Toronto’s real estate community has been a buzz since Build Toronto opened its doors in 2009. So when the City’s newly formed real estate and development corporation presented its management, strategy and projects at a ULI breakfast event on October 21, it was to a packed house. Over 150 ULI members and guests gathered over freshly brewed coffee and croissants to hear Senior Vice President of Development, Don Logie, along with Michael Whelan and Prakash David, present an overview of Build Toronto and its portfolio of existing and upcoming developments.

Common to ULI events, the attendees included individuals from a range of industry sectors in Toronto, including real estate investors, agents and consultants as well as architects, developers and urban planners. This diverse group was eager to learn about how to get involved in some of the City’s most promising development opportunities.

The mandate of Build Toronto is to generate revenues and drive economic development for the City by maximizing the value of underutilized property under its management. Created by the City of Toronto in 2009 through recommendations from the private sector, Build Toronto represents a new model for a city-owned real estate entity. The independent corporation is set to become financially self-sufficient and does not need council approval to move forward on projects, but at the same time, remains accountable from a public policy perspective in meeting City objectives.

Being aligned with the City’s public policy objectives means that Build Toronto will work to create developments that help regenerate neighbourhoods, further sustainable building practices and stimulate the creation of jobs. The company is committed to partnering with the private and public sector to develop in a way that will contribute to Toronto as a world-class city.

One such project that has already been touted as launching the redevelopment of Toronto’s East Bayfront is the new Corus Entertainment building, a “catalytic development”, as described by Don. Located on Toronto’s waterfront at the end of Jarvis Street, the building has laid the groundwork for Sugar Beach, the City’s newest waterfront hangout, Sherbourne Common and George Brown’s new Heath Sciences campus just east of Corus Quay.

Another corner on track to be transformed by Build Toronto is the parking lot at 4050 Yonge Street, recognized as “one of the most underdeveloped and underutilized sites in Toronto”. Michael described the building that will bring intensification to the area as state-of-the-art. Designed to include a solar chimney, two green roofs and a large atrium, it is targeted to exceed the Model National Energy Code for Buildings by 40 per cent.

Prakash presented the development at Downsview, at the corner of Allen Road and Sheppard Avenue. The fifty-four-acre site, which sits on the highest elevation in the City, is planned for a mixed-use development with more than 1 million square feet of office, 150,000 square feet of retail and more than 3,000 residential units.

During the question period members and guests asked about opportunities to partner with Build Toronto, and more specifically, wanted to know more about the company’s procurement policy. Don described Build Toronto’s Approved Supplier Provider (ASP) roster process for a variety of categories such as planning, design and legal. Firms were encouraged to check the company website over the next few months for the category specific Request for Qualification (RFQ) documents and information.

Build Toronto has an exciting opportunity to shape the future of many key sites across the City of Toronto and collaborate with the real estate and development industry in the process. ULI Toronto will continue to keep our members informed of any upcoming opportunities.

Tessa Forrest
ULI Communications Committee
IBI Group