Posted Jul 11, 2018, 12:37 AM
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Registered User
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Join Date: Dec 2012
Location: Simcoe County, ON
Posts: 6,506
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Quote:
Originally Posted by uzi
staff report for commerce court 3. posted by insertnamehere on UT.
4. 56 Yonge St et al –QuadReal Properties/bcIMC –“Commerce Court 3” (25 King Street West (Commerce Court North), 199 Bay Street (Commerce Court West), 30 Wellington Street (Commerce Court South), 21 Melinda Street (Commerce Court East), 56 Yonge Street (Hotel Victoria)
The IMIT application was submitted on February 21, 2018 and proposes approximately 2 million square feet (64 stories) of new office space scheduled to be operational in 2025. The development is within the boundaries of both the current and proposed expansion of the Financial District. The building is seeking to qualify under the IMIT Corporate Head Quarter eligibility. They have submitted a confidential tenant memo affirming that a Letter of Intent has been submitted by the tenant and that they will meet the Corporate Head Quarter criteria. The prospective tenant will occupy 300,000 square feet. As mentioned earlier in this report the IMIT Grant would have been proportional to the eligible gross floor area. It is expected that this development will support approximately 10,000 jobs. The building is designed by DIALOG and Hariri Pontarini Architects. The developer is proposing to tear down two shorter buildings at Commerce Court and replace them with a 64-storey tower the exact height of the nearby BMO Tower at First Canadian Place. The two buildings would share the title of Toronto's tallest office building. The proposal includes improvements to the public realm including new Wellington Street frontage, a parkette at the corner of King and Bay Streets and will restore key heritage assets. Many of the design details remain under review as they have submitted a Zoning By-law Amendment application that is still in process.
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Seems CC3 has found a tenant, but at 300,000 SQ FT that's a mere 15% of this monster. Still a ways to go. Nice to see they are making progress. Bay Adelaide N also has a lead tenant and that should be announced soon. Office towers in TO are exploding right now.
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