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Hudson Yards Developer Plans Canada Project

Wednesday, July 3, 2019

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Planned for downtown Toronto, Oxford Properties Group—the developer behind New York City’s Hudson Yards—is working on a C$3.5 billion ($2.7 billion) mixed-use complex.

The project will be one of Canada’s biggest real estate projects to date and is being designed by Pelli Clarke Pelli Architects (New Haven, Connecticut) with help from Toronto-based Adamson Associates Architects.

About the Project

Experiencing a construction boom, Toronto is taking a bet on the increasing demand for offices in light of the city’s increasing technology and financial-service industries, in addition to the residental shift from suburbia to downtown.

Slated to be built on a four-acre site situated above the Toronto’s Rogers Centre and CN Tower, the global real estate arm of pension fund OMERS intends to build what is being called “Union Park.” The park’s site will also be fixated by another mixed-used development, The Well—totaling 3 million square feet—which is slated to host Shopify Inc. retail space and hundreds of incoming residents.

“It’s the culmination of our experience in a number of different cities, and we’ve looked at what we’ve done, whether in Europe or in the U.S. with Hudson Yards,” said Eric Plesman, Oxford’s executive vice president of North America.

“This is a site that’s exceptionally significant, and it’s rare that you can find this size of site with proximity to the core.”

The 4.3 million-square-foot complex is expected to host two office towers (58 and 48 stories), roughly 800 rentals throughout another two 44- and 54-story towers and 200,000 square feet of retail space. Regarding housing, Oxford is choosing to focus on larger rental units intended for families, ranging from one- to three-bedroom apartments.

“It’s an under-serviced part of the market,” said Mark Cote, head of development. “300-square-foot units, I mean, it’s hard to raise a family in those apartments.”

As for its plan to pull in other global tech giants, Oxford is planning to tackle 100,000-square-foot office spaces split between the two towers, connected by a common atrium area.

“We want to create a commercial campus opportunity for large office users,” Cote added.

Additionally, plans include reserving three acres for public space, which will include an urban park placed over the Union Station rail corridor. There will also be an expansion of the PATH network, an underground connection to the city’s financial core.

Once complete, it is estimated that 18,000 people will work at Union Park.

According to BNN Bloomberg, the project is Oxford’s largest outside of the Manhattan Hudson Yards, a $25 billion project it’s been co-developing with Related Cos.

What Now

Carlo Timpano, vice president of development, has stated that construction for the project is expected to break ground in 2023, pending municipal approvals. During the construction process, the development will create 22,000 construction jobs.

However, in anticipation of the Union Park project, Oxford is renewing its portfolio by selling various assets, like its office tower in downtown Montreal and Western Canada-based hotels, while currently developing 14 additoonal projects in the country.

“We intend on continuing to build within Canada: We’ve seen our capital grow almost 35% over the last five years by C$7.5 billion in Canada and a lot of that growth has been in our development pipeline,” Plesman said.

   

Tagged categories: Architects; Architecture; Building design; Commercial / Architectural; Commerial/Architectural; Condominiums/High-Rise Residential; Design; Design - Commercial; Design build; Designers; Good Technical Practice; NA; North America; Office Buildings; Residential; Residential Construction; Retail; Retail; Upcoming projects

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