CreateTO, on behalf of the City of Toronto, has initiated a Request for Expression of Interest (REOI) as part of a two-stage market offering process for development teams to reimagine the Toronto Coach Terminal site at 610 Bay Street and 130 Elizabeth Street.
The site is one of eight City-owned sites to be unlocked in support of city-building initiatives through the City’s ModernTO program, a program adopted by Council in 2019 which aims to modernize the City’s office space, save money, and strategically use its real estate assets. Colliers International and The Spanier Group, retained by CreateTO, are leading the marketing of the property.
The vision for the property, adopted by City Council in April 2022, is to redevelop the site into a mixed-income, mixed-use development that includes affordable housing, a Paramedics Multi-Hub, the adaptive re-use of the existing heritage building, streetscape improvements, and employment opportunities with a preference for innovative uses that take advantage of the property’s unique location within Toronto’s Discovery District.
The results of the REOI and the recommended shortlisted proponents will go to Council for approval in the second quarter of 2023 and a detailed Request for Proposal (RFP) process will then be undertaken as part of the second stage of the market offering process to select a development partner.
View the press release here.