mixed-use retail and office space at the 160 Front Street West location.
More mega projects in downtown Toronto
The financial sector in Toronto is steadily shifting to the western part of the city and there is demand for more office space here along with residential and retail spaces as well. The floors for the office component of the 160 Front Street West project will offer 100,000 sq. ft. This will ensure open floor plans which are big enough to be preferred by new-age tenants. Union Park will also add several features to downtown Toronto including a delightful enclosed winter garden for recreation throughout the seasons and a new park of 2 acres built over a covered railway line. The park will be looking onto Lake Ontario, thereby enabling a new pedestrian pathway connecting the waterfront and business district.
The project has been designed by Pelli Clarke Architects which has designed the Salesforce Tower in San Francisco with support provided locally from Adamson Associates in Toronto. The project will cover a whopping two towers and will be adding 800 apartment units to downtown Toronto with retail space of 200,000 sq. ft. The PATH underground tunnel system for pedestrians will also be increased to link to the Union Park venture.
The two-acre park will be capping off the railway corridor for Union station between the John Street Bridge and Blue Jays Way. It has been designed by OJB Landscape Architecture. This will be near the Rail Deck Park, a proposed green zone of 21 acres. Oxford Properties Group has already commenced its procedures for obtaining municipal approval and engaging with the general public. The construction process should begin in the year 2023 and should be wrapped up in 5-6 years as per reports.