Metrolinx and Canada-based real estate firm Ivanhoé Cambridge have signed an agreement to develop an integrated office and transit complex in downtown Toronto for approximately $1.8bn.
The developmental works include two new 48-storey office towers that will be located on the north and south of the rail corridor, a one-acre 'Sky Park' over the rail tracks to connect the two office towers and a $106m GO Transit bus terminal near the foot of Bay Street.
Ivanhoé Cambridge CEO and chairman Daniel Fournier said: "We want this project to be iconic for Toronto through inspired design and intelligent integration of public transit with green spaces.
"Our partnership with Metrolinx strongly reinforces the attractiveness of our office development project.
"By working with public authorities on finding smart transit solutions for downtown Toronto, we demonstrate how sustainable development can create value for the community and for our future tenants."
Metrolinx and Ivanhoé Cambridge had earlier selected UK-based architectural firm Wilkinson Eyre as the design architect for the project.
Ivanhoé Cambridge will work with Hines Canada Management to develop the 45/141 Bay Street office towers, which would be built to LEED-Platinum standards.
Metrolinx chair Robert Prichard said: "We are pleased to be working with Ivanhoé Cambridge to build a new downtown Toronto Bus Terminal to bring bus and train services to a centralised location, allowing for improved transit options and an improved customer experience.
"An integrated development that provides transit, improved public space and connects communities is an example of Metrolinx's Regional Transportation Plan to provide travellers with improved connections to more transit."
Construction works on the project are expected to begin in spring 2015, with the new GO bus terminal set to open within three years, while the first office tower will be completed within months of opening the terminal.
Image: Artist's impression of the proposed 45-141 Bay Street office towers and transit complex in downtown Toronto. Photo: courtesy of Ivanhoé Cambridge.