Toronto Port Authority (TPA) announced that it has selected a consortium led by Oxford Properties Group, the real estate investment arm of the OMERS Worldwide Group of Companies, as its preferred proponent for the redevelopment of its property at Bay and Harbour Streets.
Known as the 30 Bay/60 Harbour Project, the 1.8-acre site is anchored by the landmark Toronto Harbour Commission building at 60 Harbour Street, which will be maintained and preserved. The otherwise vacant site is currently used for surface parking.
Mark McQueen, Chairman of the Port Authority’s Board of Directors, said, “This significant development initiative is a major element of the long term financial sustainability of TPA, and will increase the agency’s flexibility as it undertakes various essential public works projects over the coming years.”
Mr. McQueen said TPA undertook a rigorous procurement process, noting that the submissions were reviewed by an evaluation team and independent advisors under the oversight of a fairness consultant.
TPA President and CEO Geoffrey Wilson said that the agency was “pleased to be moving forward with Oxford, a company that understands the exciting potential of the property. TPA will be able to showcase the historic Harbour Commission Building in an enhanced public realm while creating new and exciting space to support the city’s expanding financial services sector and the overall growth in the South Core.”
The proposed development will focus on high quality office and commercial opportunities, which Wilson noted was consistent with the City of Toronto’s goal to achieve the right balance of office, commercial, and residential mixed use in the South Core area.
Oxford and TPA will work to formalize their business arrangement over the next few months.
Following those negotiations, the partners will undertake a thorough public consultation process as part of the planning and design phase. TPA hopes to have construction commence within the next few years following required approvals and site planning.