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Historic low office vacancy rates in Downtown Toronto are fueling growth south of Union Station. While the biggest project in the area—CIBC Square—started construction with major tenants already signed on, another project on the opposite side of the Scotiabank Arena kicked off construction in May 2017 purely on speculative demand. Over the year and a half since, Cadillac Fairview's 16 York has signed on several tenants as the 32-storey, architectsAlliance and B+H Architects-designed office tower climbs higher towards a 155-metre height.
The tower had risen 17 storeys above the southwest corner of York and Bremner at the time of our last update in mid-November 2018. Work is now at the 22nd floor, and the relocation of formwork is revealing a significant construction milestone recently surpassed: 16 York's 11 uppermost storeys are shifted a little north and a little east, cantilevered slightly out over the 21st floor (referred to as 22 in leasing plans due to the building skipping level 13). The image below, captured from the south tower of Maple Leaf Square, shows the steel structure used to support forms for the cantilevered levels.
The project is well on track to meet its projected opening date of June 1st, 2020, when the $479 million development will introduce 879,000 ft² of new office space to the rapidly expanding South Core area. Tenants announced so far include HSBC Bank Canada, to lease 115,189 ft² of space, 5,200 ft² of which will be a ground-level bank fronting York Street.
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.
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