Rumours have been circulating in recent days that a 50 storey office tower is coming to 45 Bay Street. The site is owned by SITQ, the real estate arm of The Caisse, Quebec's large pension fund. The property, located across the street from the Air Canada Centre and Union Station, is zoned for 1.2 million square feet of office space. Here's a fantasy rendering that was circulated back in 2006 when the property was up for sale by the previous owners. This is not likely what we will be getting though we would be very happy if it was.

45 Bay Street is being developed by SITQ. Rendering showing 45 Bay Street from the southwest.

Another version.

45 Bay Street is being developed by SITQ.A more colourful rendering.

Rumours have also been circulating that the Toronto Coach Terminal, currently located at Bay and Dundas, would be integrated into the lower levels of this project. This would make plenty of sense as it would be easily connected to Union Station making this a much larger transit hub. And sitting next to the Gardner Expressway would make it easier for the buses to get in and out of the city. Here's the site, currently a parking lot, as seen from the CN Tower.

45 Bay Street is being developed by SITQ.The current state of the lot at 45 Bay Street. Photo by jasonzed.

We'll keep you posted as we learn more.