(TORONTO) – Hines, the international real estate firm, has begun speculative construction on the workplace component of their Bayside Toronto waterfront master-planned community with the groundbreaking of T3 Bayside, which stands for Timber, Talent and Technology. The occasion was commemorated with a small gathering at the site, which included remarks from The Honourable Catherine McKenna, Canada’s Minister of Infrastructure and Communities; The Honourable Laurie Scott, Ontario Minister of Infrastructure; Mayor of Toronto, John Tory and representatives from Hines and Waterfront Toronto.
The first of two twin, heavy timber office buildings at Bayside Toronto, T3 Bayside will be constructed using an innovative and highly sustainable mass timber structure, and feature market-leading amenities, all designed with the goal of delivering a completely differentiated tenant experience. At full completion, the two T3 Bayside buildings will feature over 500,000 square feet of next generation office space.
“With the groundbreaking of T3 Bayside today, we deliver on the commitment we made to Waterfront Toronto and to the City of Toronto to bring employment use to the water’s edge,” says Avi Tesciuba, senior managing director, Hines. “We are humbled and proud of the role Bayside has played in kick starting a whole wave of development along the eastern waterfront as we deliver a truly mixed-use community that will also include affordable rental housing, a day care facility and a recreation center.”
T3 Bayside is the latest in a global series of creative, mass timber workplaces built with Hines’ visionary concept. Phase One will bring 251,000 square feet of commercial office space to Toronto’s eastern waterfront in early 2023, and feature 30,000-square-foot floorplates. The buildings were designed by internationally renowned firm 3XN, after the studio emerged as the winner of an international design competition. CBRE Limited has been awarded the marketing and leasing of Phase One.
“The work we do focuses on building complete communities,” added George Zegarac, President and CEO of Waterfront Toronto. “We are building a waterfront where everyone can access the water, lush green park spaces to enjoy, places for all kinds of families to call home. T3 Bayside is a great example of the innovative approach we have taken over the past two decades to promote environmental sustainability as part of the foundation of our development projects.”
Hines was named the master developer of Bayside Toronto, following an international competition by Waterfront Toronto. Hines brought Canada’s leading condominium developer Tridel on as its exclusive residential development partner at Bayside. Hines and Tridel are responsible for the successful launch of four residential projects: Aqualina, Aquavista, Aquabella and Aqualuna. 3XN’s notable design for Aquabella marked the Danish firm’s first project in North America and was quickly followed by a striking, undulating form for Aqualuna.
Once complete, Bayside Toronto will include two million square feet of new residential housing, including market condominiums and affordable housing, modern office space, shopping and restaurant destinations and cultural venues, along with a newly activated and engaging public realm.
Official Statements from Guest Speakers
"The start of construction on T3 Bayside is another step closer to the building of more beautiful, sustainable and prosperous communities along the waterfront. Through the Toronto Waterfront Revitalization Initiative and through our continued investments in public infrastructure, Canada's infrastructure plan is resulting in thousands of projects, creating jobs across the country and building stronger communities."
The Honourable Catherine McKenna, Minister of Infrastructure and Communities
“These are unique and unprecedented times, and we remain committed to building infrastructure and getting shovels moving across Ontario. The construction of the tall timber buildings will make way for future investments and opportunities in the Waterfront area, while also creating jobs and contributing to our economic recovery and renewal for many years to come.”
The Honourable Laurie Scott, MPP, Ontario’s Minister of Infrastructure
“I am proud that our city is supporting projects like T3 Bayside that will not only enhance our Waterfront but contribute to our growing economy by creating new jobs and office and retail space. I want to thank all partners involved for bringing this project to fruition and for helping us with the revitalization of our city’s waterfront. By working together, we can continue to make Toronto one of the most livable cities in the world.”
John Tory, Mayor of Toronto
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Waterfront Toronto
Waterfront Toronto was established by the Government of Canada, the Province of Ontario and the City of Toronto in 2001 to oversee and lead the renewal of the city’s waterfront. Our mandate is to deliver a revitalized waterfront that brings together the most innovative approaches to sustainable urban development, excellence in urban design, real estate development, and leading technology infrastructure.
Working with the community, and with public and private-sector partners, Waterfront Toronto creates complete neighborhoods anchored by parks and public spaces, and diverse, sustainable, mixed-use communities that offer a high quality of life for residents, employees, and visitors alike. We are transforming the waterfront for the use and enjoyment of the people of Toronto, Ontario and Canada, to foster economic growth and to redefine how the city, province and country are perceived by the world.