CreateTO initiates market offering for the ModernTO sites at 610 Bay Street & 130 Elizabeth Street
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
Colliers International and The Spanier Group, retained by CreateTO, are leading the marketing of the property, one of eight City-owned sites to be unlocked in support of city-building initiatives through the City’s ModernTO program.
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 MultiHub and employment opportunities with a preference for innovative uses that take advantage of the property’s unique location within Toronto’s Discovery District.
The proposed redevelopment of the combined 1.26-acre property will also include adaptive reuse of the existing heritage building, as well as streetscape improvements and the ability to generate financial returns.
The ModernTO program, adopted by Council in 2019, aims to modernize the City’s office space, save money, and strategically use its real estate assets. Through this program, City Council identified eight underutilized City-owned properties that present an opportunity to unlock value and address city-building priorities, including the delivery of affordable housing, City services, financial sustainability, and other priorities.
The REOI lays out CreateTO’s vision for the site, the guiding principles and information about the property and process, including timing and deliverables for this first stage of the market offering.
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. The ModernTO staff report adopted by City Council in April 2022 can be found here: http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2022.EX31.10
More information about 610 Bay Street and 130 Elizabeth Street can be found here: https://createto.ca/modernto/housing/610-bay-street/
— Mayor John Tory
“The REOI process has been designed to promote creative and innovative proposals that aim to achieve the ModernTO city-building priorities and local opportunities, as well as encourage respondents to partner with the local medical sciences sector – Canada’s largest research hub and one of the largest biomedical clusters in the world – to create an innovation district on this unique site.”
— Vic Gupta, CEO, CreateTO
CreateTO was formed in 2018 as the City of Toronto’s real estate agency. The organization brings together stakeholders, partners and community members to ensure the best use of the City’s real estate assets for today and tomorrow. CreateTO manages the City’s $27 billion real estate portfolio, develops City buildings and lands for municipal purposes and delivers clientfocused real estate solutions – ensuring a balance of both community and economic benefits. For more information, visit www.createto.ca.
Susan O’Neill, CreateTO, Director, Communications and Marketing, email@example.com