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Michael62

Michael62

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30 Bay Street Port Authority

Port authority considers building office tower

http://www.thestar.com/business/article/1072737--port-authority-considers-building-office-tower

The Toronto Port Authority is considering turning its surface parking lot near the foot of Bay St. into an office tower or mixed-use building, including possibly a hotel or condos.

The agency, which operates the port and the island airport, has hired CB Richard Ellis to seek expressions of interest from developers for the 0.72 hectare property that wraps in an L-shape around the Toronto Harbour Commission building, which would stay.

“All around us is lots of activity,” said Mark McQueen, chair of the port authority, pointing to developments nearby including the Telus building, Pinnacle Centre condos, and this week’s news that RBC is moving to a soon-to-be built site on Queens Quay just west of Bay.

“We have to be open-minded to what people come up with. Obviously 30 Bay St. as an address lends itself to office, but we’ll wait and see,” McQueen said, adding the port authority is permitted to build commercial and retail space there.

“Office is a natural. Obviously Toronto is a hot condo market right now, and it may appeal to some developers,” he said, adding experts are studying how to handle possible condo ownership.

“We’re interested in a prudent project versus going for the top dollar, that’s why office and retail are of interest,” McQueen said because a steady stream of income to diversify revenue sources is important. “But you can’t deny that some amount of condos or hotel might make sense.”

The port authority expects to consider responses early in the new year, and will choose a winner in late 2012.
 
Michael62 said:
30 Bay Street Port Authority

Port authority considers building office tower

http://www.thestar.com/business/article/1072737--port-authority-considers-building-office-tower

The Toronto Port Authority is considering turning its surface parking lot near the foot of Bay St. into an office tower or mixed-use building, including possibly a hotel or condos.

The agency, which operates the port and the island airport, has hired CB Richard Ellis to seek expressions of interest from developers for the 0.72 hectare property that wraps in an L-shape around the Toronto Harbour Commission building, which would stay.

“All around us is lots of activity,” said Mark McQueen, chair of the port authority, pointing to developments nearby including the Telus building, Pinnacle Centre condos, and this week’s news that RBC is moving to a soon-to-be built site on Queens Quay just west of Bay.

“We have to be open-minded to what people come up with. Obviously 30 Bay St. as an address lends itself to office, but we’ll wait and see,” McQueen said, adding the port authority is permitted to build commercial and retail space there.

“Office is a natural. Obviously Toronto is a hot condo market right now, and it may appeal to some developers,” he said, adding experts are studying how to handle possible condo ownership.

“We’re interested in a prudent project versus going for the top dollar, that’s why office and retail are of interest,” McQueen said because a steady stream of income to diversify revenue sources is important. “But you can’t deny that some amount of condos or hotel might make sense.”

The port authority expects to consider responses early in the new year, and will choose a winner in late 2012.
Click to expand...

Guess the rumour that Menkes also bought this site is false. Let's hope that Cityzen enters a bid and wins.
 
30 Bay St. (Toronto Port Authority Redevelopment)

Michael62 said:
30 Bay Street Port Authority

Port authority considers building office tower

http://www.thestar.com/business/article/1072737--port-authority-considers-building-office-tower

The Toronto Port Authority is considering turning its surface parking lot near the foot of Bay St. into an office tower or mixed-use building, including possibly a hotel or condos.

The agency, which operates the port and the island airport, has hired CB Richard Ellis to seek expressions of interest from developers for the 0.72 hectare property that wraps in an L-shape around the Toronto Harbour Commission building, which would stay.

“All around us is lots of activity,” said Mark McQueen, chair of the port authority, pointing to developments nearby including the Telus building, Pinnacle Centre condos, and this week’s news that RBC is moving to a soon-to-be built site on Queens Quay just west of Bay.

“We have to be open-minded to what people come up with. Obviously 30 Bay St. as an address lends itself to office, but we’ll wait and see,” McQueen said, adding the port authority is permitted to build commercial and retail space there.

“Office is a natural. Obviously Toronto is a hot condo market right now, and it may appeal to some developers,” he said, adding experts are studying how to handle possible condo ownership.

“We’re interested in a prudent project versus going for the top dollar, that’s why office and retail are of interest,” McQueen said because a steady stream of income to diversify revenue sources is important. “But you can’t deny that some amount of condos or hotel might make sense.”

The port authority expects to consider responses early in the new year, and will choose a winner in late 2012.
Click to expand...

I believe this needs a thread of its own.
More from the TPA website..

Port Authority Initiates Process to Develop Bay Street Property

Toronto (October 19, 2011) – The Toronto Port Authority (TPA), which owns and operates the popular Billy Bishop Toronto City Airport, the Outer Harbour Marina and the Port of Toronto, has initiated a process to bring forward preliminary expressions of interest from established firms about developing its property at 30 Bay Street.

Through its agent CB Richard Ellis, the TPA is seeking a joint venture partner to develop the 1.8 acres of vacant land surrounding the Harbour Commissioners Building at 60 Harbour Street. The existing historic structure known as 60 Harbour Street will be preserved.

Under its existing Letters Patent from Parliament, the TPA is expressly permitted to build commercial and retail space on the site, which is currently used as a surface parking lot. According to Board Chairman, Mark McQueen, 30 Bay Street is the last attractive address on Bay Street and the TPA expects to draw “many exciting proposals from local and international developers. The ‘South Core’ area has become very popular of late, with many new landmark commercial and retail tenants, and the TPA believes this project will help diversify our operating earnings.”

As a partner in the future development, the TPA’s business goal is to receive a long term revenue stream from the property. Profits earned by the TPA are reinvested into improvements at the port, airport and marina, as well as into the port authority’s long-term environmental sustainability strategy.

President and CEO Geoff Wilson said the Port Authority is calling for proposals that will be “consistent with the City’s plans to promote economic growth and intensification in the vibrant downtown core. ”
http://www.torontoport.com/About-TP...rity-Initiates-Process-to-Develop-Bay-St.aspx
 
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The number of proposals/semi-proposals in this small area are making my head spin - 30 Bay, 90 Harbour, 85 Harbour, 120 Harbour, maybe more. Has anyone posted an aerial or map of which sites/proposals are where?
 
I'm excited to hear about another tower but I do worry about the little Harbour commission building getting swallowed up in the mix.
 
Oxford Properties ehh

Toronto Port Authority Moves Forward on Bay Street Development

TORONTO, March 28, 2012 /CNW/ - The Toronto Port Authority (TPA) announced today that it has selected a consortium led by Oxford Properties Group, the real estate investment arm of the OMERS Worldwide Group of Companies, as its preferred proponent for the redevelopment of its property at Bay and Harbour Streets. Known as the 30 Bay/60 Harbour Project, the 1.8-acre site is anchored by the landmark Toronto Harbor Commission building at 60 Harbour Street, which will be maintained and preserved. The otherwise vacant site is currently used for surface parking.

Mark McQueen, Chairman of the Port Authority Board of Directors, said "this significant development initiative is a major element of the long term financial sustainability of the TPA, and will increase the agency's flexibility as it undertakes various essential public works projects over the coming years." McQueen said that the TPA undertook a rigorous procurement process, noting that the submissions were reviewed by an evaluation team and independent advisors under the oversight of a fairness consultant.

TPA President and CEO Geoffrey Wilson said that the agency was "pleased to be moving forward with Oxford, a company that understands the exciting potential of the property. The TPA will be able to showcase the historic Harbor Commission Building in an enhanced public realm while creating new and exciting space to support the city's expanding financial services sector and the overall growth in the South Core." The proposed development will focus on high quality office and commercial opportunities, which Wilson noted was consistent with the City of Toronto's goal to achieve the right balance of office, commercial, and residential mixed use in the South Core area.

Oxford and TPA will work to formalize their business arrangement over the next few months.

Following those negotiations, the partners will undertake a thorough public consultation process as part of the planning and design phase. TPA hopes to have construction commence within the next few years following required approvals and site planning. Current tenants of the Toronto Harbor Commission building, including Harbour 60 Restaurant, are expected to remain on the premises, and every effort will be made to avoid disruption during construction.

The Toronto Port Authority also owns and operates the popular Billy Bishop Toronto City Airport, the Outer Harbour Marina and the Port of Toronto.
http://www.newswire.ca/en/story/945...ority-moves-forward-on-bay-street-development
 
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Im just hoping that this location can be the site of a future Toronto Casino Hotel/Office-Entertainment complex, with the historical Terminal Bldg. being the grand entrance.
It would be just awesome down there.:cool:
 
Thanks AG! It would be amazing if they incorporate the heritage building like Allen Lamport Galleria is at BCE Place, enclosed by a high glass atrium without really touching much of the original structure
 
This is one heck of a location. I wonder if they could tie into the PATH through ACC s well since they are working with Oxford.

.7 ha should give the approx. 1,600,000 Sq. ft. to play with.

DEE1798B-E0E1-4FE8-91D1-FF65479D4F8A-412-0000002DAA08CE92.jpg
 
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