30 Bay Street Port Authority Port authority considers building office tower http://www.thestar.com/business/article/1072737--port-authority-considers-building-office-tower The Toronto Port Authority is considering turning its surface parking lot near the foot of Bay St. into an office tower or mixed-use building, including possibly a hotel or condos. The agency, which operates the port and the island airport, has hired CB Richard Ellis to seek expressions of interest from developers for the 0.72 hectare property that wraps in an L-shape around the Toronto Harbour Commission building, which would stay. “All around us is lots of activity,” said Mark McQueen, chair of the port authority, pointing to developments nearby including the Telus building, Pinnacle Centre condos, and this week’s news that RBC is moving to a soon-to-be built site on Queens Quay just west of Bay. “We have to be open-minded to what people come up with. Obviously 30 Bay St. as an address lends itself to office, but we’ll wait and see,” McQueen said, adding the port authority is permitted to build commercial and retail space there. “Office is a natural. Obviously Toronto is a hot condo market right now, and it may appeal to some developers,” he said, adding experts are studying how to handle possible condo ownership. “We’re interested in a prudent project versus going for the top dollar, that’s why office and retail are of interest,” McQueen said because a steady stream of income to diversify revenue sources is important. “But you can’t deny that some amount of condos or hotel might make sense.” The port authority expects to consider responses early in the new year, and will choose a winner in late 2012.