81-141 Bay Street

Rank 2021


Image Credit: Ivanhoé Cambridge

Industry Sector: Buildings

Project Type: Public Spaces

Project Value: $2 billion

Funding Source: Public/Private

Provincial Funding: Metrolinx: around $100 million

Private Funding: Ivanhoé Cambridge: around $2 billion

Province: Ontario

City / Region: Toronto

Estimated End Date of Substantial Completion: Phase 1 -2020 Phase 2 - 2023

The Bay Street project (CIBC Square) involves the construction of two new commercial buildings, joined by a one-acre elevated park over the rail corridor near Union Station in downtown Toronto.

A key component of the construction is the new Union Station Bus Terminal. Construction got underway on the terminal in June of 2017. The terminal will provide stronger connections for users of the rail and bus networks, and provide straightforward access to the Gardiner Expressway. The new terminal also includes over 1,000 bicycle parking spots and integrated green space.

The south tower was scheduled for completion by the end of 2020. However, at press time, there was no clear indication if the deadline would be reached. In March 2020, a modified site plan for the second building, 141 Bay Street, which will include accommodation for the potential future LRT along the Bay Street corridor.

Project Owner: Metrolinx and Ivanhoé Cambridge

Engineer: TMP (mechanical); Wood (consulting)

Contractor: EllisDon (general contractor)

Other Key Players: Arup (pedestrian modelling); INTECH Risk Management (advisor to developers); KPMG (advisor to Metrolinx for initial planning stage); Morrison Hershfield (building envelope consultant); WSP (sustainability consultants, geotech./env. work); Cushman & Wakefield

Architect Names: Wilkinson Eyre Architects (design); Adamson Associates Architects (executive architect); DBOX

Legal: Torys (repreenting project owner)

Financing Detail: Ivanhoé Cambridge will invest about $2 billion in the project, while Metrolinx will spend about $100 million. Both companies stress the figures are initial estimates, and the current $2 billion total is subject to change.

2020 Rank: 27

2019 Rank: 24

2018 Rank: 24

2017 Rank: 22

2016 Rank: 22

2015 Rank: 22


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