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In the midst of Toronto's explosive growth, we tend to focus primarily on new construction, keeping up to date on all of the towers and cranes being added to the city skyline. But quite often, obscured from most passersby on the street, major renovations are carried out on the interiors of our existing building stock, which are equally as important as new construction for addressing the shortage of available commercial space downtown and for advancing the growth of the city's economy. Menkes Developments is carrying out one such project in the heart of the Financial District with a refurbishment of the Canada Permanent Building, a landmark heritage tower on the Bay Street corridor.
Located directly on the southwest corner of Bay and Adelaide at 320 Bay Street, the 300,000-square-foot Canada Permanent Building was constructed between 1928 and 1930 by the prolific Toronto architecture firm of Sproatt & Rolph as headquarters for the Canada Permanent Trust. The building is designed in the Art Deco style and proudly rises to a height of 18 storeys. Included in one of the earliest waves of heritage designation in the 1970s, it has been identified as an important contributor to the modern-day Financial District and Bay Street "canyon", and is seen as one of the finest examples of Art Deco bank towers in the country.
Menkes along with TD Greystone purchased interest in the Canada Permanent Building, known simply as The Permanent, earlier this year, and immediately began planning the renovation of the heritage building. Enlisting Sweeny &Co Architects as design lead, the project will improve the quality and service of the space, while preserving the heritage and architectural features, including the stunning marble-clad Bankers' Hall. The project also includes mechanical and electrical upgrades, as well as "exciting plans for a street-level re-imagination of the building".
Central to the renovation of the building is a new approach to designing for the new generation workforce. The building will cater to the growing tech sector in the Financial District, and will look for innovative ways of meeting the changing expectations and priorities of new tenants. "We think this development will have a unique place in the market, as there is nothing like it in the core right now,” said Peter Menkes, President Commercial/Industrial at Menkes. "It will offer a cutting-edge work environment, redesigned to meet the growing demand for creative office space in Toronto, and will allow companies to occupy a historical landmark property."
B+H Architects have since been announced as one of the first tenants of The Permanent, seizing the opportunity to design their own new offices as part of the renovation. Construction on the revitalization project is already underway, with expected occupancy in Spring 2020.
We will keep you posted on any news regarding The Permanent and happenings in the Financial District, but in the meantime, you can let us know what you think by leaving a comment in the space provided on this page.
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| Related Companies: | B+H Architects, Kramer Design Associates Limited, Menkes Developments, Sweeny &Co Architects Inc. |
