Toronto CIBC SQUARE | 241.39m | 50s | Hines | WilkinsonEyre

  • Thread starter Suicidal Gingerbread Man
  • Start date
From: http://www.theglobeandmail.com/report-on-business/industry-news/property-report/anatomy-of-a-2-billion-deal-class-a-office-towers-meet-bus-terminal/article21733071/:

Ivanhoé is still going through the planning process with the City of Toronto, and is in discussions with potential tenants. Construction is expected to begin in the spring of 2015, and the new bus terminal and first office tower could be finished in 2018.

The project is not without risk. Ivanhoé is going full steam ahead before having secured lead tenants. This at a time when many observers argue that Toronto’s downtown office space is already being overbuilt. Brokerage firm Cushman & Wakefield forecasts that, as a result of a spurt in new construction, the vacancy rate for Class A space in the city’s central business district will rise from 6.2 per cent this year to 9.1 per cent in 2016, while rents soften from $50.27 per square foot per year to $49.10.
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IIRC, a balanced market is somewhere around 10% vacancy for commercial space anyway. So maybe they figure worst case scenario it'll be balanced, and if things keep booming it'll still be a sellers market
 
Great news they are building it on spec. Such a gorgeous tower too. Tallest office tower to be built in Canada in the past 20 years.
 
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just posted a city wide update, check the thread in my signature if you want. Not sure if I've posted an image of 45 Bay in relation to other projects in this thread yet. It sits rather alone.
 
oh wow, I managed to forget putting them in. I guess I just dislike them too much haha. I'll stick them in by the end of the week, I have to move a couple of buildings from sales to construction anyway.
 
raptor said:
From: http://www.theglobeandmail.com/report-on-business/industry-news/property-report/anatomy-of-a-2-billion-deal-class-a-office-towers-meet-bus-terminal/article21733071/:
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An interesting crossnote from the GO Transit service thread:

GO just finished a purchase of 253 new double-decker buses, which seemed like a signal that they were going to be the new norm, and coach buses would be phased out.

For its part, Metrolinx was trying to accomplish quite a few things by moving its bus terminal, Mr. McCuaig says. Most importantly it wanted an indoor facility for its 55,000 daily customers that connects directly to Union Station so that bus passengers could quickly get onto trains. It also wanted to be as far south as possible, ideally south of the Gardiner Expressway, which would make it easier for buses to avoid having to drive under certain bridges. That would allow the use of more double-decker buses, which reduce operating costs because there is one driver for more passengers. Anne Marie Aikins, a spokeswoman for Metrolinx, said that while 45 Bay is just north of the Gardiner, buses will be able to exit from Lakeshore.
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So the bus terminal at 45 Bay seems to be helping facilitate this transition.
 
DonValleyRainbow said:
An interesting crossnote from the GO Transit service thread:

GO just finished a purchase of 253 new double-decker buses, which seemed like a signal that they were going to be the new norm, and coach buses would be phased out.



So the bus terminal at 45 Bay seems to be helping facilitate this transition.
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Double decker buses make sense for the in-city trips but for the Mississauga-Waterloo route they sucked. At least the coach style had room below for luggage, these ones were less comfortable and made you sit with your bag/suitcase on your lap instead of putting it underneath.
 
There is significant Luggage space above the rear wheels in the new DDs.

The new DDs announced yesterday are also slightly shorter than the existing DDs, meaning that they will be able to enter the existing terminal at Union.
 
Has there been any further indication of whether Greyhound will be moving their operations to this building as well? I know officially it's been a no...just wondering if it's being built to potentially accommodate both
 
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