greenleaf
Senior Member
This building will be taken over the by Ontario College of Teachers.
from: http://www.oct.ca/news/building/default.aspx?lang=en-CA
The College is moving down the street next year.
We have purchased majority interest in a building at 101 Bloor Street West at St. Thomas Street in the heart of Toronto’s downtown core.
The new location remains central to Queen’s Park, education stakeholder organizations and to staff, College members, applicants and members of the public. It is within three blocks of subway stations on three lines. The College receives more than 1,700 walk-in visitors each month.
The College will have exclusive naming rights for the building.
College Council unanimously approved the $28.7 million purchase as a move that makes sound financial sense for the College’s future. It creates equity for College members and protects against rising facility costs.
The existing lease on the College’s current space at 121 Bloor Street East expires in 2012. The lease rates the College pays now are expected to double by then.
The Lease vs. Buy comparison made ownership a clear preference.
“After examining all options, we consider this to be the best protection against financial pressures in the form of unknown future facility costs,†said Council Chair Don Cattani.
At more than 80,000 square feet, we will have almost one-third more room than we currently do. The ownership deal also gives us the option to purchase additional floors if we need them in the future.
Because the current owners will retain minority ownership of some floors, we will be applying jointly for conversion to condominium ownership of the building. Subject to City of Toronto approval, the College will take possession on Dec. 31, 2009.
The building is currently empty except for retailers on the ground floor. The windows in the entire building, which was constructed in 1970, have recently been replaced with energy-efficient double-pane glass and the exterior will be repainted when the weather is warmer.
Improving the environmental footprint of the building is a high priority and the College will be seeking LEED (Leadership in Energy and Environmental Design) certification.
Significant renovations will begin as soon as we take possession and we will start moving in the spring of 2010.
from: http://www.oct.ca/news/building/default.aspx?lang=en-CA
The College is moving down the street next year.
We have purchased majority interest in a building at 101 Bloor Street West at St. Thomas Street in the heart of Toronto’s downtown core.
The new location remains central to Queen’s Park, education stakeholder organizations and to staff, College members, applicants and members of the public. It is within three blocks of subway stations on three lines. The College receives more than 1,700 walk-in visitors each month.
The College will have exclusive naming rights for the building.
College Council unanimously approved the $28.7 million purchase as a move that makes sound financial sense for the College’s future. It creates equity for College members and protects against rising facility costs.
The existing lease on the College’s current space at 121 Bloor Street East expires in 2012. The lease rates the College pays now are expected to double by then.
The Lease vs. Buy comparison made ownership a clear preference.
“After examining all options, we consider this to be the best protection against financial pressures in the form of unknown future facility costs,†said Council Chair Don Cattani.
At more than 80,000 square feet, we will have almost one-third more room than we currently do. The ownership deal also gives us the option to purchase additional floors if we need them in the future.
Because the current owners will retain minority ownership of some floors, we will be applying jointly for conversion to condominium ownership of the building. Subject to City of Toronto approval, the College will take possession on Dec. 31, 2009.
The building is currently empty except for retailers on the ground floor. The windows in the entire building, which was constructed in 1970, have recently been replaced with energy-efficient double-pane glass and the exterior will be repainted when the weather is warmer.
Improving the environmental footprint of the building is a high priority and the College will be seeking LEED (Leadership in Energy and Environmental Design) certification.
Significant renovations will begin as soon as we take possession and we will start moving in the spring of 2010.
