Ground has officially been broken on a new high-rise project at the foot of Bay Street that Mayor John Tory is calling a “shining example of transit oriented development” for its inclusion of a new GO bus terminal.
About 150 people attended a groundbreaking ceremony for CIBC Square, formally known as Bay Park Centre, on Wednesday morning.
The 2.9 million-square foot development, which will serve as CIBC’s new head office, consists of a 49 and 50-storery tower at 81 Bay Street and 141 Bay Street.
In addition to office space for 15,000 CIBC employees and a further 1.75 million square feet of leasable space, the development will be home to a new GO bus terminal located at 81 Bay Street.
There is also a plan to build a one-acre park above the rail tracks connecting the two buildings.
“This is going to create a modern, connected headquarters for CIBC but is also going to be shining example of transit oriented development where we make it not only possible but we make it desirable for people to use public transportation to get to work and get home,” Tory said at the ground-breaking ceremony. “That is the future of cities, where people make less use of their cars and more use of public transportation to get around.”
The first of the project's two buildings at 81 Bay Street is scheduled to be completed by 2020. The second building at 141 Bay Street, which construction won’t begin on until 2020, is expected to be finished in 2023.
Speaking about the project on Wednesday, Tory said he is particularly eager to see the park planned for above the rail tracks in the area, as it could be used as a model of sorts for his 8.5-hectare Rail Deck Park proposal.
“I will be looking at is as a bit of a test but also as an example to people that we must not let hand-wringing get in the way of ambitious projects that are going to help build a great city going forward,” he said.
