A large-scale office and retail tower development located on Bay Street across from Union Station in downtown Toronto has broken ground.
CIBC Square, which is comprised of two buildings, will also be home to a new GO bus terminal and an elevated park over the rail corridor.
“This will provide a better experience for commuters, revitalize the entire area with a new elevated park over the railway and give a boost to the city,” Toronto Mayor John Tory said during the ground-breaking ceremony Wednesday morning.
The bus terminal will provide direct links to the TTC subway, GO train, Via Rail, the underground PATH system and Union Pearson Express.
The first building located at 81 Bay Street is scheduled to be completed in 2020. The second structure at 141 Bay Street and the elevated park over the railway will be completed in 2023.
City officials say the 2.9 million square feet complex featuring 49 and 50 storey buildings will be a skyline-altering project.
CIBC, Canada’s fifth-largest bank, will be moving 15,000 of its employees to the location once the offices are occupied.
Real estate developers Hines and Ivanhoé Cambridge are collaborating on the two towers which were designed by WilkinsonEyre Architects of London, England.