Union Station getting new GO bus terminal, office tower development
Construction to start in 2015, bus terminal will take about 3 years to build
Metrolinx says a $2 billion, 48-storey office tower and new GO bus terminal are being built south of Union Station on a lot that's currently an open air parking lot.
Metrolinx and real estate developer Ivanhoé Cambridge announced unveiled the proposed development for 45 Bay Street on Tuesday morning.
The project includes a proposed 2.5-million-square-foot office complex and elevated park over the rail corridor. The development will eventually be connected to the PATH system.
"This integrated development is a perfect example of how Metrolinx is working to provide travellers with connected spaces, more transit options and better access to the places they need to be," Metrolinx chair Robert Prichard said in a written statement.
"Such a significant hub in the downtown core will greatly improve the quality of life for thousands of people who travel, work and play in this area."
Ivanhoé Cambridge will invest about $2 billion in the project, while Metrolinx will spend about $100 million. But both companies stressed that the figures are just initial estimates.
Metrolinx will sell the current bus terminal to Ivanhoé Cambridge in exchange for a 99-year lease agreement for the new terminal.
"Today's announcement of a new GO bus terminal at Union Station with commercial space above it aligns perfectly with our government's plan to create transit hubs integrated with sustainable employment developments," Transportation Minister Steven Del Duca said.
"This new terminal will welcome GO Transit's fleet of environmentally friendly double-decker buses to downtown Toronto, and will provide more options for travellers in the Greater Toronto and Hamilton Area."
Construction on the development is expected to start in the spring of 2015. The new bus terminal is expected to take about three years to build.
The province says GO Transit carries about 66 million passengers per year.
On a typical weekday, it's estimated that GO runs almost 250 train trips and more than 2,500 bus trips that carry about 250,000 passengers.
Ivanhoe Cambridge has more than $40 billion of assets located mainly in Canada, the United States, Europe, Brazil and Asia.
With files from Canadian Press