Real estate firm unveils proposal for largest mixed-use development in Toronto's history
4.3-million-square-foot development to house office space, 800 rental units and daycare
A global real estate developer unveiled plans Wednesday for what it's dubbing Toronto's largest mixed-use development
Oxford Properties Group, the global real estate arm of OMERS, revealed initial designs for a project it's calling Union Park at Front Street West near John Street.
"This is a transformational project in one of the most exciting development nodes in Toronto," said Eric Plesman, Oxford's executive vice president for North America.
Oxford says it has started its public engagement process for the proposed development, and will be working collaboratively with key stakeholders to advance the municipal entitlement process.
The firm says it is also working in conjunction with the city to hear additional feedback on its proposal.
The 1.6-hectare site, located to the north of the Rogers Centre and the CN Tower, would be transformed into four towers with 4.3-million square feet of mixed-use space, including 800 rental units and a large integrated daycare.
The proposal includes two office towers of 58 and 48 storeys each and two residential towers.
"Our goal at Oxford is to connect people to exceptional places, so we are creating an ambitious project that adds to Toronto's ongoing evolution as a world-class city to live and work in," Plesman said.
The project would feature 3.3 million square feet of office space, and 200,000 square feet of retail space.
Mark Cote, head of development at the Canadian arm of Oxford, said Union Park will benefit from the experience the real estate company has garnered through developing and owning some of the best office, retail, and residential properties across the globe.
"The new park is a unique opportunity to create a true city-building project that benefits our city for generations to come," Cote said.
Our plans are at a very early stage, but we look forward to working with the multiple stakeholders and adjacent land owners involved to make this opportunity possible for the city."