Novae Res Urbis
BUILD TORONTO
TTC interest in Yonge St. site
FRIDAY • MAY 7 • 2010
Built Toronto has submitted its first planning application to the city, seeking official plan and zoning by-law amendments to develop a new office building at Yonge Street and York Mills Road and the TTC is interested in moving its headquarters there.
Though the city’s newest real estate development agency declined to elaborate on specific details surrounding the project, a press release issued Wednesday said the application proposes a 500,000-sq.ft., LEED-gold office building that will be financed through a partnership with the private sector. The site is located at 4050 Yonge Street and the building is expected to be complete in 2014.
Further details about the project are expected next week, when Build Toronto’s president and CEO Lorne Braithwaite gives a speech at the Toronto Board of Trade. The press release also notes that the building “is expected to be a very attractive location for many potential organizations,†adding that the agency “has already received interest from several potential lead tenants.â€
Though no further information was offered by the city agency, the Toronto Transit Commission voted yesterday afternoon to develop a framework for a long-term lease for space in Build Toronto’s proposed project. Under the lease agreement the TTC’s current headquarters would be turned over to Build Toronto.
The TTC has been exploring its office space options for two years, as its current offices atop Davisville Station at 1900 Yonge Street require approximately $30 million in repairs and upgrades. Additionally, the current headquarters houses 300 employees while another 700 or so are housed in various leased offices around the city, costing the TTC $8.6 million a year in rent. Leasing the space from Build Toronto would allow the TTC to consolidate its employees in a central office.
The Davisville office, built in 1956, requires a new sprinkler system, upgrades to the heating, ventilation and air conditioning systems, masonry repairs and energy efficiency upgrades such as new windows.
The TTC stressed it is exploring its options and would only enter into such a lease agreement if the cost savings were beneficial. An offer to lease document is expected to be prepared in August and final pricing finalized in October.