Toronto T3 Bayside | 42m | 10s | Hines | 3XN

[Start Fox]

Noticed this too. Seems quite odd given that the fencing was promotional (for Aqualuna), don't see why they'd want to remove it unless necessary for construction, but on the other hand I don't believe construction is starting either.

 

[someMidTowner]

This has changed a bit since the February SPA. Hines has supplied us with a whole bunch of new renderings, including some gorgeous views of exposed timber interiors:

A whole bunch more in the project Database file!

 

[marcus_a_j]

Great. Did they provide any timeline for construction?

 

[someMidTowner]

Great. Did they provide any timeline for construction?

All I can say at this point is construction is happening very soon. Stay tuned

 

[ushahid]

Construction start "soon".

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[AlvinofDiaspar]

I wonder who signed on as the tenant.

AoD

 

[AlvinofDiaspar]

Groundbreaking on Thursday:

Bayside is getting its first office development! Join us on Facebook Live, this Thursday at 9:30am, to celebrate the groundbreaking of T3 Bayside—a mass timber building that will drive innovation to the waterfront. https://bit.ly/32CyAbr

https://twitter.com/x/status/1285318594612600834

AoD

 

[UrbanAffair]

Are they just building the first one now, or both at the same time?

 

[TheSix]

Are they just building the first one now, or both at the same time?

Just the east building. The west will likely follow in a year or two. Or three...

 

[ProjectEnd]

I wonder who signed on as the tenant.

AoD

No one as of April, but we're here in late July now, so you never know.

 

[someMidTowner]

I wonder who signed on as the tenant.

AoD

No one as of April, but we're here in late July now, so you never know.

Hines has confirmed to me that this is being built on speculative demand.

 

[achender]

From today.
Starting to mobilize on site.

 

[taal]

That's fairly surprising they are building on spec given the market conditions:
https://www.thestar.com/business/20...ket-in-downtown-toronto-real-estate-firm.html

It's behind a paywall but the summary is sublease space is increasing quickly. So vacancy rates still look good at the moment but this is always a first sign that trends are going to change.

With that said, "new builds" are always attractive to tenants looking to consolidate so that may make this fairly small build sensible ...
These sort of spec builds still work early on in a market correction (not saying that will happen at all but it may) but eventually sub-lease space in very attractive areas (e.g. right downtown) starts to drop in price making it hard for firms to pass on that.

 

[AlbertC]

UT article summarizing today's groundbreaking announcement:

Hines and Waterfront Toronto Break Ground on Mass-Timber T3 Bayside | UrbanToronto

Representatives of Waterfront Toronto, developer Hines, and three levels of government gathered in the East Bayfront area this morning to celebrate the start of construction on a mass-timber office complex known as T3 Bayside. The innovative project, with a design by Danish architects 3XN...

urbantoronto.ca

 

[maestro]

Spec sounds good. It expesses confident and confidence is the number one marketing strategy in the city. Doubt they are building without any contingencies. I don't care too much. Just happy to see these lots filled with buildings