Menkes Developments Ltd. (Menkes) and Healthcare of Ontario Pension Plan (HOOPP) have broken ground on a new landmark office tower in downtown Toronto called One York Street. LEED Platinum is being targeted.
Designed by Sweeny Sterling Finlayson & Co. Architects, the 35-storey office tower will feature approximately 800,000 square feet of Class “AAA” office space.
It will have a prominent location at the northeast corner of York and Harbour streets, in the southcore financial district and will provide an enclosed pedestrian link to the Air Canada Centre, accessing Union Station and the PATH network.
“Over the past five years, the area south of Union Station has become the most desirable node for new office development in Toronto,” said Peter Menkes, president of the commercial/industrial division of Menkes.
“And it’s no surprise, with the revitalization of Union Station, great amenities, and proximity to a young, talented workforce of downtown condo dwellers, Canadian companies are recognizing that this location represents an excellent alternative to the traditional financial core.”
With an estimated construction cost of $375 million, One York Street is being developed by Menkes and HOOPP Realty Inc. HOOPP will also be a tenant of the building, leasing approximately 132,000 square feet of the total rentable area.
Construction manager on the tower is EllisDon.
“It’s a big site, in a very busy area,” Menkes said in an interview. “We felt they (EllisDon) were a good group to help us manage the project.”
The design of the new tower incorporates state-of-the-art technology in both building automation systems and tenant environments, including elements such as a raised floor HVAC system to provide individual temperature control and greater access to fresh air, constant air-quality monitoring and occupancy sensors for controllable lighting. The building will also be connected to the Enwave deep lake water cooling system which uses water from Lake Ontario for air-conditioning.
Michael Catford, HOOPP’s vice-president, real estate, said his organization is excited to be involved in this leading-edge office development.
“By pursuing LEED Platinum certification with One York Street we are looking to lead the marketplace in the provision of high quality office space and demonstrate our organization’s commitment to environmental stewardship.”
One York Street will be part of a larger mixed-use development encompassing approximately 2 million square feet of density occupying a two-acre site. The office tower will sit atop a four-storey podium containing approximately 200,000 square feet of retail space.
Two residential condominium towers of 62 and 66 storeys respectively will also sit on the podium and contain approximately 1 million square feet of density that will be accessed from Harbour Street.
Occupancy for One York Street is slated for summer 2016.
Menkes is a fully integrated real estate company involved in the construction, ownership and management of office, industrial and residential properties.
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