TORONTO — Cadillac Fairview has announced the launch of construction on a new $479-million, 32-storey office tower at 16 York Street, located at the southwest corner of York Street and Bremner Boulevard in downtown Toronto.
The building, comprising 879,000 square feet of office space, three underground parking levels with 289 parking stalls and ground level retail space, is slated to open June 1, 2020.
The project is being undertaken in partnership with the Ontario Pension Board.
The building will be located one block from Union Station and near the Gardiner Expressway and Toronto's waterfront.
Billed as 16 York, the project will be built to LEED Platinum specifications and will target WELL certification. Other features include a one-acre green roof, elevated 40 feet above street level, a large courtyard adjacent to the building and connection to the downtown's PATH system.
Cadillac Fairview is proceeding with site construction without first securing a major anchor tenant, reflecting, says the March 7 statement, confidence in the demand for premium office space in the south core.
"Cadillac Fairview is moving forward with 16 York without any pre-leasing because of compelling market conditions and the superior qualities of the building and its location," said Wayne Barwise, Cadillac Fairview's executive vice-president, development, in a statement. "Toronto's class A vacancy rate of four per cent is among the lowest in North America and tenants are seeking the benefits that 16 York offers, including sustainability, efficiency, building intelligence, access to major transit options and local amenities."
"Ten years ago, when the area was vacant parking lots, we introduced its first building, Maple Leaf Square, which was the catalyst for approximately $4 billion of subsequent development," added John Sullivan, president and CEO, Cadillac Fairview.
The company said it is currently in discussions with a number of prospective tenants who have expressed interest in 16 York.