Originally Posted by Mike in TO (Post 21131)

This is not a proposal.

I received a package from CB Richard Ellis Limited back in May with that 'fantasy' rendering on it suggesting what could be done with the site. The site was for sale and to help promote the sale of the property a flashy rendering was attached to the front of the document.

I posted something on this several months ago regarding the potential density for the site, but neglected to include the fantasy rendering simply because it wasn't actually a propsed tower.

Some text from the Document distributed back in the spring:

"CB Richard Ellis Limited ("CBRE") has been retained on an exclusive basis to arrange the sale of 45 Bay Street, Toronto, a premier development site located south of Union Station on
the east side of Bay Street in downtown Toronto’s Greater Core (the “Property”). At 2.3 acres, the Property offers investors an opportunity to acquire a large, strategically located development property with outstanding access to transportation amenities and the Financial Core."

"1.2 MILLION SQUARE FEET OF DOWNTOWN DENSITY
45 Bay Street is currently zoned for approximately 1.2 million square feet of office density. The size and strategic location of the Property support a wide range of uses and unique development opportunities.

TORONTO’S NEWEST AND MOST PRESTIGOUS BAY STREET ADDRESS
Bay Street is Canada’s most prestigious professional address and headquarters to the country’s top financial and legal institutions. The Property represents an ideal opportunity to purchase one of Toronto’s premier development sites, with an enviable Bay Street address.

STRONG CONDO MARKET
Sales of high-rise condominium developments across the GTA have been trending upward year over year since 2000. In fact, builders that traditionally focused only on low-rise projects are beginning to favour high-rise development due to the shortage of low density residential sites.

DECLINING OFFICE VACANCIES AND INCREASING RENTS
After peaking at 12.0% in 3Q 2003, Financial Core vacancy rates have experienced a sharp decline due to positive leasing fundamentals. Following a 610 basis point improvement, office vacancy rates are now at lows not seen since 2001. Declining vacancy rates, positive absorption and increasing fundamentals are projected to continue.

UNPARALELLED ACCESS AND TRANSPORTATION OPPORTUNITIES
45 Bay Street offers superior transportation and access due to the Property’s strategic location. Union Station, adjacent to west, handles an estimated 160,000 train and bus passengers daily and provides access to the TTC’s University and Yonge subway lines and services the GTA’s surrounding communities. Vehicle access to the Property is also superior due to its connection to Lakeshore Blvd. and the Gardiner Expressway immediately to the south

DIMINISHING SUPPLY OF DEVELOPABLE LAND
The availability of developable land inventory across the GTA in general, and the subject Property in particular, is rapidly declining. The Province’s Greenbelt legislation has severely restricted land supply and development opportunities across the entire region. Recently completed, ongoing and planned residential and commercial development opportunities around the Property have further reduced development opportunities in the surrounding area.

HIGH QUALITY AMENITIES
Over the past several years, ongoing development in the area surrounding the Property has led to further improved amenities and services for nearby residents and tenants. With additional commercial and residential developments in the area, in conjunction with immediate proximity to the Financial Core, Entertainment District and Harbour Front all support the Property’s anticipated success under a variety of development scenarios and uses.

Originally Posted by MartinMtl (Post 98313)

The article has just been posted on La Presse's public site. Here's the link:

http://lapresseaffaires.cyberpresse....1/LAINFORMER01

Link to SITQ: http://www.sitq.com/

Originally Posted by steveve (Post 5204651)

interesting.
I hope we get something dramatically better than that early render ^^^^
it's got to look good on the skyline, and yet, possibly be a new landmark for the eye! :D

this one seems more like a proposal/vision than anything.... i hope i'm wrong though,

Originally Posted by caltrane74 (Post 5204699)

Not a vision, but a proposal. Still waiting for details of the project. You never know, they could start construction on this one tomorrow, and I wouldn't be surprised.

They own the land, and the approvals are in place. Don't think there would be much keeping this pension fund from moving forward with the tower whenever they liked.

Originally Posted by Tony (Post 5205053)

What approvals? Just because you design something within the permitted zoning requirements doesn't mean you have an instant approval.

Originally Posted by M II A II R II K (Post 5206386)

That old one isn't a real rendering, it's just an example of anything going at that site when it was first slated for a highrise.

Originally Posted by Automation Gallery (Post 510777)

Could this be the next office tower to be proposed for Toronto :cool:......From their website

ACTIVITY REPORT
AND SOCIAL RESPONSIBILITY REPORT
2010

OFFICE CHALLENGES FOR 2011: LEASING, REPRIORITIZING AND SEEKING OUT BUSINESS OPPORTUNITIES

A number of leasing-related challenges lie in store for SITQ in the year ahead, particularly in Toronto,
several U.S. cities, Paris, Frankfurt and Düsseldorf. In addition, the Company will be readjusting its
investment portfolio to concentrate on high-quality properties in its key target markets. It will therefore
be on the lookout for business opportunities that enable it to sell certain properties to capitalize on their
appreciation in value and take advantage of select acquisition opportunities.

SITQ’s goal is to readjust its investment portfolio to concentrate on high-quality properties in key target markets.

From a development perspective, SITQ’s teams will focus on new, prime locations in its target markets where it can build high-quality properties in the coming years. There are four pending projects that are ready to be green-lighted in North America as soon as the circumstances are amenable: 45 Bay Street, in downtown Toronto, for which pre-leasing is slated to begin in 2011; 900 De Maisonneuve Ouest, in the heart of Montréal; Phase III of The Summit, in Seattle; and the second tower of Eighth Avenue Place, in Calgary, the preliminary design and infrastructure of which are already complete.

http://www.sitq.com/documents/file/p...ort2010_en.pdf