S
Sir Novelty Fashion
Guest
Re: Project Symphony
Sycophany?
Sycophany?
Toronto Corus Quay | ?m | 8s | Waterfront Toronto | Diamond Schmitt
F
FutureMayor
Guest
It's Official: Corus Moving
It's official: Corus Entertainment Inc. will move to East Bayfront
www.newswire.ca/en/releases/archive/April2007/20/c7784.html
Louroz
It's official: Corus Entertainment Inc. will move to East Bayfront
www.newswire.ca/en/releases/archive/April2007/20/c7784.html
Louroz
F
FutureMayor
Guest
Re: Project Symphony
Too bad the building sucks.
Louroz
Too bad the building sucks.
Louroz
A
AndrewJM3D
Guest
Re: It's Official: Corus Moving
Ya just got this email from the big guy.
Corus Entertainment’s Toronto Employees to
MOVE TO NEW waterfront BUILDING
We are pleased to announce that we have entered into an agreement with the City of Toronto to become the primary tenant of a new building that will lead the way in the revitalization of the Toronto waterfront.
For our 1,300 Toronto-based employees, this is a great opportunity to create one unified office space that will promote teamwork, creativity, greater communication and collaboration and increase our effectiveness and productivity.
This is also an opportunity for us to reinvest in our community, using our great brands and the collective strength of our team to support the goal of making our city’s waterfront a vibrant, thriving business and cultural destination for Torontonians and visitors alike.
As we lead the way in revitalizing this part of our great city, we will also be mindful of our environment. Our goal is to achieve Gold Standard LEEDâ„¢ (Leadership in Energy and Environmental) certification. Achieving this certification will put us in elite company, alongside some of the most green buildings in North America.
Here is some key information relating to this exciting initiative:
o All Toronto-based employees (Content, Corporate, Radio and Television) from BCE Place, 1 Dundas, Liberty Village and the Kids Can Press offices on Birch Avenue will move into the new building.
o The building will be located on the waterfront between Lower Jarvis Street and Queen’s Quay East.
o Construction is set to begin this July and be completed by November 2009.
o We will move into the new building in phases, starting December 2009 through to spring of 2010.
o We will occupy approximately 75% (380,000 square feet) of this new building.
o Shuttle bus service from Union Station to the new building will be provided during morning, lunch and end-of-workday hours.
As you can imagine, there is a lot of work ahead to ensure that our new facilities meet the needs of our business and employees. Meetings will be held with all departments to determine needs and a number of employee committees will be established to ensure all aspects of common areas are addressed. All employees are encouraged to contribute to make this exciting project a success.
John Cassaday Heather Shaw
President and CEO Executive Chair
Ya just got this email from the big guy.
Corus Entertainment’s Toronto Employees to
MOVE TO NEW waterfront BUILDING
We are pleased to announce that we have entered into an agreement with the City of Toronto to become the primary tenant of a new building that will lead the way in the revitalization of the Toronto waterfront.
For our 1,300 Toronto-based employees, this is a great opportunity to create one unified office space that will promote teamwork, creativity, greater communication and collaboration and increase our effectiveness and productivity.
This is also an opportunity for us to reinvest in our community, using our great brands and the collective strength of our team to support the goal of making our city’s waterfront a vibrant, thriving business and cultural destination for Torontonians and visitors alike.
As we lead the way in revitalizing this part of our great city, we will also be mindful of our environment. Our goal is to achieve Gold Standard LEEDâ„¢ (Leadership in Energy and Environmental) certification. Achieving this certification will put us in elite company, alongside some of the most green buildings in North America.
Here is some key information relating to this exciting initiative:
o All Toronto-based employees (Content, Corporate, Radio and Television) from BCE Place, 1 Dundas, Liberty Village and the Kids Can Press offices on Birch Avenue will move into the new building.
o The building will be located on the waterfront between Lower Jarvis Street and Queen’s Quay East.
o Construction is set to begin this July and be completed by November 2009.
o We will move into the new building in phases, starting December 2009 through to spring of 2010.
o We will occupy approximately 75% (380,000 square feet) of this new building.
o Shuttle bus service from Union Station to the new building will be provided during morning, lunch and end-of-workday hours.
As you can imagine, there is a lot of work ahead to ensure that our new facilities meet the needs of our business and employees. Meetings will be held with all departments to determine needs and a number of employee committees will be established to ensure all aspects of common areas are addressed. All employees are encouraged to contribute to make this exciting project a success.
John Cassaday Heather Shaw
President and CEO Executive Chair
B
building babel
Guest
Re: Project Symphony
Shuttle bus? You'd think they were moving to the middle of nowhere, not somewhere with regular TTC service.
Shuttle bus? You'd think they were moving to the middle of nowhere, not somewhere with regular TTC service.
D
Darkstar416
Guest
Re: It's Official: Corus Moving
Indeed, although a shuttle bus may make some sense until the Queen's Quay East LRT is built.
Indeed, although a shuttle bus may make some sense until the Queen's Quay East LRT is built.
AlvinofDiaspar
Moderator
From the Star:
City may be on the hook for lakefront project
Apr 27, 2007 04:30 AM
John Spears
CITY HALL BUREAU
Toronto taxpayers should put up a $132 million loan to finance the Project Symphony commercial development on the waterfront, says a staff report.
The seven-storey development by the city-owned Toronto Economic Development Co. (TEDCO) would be leased primarily to Corus Entertainment.
The project is supposed to create 1,300 jobs and kick-start development on the East Bayfront section of the waterfront, east of the Tate & Lyle sugar refinery.
But the staff report cautions that there are risks attached to the project, according to an analysis by Sannek Associates Inc.
"According to Sannek's assessment, the project is likely to yield a financial return that is lower than would be acceptable for a private investor, given the project's risk profile," says the staff report.
It doesn't say what that expected return would be, although there's an expectation the city will get its money back.
Because of the below-market return – and because TEDCO is legally required to borrow through the city – it will be up to taxpayers to finance $132 million of the project's $159.5 million cost, says the report. That's money the city will itself need to borrow first.
The rest of the funding will come from TEDCO's own resources and those of the Toronto Waterfront Revitalization Corp.
Income from the project should be enough to cover the city's borrowing costs, the report says. If not, "there could be a negative impact on the city's operating budget and its credit rating."
Can the city afford the risk?
Councillor Kyle Rae, who heads Toronto's economic development committee, turns the question around, saying the city "can't afford not to do it."
"This is a project that will provide a new home for Corus," said Rae, who represents Ward 27, Toronto Centre-Rosedale, and is also a director of TEDCO.
"It will be the first employment land development on the waterfront. It will serve as an excellent buffer between the sugar refinery and the rest of the East Bayfront."
The project shouldn't be viewed in isolation, Rae said, but as a catalyst for the rest of the waterfront.
"It is the first development in the East Bayfront ... That's how it's justified from a business perspective."
But the plan faces questions from other councillors.
Cliff Jenkins (Ward 25, Don Valley West) wants assurances the main tenant is committed to a long-term lease if the city is going to be on the hook for a long-term loan.
AoD
City may be on the hook for lakefront project
Apr 27, 2007 04:30 AM
John Spears
CITY HALL BUREAU
Toronto taxpayers should put up a $132 million loan to finance the Project Symphony commercial development on the waterfront, says a staff report.
The seven-storey development by the city-owned Toronto Economic Development Co. (TEDCO) would be leased primarily to Corus Entertainment.
The project is supposed to create 1,300 jobs and kick-start development on the East Bayfront section of the waterfront, east of the Tate & Lyle sugar refinery.
But the staff report cautions that there are risks attached to the project, according to an analysis by Sannek Associates Inc.
"According to Sannek's assessment, the project is likely to yield a financial return that is lower than would be acceptable for a private investor, given the project's risk profile," says the staff report.
It doesn't say what that expected return would be, although there's an expectation the city will get its money back.
Because of the below-market return – and because TEDCO is legally required to borrow through the city – it will be up to taxpayers to finance $132 million of the project's $159.5 million cost, says the report. That's money the city will itself need to borrow first.
The rest of the funding will come from TEDCO's own resources and those of the Toronto Waterfront Revitalization Corp.
Income from the project should be enough to cover the city's borrowing costs, the report says. If not, "there could be a negative impact on the city's operating budget and its credit rating."
Can the city afford the risk?
Councillor Kyle Rae, who heads Toronto's economic development committee, turns the question around, saying the city "can't afford not to do it."
"This is a project that will provide a new home for Corus," said Rae, who represents Ward 27, Toronto Centre-Rosedale, and is also a director of TEDCO.
"It will be the first employment land development on the waterfront. It will serve as an excellent buffer between the sugar refinery and the rest of the East Bayfront."
The project shouldn't be viewed in isolation, Rae said, but as a catalyst for the rest of the waterfront.
"It is the first development in the East Bayfront ... That's how it's justified from a business perspective."
But the plan faces questions from other councillors.
Cliff Jenkins (Ward 25, Don Valley West) wants assurances the main tenant is committed to a long-term lease if the city is going to be on the hook for a long-term loan.
AoD
Jayomatic
Active Member
This whole thing stinks. I would rather have some private developer building something on this land. I dont see why this commercial development should be treated differently in terms of financing than any other commercial development in the city.
Andrew3D
Active Member
Really? So will Corus be firing all it's employees then rehiring them? They make it sound like this will be bring in 1300 new jobs to the city.
EnviroTO
Senior Member
The city actually has to pay for this lack-lustre building as well? It just gets worse and worse. The city should spend the money on the park and the streetcar. I can't believe that not only is it a non-landmark not conforming to the sight-line plans of the TWRC plan but taxpayers have to pay for it because in some foolish mind a site with a waterfront view three blocks from the Telus and GWLife projects is "risky". Here is a risk... build the street, service the site, build the transit, build the park and boardwalk, and finish approving the East Bayfront plan with sightlines intact then put property up for sale. It's downtown on a direct route to Union Station... the only reason there is risk is because bureaucrats are involved.
I wouldn't be surprised if there is actually another motive to this... turning TEDCO into a commercial/office property management company. A TEDCO with various office, commercial, and land assets which is making money on those projects could take on bigger things like managing office space in old city hall buildings, managing a Union redevelopment, etc. Wait, what am I thinking... a master plan of sorts... pfffft.
I wouldn't be surprised if there is actually another motive to this... turning TEDCO into a commercial/office property management company. A TEDCO with various office, commercial, and land assets which is making money on those projects could take on bigger things like managing office space in old city hall buildings, managing a Union redevelopment, etc. Wait, what am I thinking... a master plan of sorts... pfffft.
urbandreamer
recession proof
I know some cuties that work at corus and i know for a fact they're not happy with the move to the "boondocks"..... Still someone's gotta do it first i suppose. Let's hope they funk up the building abit and don't settle for the same old lame old crap....
Dan416
Senior Member
This deal (errr.... project) is getting worse and worse all the time.
Blixtein
Active Member
All I have to say is, WTF???? There's no reason why the city should be paying for this building.
AlvinofDiaspar
Moderator
I have to agree. Helping the project out with TIF is one thing, having to assume what seems to be all the risk for a private venture is another.
AoD
AoD
Mongo
Senior Member
Is it out of line to publicly wonder if there may be kick-backs involved with this project? I have to wonder why Miller is pushing this sub-standard project so heavily, even to the point of railroading it through the approval process and ignoring (justified) criticisms from non-involved architects.
The more I hear about this deal, the more repulsed I become.
Bill
The more I hear about this deal, the more repulsed I become.
Bill