CIBC Square

CIBC Square (known during early stages of development as Bay Park Centre)[1] is an office complex under construction in the South Core neighbourhood of Toronto, Ontario, Canada. The complex will be built on Bay Street south of Front Street and will feature Canadian Imperial Bank of Commerce (CIBC) as the title tenant.[1] It will be CIBC's new global headquarters, consolidating approximately 15,000 staff from several CIBC-tenanted buildings in the Greater Toronto Area, including its existing headquarters at Commerce Court.[2] The complex will house a new bus terminal for GO Transit, connected directly to Union Station,[3] as well as a one acre park elevated over the rail corridor.[4]

CIBC Square
CIBC Square under construction in April 2020.
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
GroundbreakingJune 21, 2017
Estimated completion
  • 2020 (81 Bay Street)
  • 2023 (141 Bay Street)
Technical details
Floor count50
Design and construction
Architecture firm
Developer
Main contractorEllisDon
Website
www.cibcsquare.com

Design

The 2,900,000 square feet (270,000 m2) complex will consist of two towers to be completed in two phases.[5]

The 49 storey south tower (81 Bay Street) will be completed first, built on the site of a parking lot opposite the Scotiabank Arena. This tower will include a new bus terminal for regional GO Transit and inter-city bus services, replacing the existing Union Station Bus Terminal. A new pedestrian skybridge will link 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 proposed redevelopments on the LCBO lands farther east.[6] The south tower is scheduled to open in 2020.[7]

When the existing Union Station Bus Terminal is vacated, the 50 storey north tower (141 Bay Street) will be built on the site, located behind the Dominion Public Building. The north tower is scheduled to be completed in 2024.[5] Below the two towers will be a four-storey podium housing retail space,[8] including a flagship CIBC retail bank branch.

At fourth floor level, the two towers will be connected to each other by 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.[4][9]

The overall complex is 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.[2] Ivanhoe Cambridge bought 81 Bay Street (formerly 45 Bay Street) back in 2007. Additional land and air rights over the rail corridor were acquired. In September 2014, Ivanhoe agreed with Metrolinx to build a new GO Bus Terminal at 81 Bay Street.[11]

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.[12] Microsoft Canada will move into a 132,000 square feet (12,300 m2) facility for its Canadian headquarters at 81 Bay Street, scheduled to open in September 2020.[13][14] Metrolinx will have a new bus terminal built in the south tower of the new complex to replace the Union Station Bus Terminal and the Toronto Coach Terminal.[15] Unknown is the fate of the former CP Express & Transport Building dock door and limestone fascia, which was incorporated in the current bus terminal as it will be replaced by the tower at 141 Bay Street.

References
  1. McGillivray, Kate (June 21, 2017). "Construction kicks off on Bay Street mega-development, set to include towers, bus terminal, park". CBCNews.ca. Retrieved June 24, 2017.
  2. Wright, Lisa (April 12, 2017). "CIBC to move head offices to new Bay Park Centre". Toronto Star. Retrieved April 12, 2017.
  3. "Union Station Bus Terminal | Construction Projects | GO Transit". www.gotransit.com. Retrieved February 20, 2020.
  4. "CIBC SQUARE Park & Amenities". www.cibcsquare.com. Retrieved February 20, 2020.
  5. "CIBC SQUARE". www.ivanhoecambridge.com. Retrieved February 20, 2020.
  6. 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.
  7. Bissonauth, Nitish (February 21, 2019). "New bus terminal for Toronto - and GO customers - rises to new heights". The Link By Metrolinx. Retrieved February 23, 2019.
  8. "Bay Park Centre Park & Amenities". Ivanhoé Cambridge. Retrieved April 12, 2017.
  9. "Renderings Reveal Details for CIBC Square's Elevated Park | UrbanToronto". urbantoronto.ca. Retrieved February 20, 2020.
  10. "CIBC Square". Urban Toronto. Retrieved March 12, 2019.
  11. Ivanhoe Cambridge. "Ivanhoé Cambridge and Hines acquire 141 Bay Street from Metrolinx (Apr 12, 2017)" (Press release). Retrieved September 12, 2018.
  12. "The Boston Consulting Group to move into CIBC Square". www.newswire.ca (Press release). Retrieved August 6, 2017.
  13. "Microsoft Canada announces new headquarters in downtown Toronto". TheCanadianTechie. September 11, 2018. Retrieved September 11, 2018.
  14. Peesker, Kevin (September 11, 2018). "Microsoft Canada Moves to the Heart of Downtown Toronto". linkedin.com.
  15. "Union Station Bus Terminal | Construction Projects | GO Transit". www.gotransit.com. Retrieved February 20, 2020.
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