December 7, 2009

WATERFRONT TORONTO

The Parkside development represents a $200-million private sector investment

Waterfront Toronto selects Great Gulf to be first East Bayfront developer

TORONTO

Waterfront Toronto has selected Toronto real estate developer Great Gulf Group of Companies to lead the first private sector development in the East Bayfront neighbourhood. A date has not been set for groundbreaking.

Designed by Boston-based architect Moshe Safdie, the mixed-use Parkside development will be “a dramatic new addition” to Toronto’s skyline with green, plant-covered roofs and lush, stepped gardens.

In addition to residential units, the development will feature ground floor retail, a daycare centre and potential office and cultural space. Ultimately, the project is expected to deliver a $200 million private sector investment in the community.

“Parkside will be a trailblazer in redeveloping Toronto’s waterfront,” said Mayor David Miller. “This project is a clear indication that imagination and creativity are key to our vision for a green, 21st century urban waterfront.”

The project, which is in the conceptual design stage, is being undertaken by a team that includes Toronto’s Quadrangle Architects Ltd. and Janet Rosenberg + Associates Landscape Architects.

The Parkside site is bounded by Lower Sherbourne Street in the west, Bonnycastle Street in the east, Queens Quay East in the south and Lake Shore Boulevard in the north.

This project represents the latest milestone in Waterfront Toronto’s transformation of the lakefront lands from “a fading reminder” of the city’s industrial past into a series of “beautiful and sustainable” 21st century communities.

Today East Bayfront is a busy work site with Waterfront Toronto completing the basic infrastructure, such as water, hydro, sanitation and gas facilities, to support the major development already in progress.

Construction is well underway on Corus Quay, the future headquarters of Corus Entertainment. George Brown College will soon break ground for its new lakefront campus.

“Great Gulf’s outstanding proposal captures the very spirit of the East Bayfront precinct plan with an overall design concept that supports our vision for fostering a vibrant and diverse community in the area,” said Waterfront Toronto president and CEO John Campbell.

From a sustainability perspective, the proposal demonstrates compliance with Waterfront Toronto’s mandatory green building requirements. LEED Gold certification is being targeted.

Great Gulf will explore a variety of environmentally-progressive design initiatives, including a plant-covered wall in the building’s atrium that will contribute to improved indoor air quality and the use of recycled and locally-sourced building materials.

“The vision for the project is ‘gardens in the sky’,” said Safdie, whose firm has a branch office in Toronto. “Rejuvenation of the waterfront is a noble task for Toronto and I trust that this building will set the standard for an exciting new kind of urban living.”

The building will be a 120-metre-high tower anchored by a 38-metre-high podium. It will extend from Queens Quay in the south to Lake Shore Boulevard in the north.

“We are proud to have been selected as the developer of the Parkside site and look forward to playing an integral role in the renewal of our city’s waterfront,” said David Gerofsky, president and COO of Great Gulf Group.

Great Gulf was selected by Waterfront Toronto following a two-stage bidding process.

DCN NEWS SERVICES

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