TORONTO – (Realty News Report) – Hines, the Houston-based international real estate firm, has started speculative construction on the timber-framed office component of its Bayside Toronto waterfront master-planned community.
The sustainable development will be known as T3 Bayside — T3 standing for Timber, Talent and Technology.
“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,” said John Tory, Mayor of Toronto. “By working together, we can continue to make Toronto one of the most livable cities in the world.”
The first of two twin heavy-timber office buildings at Bayside Toronto, T3 Bayside will be constructed with an innovative, highly sustainable mass timber structure and designed to deliver a distinct tenant experience. When both buildings are complete, the T3 Bayside pair will offer more than 500,000 square feet of next-generation office space.
T3 Bayside joins a global series of creative mass timber workplaces developed under Hines’ T3 concept. Phase One will deliver 251,000 square feet of commercial office space to Toronto’s eastern waterfront in early 2023, featuring 30,000-square-foot floor plates. The buildings were designed by internationally renowned firm 3XN, which won an international design competition. CBRE Limited is handling marketing and leasing for Phase One.
Hines was selected as the master developer of Bayside Toronto following an international competition run by Waterfront Toronto. Hines partnered with Canada’s leading condominium developer Tridel as its exclusive residential development partner at Bayside. Together Hines and Tridel successfully launched four residential projects at Bayside: Aqualina, Aquavista, Aquabella and Aqualuna. 3XN’s striking design for Aquabella marked the Danish firm’s first project in North America.
When complete, Bayside Toronto will encompass two million square feet of new residential development — including market condominiums and affordable housing — along with modern office space, retail and dining destinations, cultural venues and an activated public realm designed to engage residents and visitors.
“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,” said Avi Tesciuba, senior managing director at Hines.
Founded in 1957, Hines has developed, redeveloped or acquired 1,393 properties, totaling more than 459 million square feet.
June 27, 2020 Realty News Report Copyright 2020
Image: Hines
File: Hines Starts Timber Building in Toronto. File (2) Hines Starts Timber Building in Toronto T3.