September 24, 2018 by David Kennedy
TORONTO—Work on a new office development on Toronto’s burgeoning waterfront is officially underway on the east end of downtown.
EllisDon broke ground on the $100 million Waterfront Innovation Centre last week, kicking off a construction project expected to last about three years. The company is serving as the general contractor for the 400,000 sq. ft. site.
The two-building project is owned by Menkes Developments Ltd. and Alcion Ventures.
Both “The Exchange” and “The Hive” towers will extend 11 storeys and are designed by Sweeny & Co. Architects Inc. They’ll stand next to Sugar Beech in the city’s East Bayfront neighbourhood, a once industrial area that has been a hotbed of development over the past few years.
The majority of the new office space has already been spoken for. Menkes announced U.K.-based WPP as the project’s anchor tenant earlier this year. The advertising and PR firm has leased 260,000 sq. ft., or about 60 per cent, of the space.
The builders are aiming for a LEED Gold (v4) certification with the project. Among other features, the developer said new office tower will employ building automation controls, under-floor air distribution and LED lighting. It will also house a rooftop PV solar array.
The complex is expected to open in 2021.