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Yet another office tower is underway in Downtown Toronto, with Cadillac Fairview’s announcement that a new 46-storey tower at 160 Front Street West will begin construction in 2019. The $800 million, AS + GG Architecture-designed office tower will add 1.2 million square feet of office space and 12,290 square feet of retail space to the west edge of the Financial District, responding to historic lows in office vacancies.
Announcing the project, a statement from Cadillac Fairview President and CEO John Sullivan reads, "This city continues to experience record-low vacancy rates, fueled by demand for quality, sustainable office space across a broad array of clients, and in particular the tech and financial sectors. With space availability in downtown Toronto at the lowest level in over 25 years, we see tremendous opportunity for this development."
Located at the northeast corner of Front Street and Simcoe Street, the tower will rise 240 metres into the Financial District skyline, becoming the city's 8th tallest building in the process. Today’s news release also includes the first details of the tower’s tenants, with the Ontario Teachers' Pension Plan (OTPP) set to occupy a full 9 floors of the tower, relocating from their current head office in North York.
A statement from Ron Mock, President and CEO of OTPP, reads "Toronto is a vibrant and international city, and the downtown core is a major hub of finance. We believe this is the right time to plan our move closer to our partners and the pool of talent we will need to see us into the future. This new building will have many attractive elements to help foster teamwork and innovation, in a healthy and sustainable environment that is close to many different transit options.”
Construction is expected to begin next year, with plans to complete the building by Fall 2022.
Additional information and images can be found in our database file for the project, linked below. Want to get involved in the discussion? Check out the associated Forum thread, or leave a comment in the field provided at the bottom of this page.
