CIBC Square
CIBC Square, March 2021
Former namesBay Park Centre
General information
StatusUnder construction
TypeOffice complex
Architectural styleModernist
Address81 & 141 Bay Street
Town or cityToronto, Ontario
CountryCanada
Coordinates43°38′39″N 79°22′39″W / 43.64417°N 79.37750°W / 43.64417; -79.37750
GroundbreakingJune 21, 2017
Estimated completion
  • 2021 (81 Bay Street)
  • 2024 (141 Bay Street)
Height241.3 m (South tower)[1]
Technical details
Floor count50
Design and construction
Architecture firm
Developer
Main contractorEllisDon
Website
www.cibcsquare.com

CIBC Square (known during early stages of development as Bay Park Centre)[2] is an office complex in the South Core neighbourhood of Toronto, Ontario, Canada. The complex, located on Bay Street south of Front Street, is a joint development of Ivanhoé Cambridge and Hines.[2] It serves as the new global operational headquarters for the Canadian Imperial Bank of Commerce (CIBC), consolidating approximately 15,000 staff from several CIBC-tenanted buildings in the Greater Toronto Area, including its existing headquarters at Commerce Court.[3] The complex also includes the Union Station Bus Terminal constructed on behalf of Metrolinx for GO Transit and other inter-city bus services, connected directly to Union Station.[4] The complex will also include a one-acre park elevated over the rail corridor.[5]

Design

The 2,900,000 square feet (270,000 m2) complex will consist of two towers to be completed in two phases.[6]

The 49 storey south tower (81 Bay Street) was completed first, built on the site of a parking lot opposite the Scotiabank Arena. This tower includes the Union Station Bus Terminal for regional GO Transit and inter-city bus services, replacing the former terminal on Bay Street. A pedestrian skybridge links the complex to the Scotiabank Arena and Union Station, expanding the PATH walkway system further south below the railway corridor - to the One Yonge Street complex and ultimately to the under-development Sugar Wharf project on the LCBO lands farther east.[7]

The 50 storey north tower (141 Bay Street) will be built on the site of the former GO Transit bus terminal, located behind the Dominion Public Building. The north tower is scheduled for completion in 2024.[6] The base of the towers will be a four-storey podium housing retail space, including a flagship CIBC retail bank branch.[8]

At fourth floor level will be a one-acre, publicly accessible park, elevated over the railway corridor, with varied topography: slopes and hills, horticulture, gardens, shade groves, balconies, and vista areas.[5][9]

The overall complex was designed by British architects WilkinsonEyre, and Adamson Associates of Toronto.[10]

History

The development is being co-led by Ivanhoé Cambridge and Hines using land acquired from Metrolinx (as well as city-owned Toronto Parking Authority parking lot), and designed by British architectural firm WilkinsonEyre and Adamson Associates of Toronto.[3] Ivanhoe Cambridge bought 81 Bay Street (formerly 45 Bay Street) in 2007 and later acquired additional land and air rights over the rail corridor. In September 2014, Ivanhoe agreed with Metrolinx to build the new GO Bus Terminal at 81 Bay Street.[11][12]

CIBC was announced as the anchor tenant of the south tower (81 Bay Street) in April 2017,[13] with construction beginning in June 2017.[14] The south tower was scheduled to open in 2020 but was delayed until summer 2021.[15] The Union Station Bus Terminal opened in December 2020.[16]

Construction on the north tower began in March 2021.[6]

Key tenants

CIBC is the primary tenant of the complex with 1,750,000 square feet (163,000 m2) or 60% of the leasable space. Boston Consulting Group will occupy approximately 85,000 square feet (7,900 m2) for its Canadian headquarters.[17]

Microsoft Canada will move into a 132,000 square feet (12,300 m2) facility for its Canadian headquarters at 81 Bay Street from 1950 Meadowvale Boulevard in Mississauga.[18][19] The Union Station Bus Terminal is located in the south tower of the new complex. It replaced a previous bus terminal located on the site where the north tower will be built.[4] Unknown is the fate of the former CP Express & Transport Building dock door and limestone facade, which was incorporated into the previous GO bus terminal.

References

  1. ↑ "CIBC Square". CTBUH Skyscraper Center.
  2. 1 2 McGillivray, Kate (June 21, 2017). "Construction kicks off on Bay Street mega-development, set to include towers, bus terminal, park". CBC News. Retrieved June 24, 2017.
  3. 1 2 Wright, Lisa (April 12, 2017). "CIBC to move head offices to new Bay Park Centre". Toronto Star. Retrieved April 12, 2017.
  4. 1 2 "New Union Station Bus Terminal (USBT) at CIBC SQUARE". GO Transit. Archived from the original on November 16, 2020. Retrieved November 11, 2021.
  5. 1 2 "The Park". CIBC Square. Retrieved November 11, 2021.
  6. 1 2 3 "Ivanhoé Cambridge and Hines Break Ground on CIBC SQUARE's Second Tower in Toronto" (Press release). Ivanhoé Cambridge. March 31, 2021. Retrieved April 20, 2021.
  7. ↑ Kalinowski, Tess (January 11, 2018). "Sugar Wharf development's first phase to put 8,000 residents on Toronto's waterfront". Toronto Star. Archived from the original on April 13, 2019. Retrieved April 13, 2019.
  8. ↑ "Bay Park Centre Park & Amenities". Ivanhoé Cambridge. Archived from the original on December 10, 2017. Retrieved April 12, 2017.
  9. ↑ Landau, Jack (August 3, 2018). "Renderings Reveal Details for CIBC Square's Elevated Park". Urban Toronto. Retrieved November 11, 2021.
  10. ↑ "CIBC Square". Urban Toronto. Retrieved March 12, 2019.
  11. ↑ "Ivanhoé Cambridge and Hines acquire 141 Bay Street from Metrolinx" (Press release). Ivanhoé Cambridge. April 12, 2017. Retrieved September 12, 2018.
  12. ↑ Matanis, Marc (September 30, 2014). "New GO Bus Terminal Slated for Massive 45-141 Bay Development". urbantoronto.ca. Retrieved August 15, 2023.
  13. ↑ Landau, Jack (April 12, 2017). "CIBC Announced as Anchor Tenant for Bay Park Centre". urbantoronto.ca. Retrieved August 15, 2023.
  14. ↑ Novakovic, Stefan (June 21, 2017). "Bay Park Centre Unveiled as 'CIBC Square' at Ground Breaking". urbantoronto.ca. Retrieved August 15, 2023.
  15. ↑ Landau, Jack (August 6, 2021). "CIBC SQUARE South Tower Welcomes Tenants as North Tower Work Advances". Urban Toronto. Retrieved November 11, 2021.
  16. ↑ "New Union Station Bus Terminal to Officially Open". Government of Ontario. December 4, 2020. Retrieved December 6, 2020.
  17. ↑ "The Boston Consulting Group to move into CIBC Square" (Press release). July 25, 2017. Retrieved November 11, 2021 – via Canada Newswire.
  18. ↑ "Microsoft Canada announces new headquarters in downtown Toronto". TheCanadianTechie. September 11, 2018. Retrieved September 11, 2018.
  19. ↑ Peesker, Kevin (September 11, 2018). "Microsoft Canada Moves to the Heart of Downtown Toronto". LinkedIn.
Wikimedia Commons has media related to CIBC Square.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.