A massive transaction is unfolding involving a proposed large-scale development east of Downtown Toronto known as East Harbour. This morning, Cadillac Fairview (CF) and First Gulf announced that CF has entered into an unconditional purchase agreement to acquire 100% ownership of the development from current owners First Gulf and its partners, with the deal expected to close on September 25th.
The significant development site at Don Roadway and Lake Shore Blvd. is primed for a mixed-use, transit-connected hub housing 10 million square feet of commercial office, hotel, retail, institutional, entertainment and cultural uses, laid out in the 2018 Council-approved East Harbour Master Plan. A capacity to accommodate over 70,000 employees will be aided by the site's planned multi-modal transit hub incorporating potential GO Train/SmartTrack services, TTC light rail transit and the proposed Ontario Line subway.
"CF is thrilled to assume stewardship of the East Harbour project and all of the tremendous potential that it represents," reads a statement issued by John Sullivan, President and CEO, CF. "Our commitment now is to sustain the momentum toward realizing the vision of a vibrant new employment and entertainment destination for Torontonians."
First Gulf CEO David Gerofsky stated "On behalf of First Gulf and our partners, I am extremely proud of how we brought this project to life and established support for it. The shared vision, developed in collaboration with community and government stakeholders, establishes East Harbour as a key driver of economic growth and competitiveness for Toronto. We know the project is in good hands with Cadillac Fairview and we look forward to seeing our collective work realized."
East Harbour is planned to be built in phases, with the first phase of the development to kick off with the adaptive reuse of the existing Soap Factory building. With the sale of the site expected to close later in the month, CF is already in discussions with prospective tenants who have expressed interest in the repurposed and expanded building.
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 below.
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