Hines, Ivanhoé Break Ground on Toronto’s CIBC Square

By IvyLee Rosario

CIBC ground breaking at 81 Bay St.

Hines, in partnership with Ivanhoé Cambridge, broke ground on 81 Bay St. for its CIBC Square development in Toronto. Formerly known as Bay Park Centre, the project will comprise two buildings and a one-acre elevated park over the rail corridor. The first building is scheduled for completion in 2020. The second property, located at 131 Bay St., and the elevated park, will be completed in 2023. 

“We are excited to be part of this dynamic project team that will be delivering this world-class urban campus in the heart of Toronto,” said Kevin Shannahan, CEO of Hines Canada, in prepared remarks. “With this project, we are contributing vibrant, technically and socially advanced architecture befitting the city for decades to come.”

Bay Street Takeover

CIBC Square will be located adjacent to Toronto’s Union Station and will complete the Union Station campus master plan by including a bus terminal and direct links to the TTC Subway, Via Rail, UP Express, GO Train and PATH. The project will be one of the last office developments with a Bay Street address in the business district. 

The development, designed by architect firms WilkinsonEyre and Adamson Associates, aims to attain LEED Platinum Core & Shell certification, WELL Certification and WiredScore Platinum accreditation.

Campus Details

CIBC Square

The buildings will be constructed on a 2.9 million-square-foot urban campus that will feature 49 and 50 floors, respectively. Ceiling heights will reach over nine feet on the office levels and 12 feet on the podium floors. Amenities will include fitness and bicycle-parking facilities, a variety of restaurants including a café, white-tablecloth style and a casual eatery, and a first-to-market interior VIP parking and limo/taxi pick-up and drop-off facilities.

The park, which was developed in co-ordination with Biederman Redevelopment Ventures, will be connecting the two buildings on the fourth floor. 

“CIBC Square will be a remarkable addition to Toronto’s skyline and a significant contributor to its thriving economy,” said Daniel Fournier, chairman & CEO of Ivanhoé Cambridge, in prepared remarks. “We are delighted to make a significant and sustainable impact to the development of Canada’s largest city, with an elegant, modern and efficient project.”

Another recent international partnership for Hines was with Henderson Park, in which the companies acquired the Athens Ledra Hotel in Greece, for $37 million. 

Images courtesy of Hines