<em><strong>Watch above: </strong></em><strong>Metrolinx proposes a huge new development near Union Station. Mark McAllister reports. </strong> TORONTO - Metrolinx is relocating its current GO bus terminal at Toronto's Union Station as part of a new integrated transit and office development plan in the city's downtown core. The terminal, which is now located on the north side of the train tracks, will be moved to the south side of the rail corridor. The provincial agency responsible for GO Transit announced on Tuesday they have reached an agreement with real estate developer Ivanhoé Cambridge to occupy the base of a proposed double office tower complex at 45 Bay Street. Ontario Minister of Transportation Steven Del Duca and Metrolinx Chair Robert Prichard detailed the plan during a press conference at The Fairmont Royal York Hotel. "This new terminal will welcome GO Transit's fleet of environmentally friendly double-decker buses to downtown <span class="xn-location">Toronto</span>, and will provide more options for travelers in the <span class="xn-location">Greater Toronto</span> and <span class="xn-location">Hamilton Area," said <span class="xn-person">Del Duca.</span></span> <strong>WATCH: Concept video of the proposed office development plan</strong> [tp_video id=1589977] As part of the deal, Metrolinx has agreed to sell the current bus terminal location at 141 Bay Street to Ivanhoé <span class="xn-location">Cambridge for $30 million</span> in exchange for a 99-year lease agreement for the new location. "It is a better location because it is immediately adjacent to the Gardiner and the Lake Shore rather than having to get the buses to come up Bay Street and under the rail tracks," said Prichard. A public "sky park" is also planned to be built over the rail corridor and a future phase of the development will include a connection to PATH -- Toronto's underground pedestrian pathway. Construction for the new terminal and tower is projected to cost $106 million with work to start next year and be complete by 2018. <strong> WATCH: Ontario Minister of Transportation Steven Del Duca discusses a plan to relocate the GO bus terminal at Union Station.</strong> [tp_video id=1589973]