CIBC SQUARE (known during early stages of development as Bay Park Centre)[2] is an office complex in the South Core neighbourhood of Toronto, Ontario, Canada. The complex, located on Bay Street south of Front Street, is a joint development between Ivanhoé Cambridge and Hines.[2] It serves as the new global operational headquarters for the Canadian Imperial Bank of Commerce (CIBC), consolidating approximately 15,000 staff from several CIBC-tenanted buildings in the Greater Toronto Area, including its existing headquarters at Commerce Court.[3] The development also includes the Union Station Bus Terminal constructed on behalf of Metrolinx for GO Transit, as well as other inter-city bus services, connected directly to Union Station,[4] and a one-acre park elevated over the rail corridor. To enter the elevated park or CIBC SQUARE from Yonge Street, backstage condos have direct access via skybridge [5]
| CIBC SQUARE | |
|---|---|
 CIBC SQUARE, March 2021 | |
 | |
| Former names | Bay Park Centre |
| General information | |
| Status | Under construction |
| Type | Office complex |
| Architectural style | Modernist |
| Address | 81 & 141 Bay Street |
| Town or city | Toronto, Ontario |
| Country | Canada |
| Coordinates | 43°38′39″N 79°22′39″W / 43.64417°N 79.37750°W |
| Groundbreaking | June 21, 2017 |
| Estimated completion |
|
| Height | 241.3 m (South tower)[1] |
| Technical details | |
| Floor count | 50 |
| Design and construction | |
| Architecture firm | |
| Developer | |
| Main contractor | EllisDon |
| Website | |
| www | |
Design
editThe approximately 3,000,000 square feet (280,000 m2) complex will consist of two towers to be completed in two phases.[6]
The 49 storey south tower (81 Bay Street) [7] was completed first, built on the site of a former parking lot opposite the Scotiabank Arena. This tower includes the Union Station Bus Terminal for regional GO Transit and inter-city bus services, replacing the former terminal on Bay Street. A pedestrian skybridge links the complex to Scotiabank Arena and Union Station, expanding the PATH walkway system further south below the railway corridor - to the One Yonge Street complex and ultimately to the under-development Sugar Wharf project on the LCBO lands farther east.[8] Attached to the tower is a four-storey podium housing CIBC's flagship retail bank branch.[9]
The 50 storey north tower (141 Bay Street) will be built on the site of the former GO Transit bus terminal, located behind the Dominion Public Building. The north tower is currently under construction and scheduled for completion in 2025.[6]
At the fourth floor level, there is a one-acre, publicly accessible park, elevated over the railway corridor, with year-round activation and varied topography: slopes and hills, horticulture, gardens, shade groves, balconies, and vista areas.[5][10]
The fourth floor level also includes an operational food hall at 81 Bay Street, branded TABLE Fare + Social[11] and a future food and beverage offering at 141 Bay Street.
The overall complex was designed by British architects WilkinsonEyre, and Adamson Associates of Toronto.[12]
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CIBC Square Logo
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Office Lobby
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Level 4 cafe and common area
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Rooftop garden at Level 4
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TABLE Fare + Social Food Hall at Level 4
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Bridge access artwork by Nicolas Baier
History
editThe development is being co-led by Ivanhoé Cambridge and Hines using land acquired from Metrolinx (as well as city-owned Toronto Parking Authority parking lot), and designed by British architectural firm WilkinsonEyre and Adamson Associates of Toronto.[3] Ivanhoe Cambridge bought 81 Bay Street (formerly 45 Bay Street) in 2007 and later acquired additional land and air rights over the rail corridor. In September 2014, Ivanhoe agreed with Metrolinx to build the new GO Bus Terminal at 81 Bay Street.[13][14]
CIBC was announced as the anchor tenant of the south tower (81 Bay Street) in April 2017,[15] with construction beginning in June 2017.[16] The south tower was scheduled to open in 2020 but was delayed until summer 2021.[17] The Union Station Bus Terminal opened in December 2020.[18]
Construction on the north tower began in March 2021.[6]
Key tenants
edit81 BAY STREET
- CIBC is the anchor tenant of the complex.
- Microsoft Canada has moved into the facility for its Canadian headquarters at 81 Bay Street from 1950 Meadowvale Boulevard in Mississauga.[19][20]
- Boston Consulting Group has its Canadian headquarters in CIBC SQUARE.[21]
- AGF Management is also leasing office spaces at 81 Bay Street.[22]
- TABLE Fare + Social occupies a portion of the fourth floor level.[23]
- The Union Station Bus Terminal is located at 81 bay street. It replaced a previous bus terminal located on the site where the north tower is being built (141 Bay Street).[24]
141 BAY STREET
- CIBC is also the future anchor tenant at 141 Bay Street.
- The tower will also include a four-storey retail space.[25]
References
edit- ^ "CIBC Square". CTBUH Skyscraper Center.
- ^ a b McGillivray, Kate (June 21, 2017). "Construction kicks off on Bay Street mega-development, set to include towers, bus terminal, park". CBC News. Retrieved June 24, 2017.
- ^ a b Wright, Lisa (April 12, 2017). "CIBC to move head offices to new Bay Park Centre". Toronto Star. Retrieved April 12, 2017.
- ^ "New Union Station Bus Terminal (USBT) at CIBC SQUARE". GO Transit. Archived from the original on November 16, 2020. Retrieved November 11, 2021.
- ^ a b "The Park". CIBC Square. Retrieved November 11, 2021.
- ^ a b c "Ivanhoé Cambridge and Hines Break Ground on CIBC SQUARE's Second Tower in Toronto" (Press release). Ivanhoé Cambridge. March 31, 2021. Retrieved April 20, 2021.
- ^ "81 Bay Street official page". CIBC SQUARE. Retrieved November 5, 2024.
- ^ Kalinowski, Tess (January 11, 2018). "Sugar Wharf development's first phase to put 8,000 residents on Toronto's waterfront". Toronto Star. Archived from the original on April 13, 2019. Retrieved April 13, 2019.
- ^ "Bay Park Centre Park & Amenities". Ivanhoé Cambridge. Archived from the original on December 10, 2017. Retrieved April 12, 2017.
- ^ Landau, Jack (August 3, 2018). "Renderings Reveal Details for CIBC SQUARE Elevated Park". Urban Toronto. Retrieved November 11, 2021.
- ^ "TABLE Fare + Social". TABLE Fare + Social. Retrieved November 5, 2024.
- ^ "CIBC Square". Urban Toronto. Retrieved March 12, 2019.
- ^ "Ivanhoé Cambridge and Hines acquire 141 Bay Street from Metrolinx" (Press release). Ivanhoé Cambridge. April 12, 2017. Retrieved September 12, 2018.
- ^ Matanis, Marc (September 30, 2014). "New GO Bus Terminal Slated for Massive 45-141 Bay Development". urbantoronto.ca. Retrieved August 15, 2023.
- ^ Landau, Jack (April 12, 2017). "CIBC Announced as Anchor Tenant for Bay Park Centre". urbantoronto.ca. Retrieved August 15, 2023.
- ^ Novakovic, Stefan (June 21, 2017). "Bay Park Centre Unveiled as 'CIBC Square' at Ground Breaking". urbantoronto.ca. Retrieved August 15, 2023.
- ^ Landau, Jack (August 6, 2021). "CIBC SQUARE South Tower Welcomes Tenants as North Tower Work Advances". Urban Toronto. Retrieved November 11, 2021.
- ^ "New Union Station Bus Terminal to Officially Open". Government of Ontario. December 4, 2020. Retrieved December 6, 2020.
- ^ "Microsoft Canada announces new headquarters in downtown Toronto". TheCanadianTechie. September 11, 2018. Retrieved September 11, 2018.
- ^ Peesker, Kevin (September 11, 2018). "Microsoft Canada Moves to the Heart of Downtown Toronto". LinkedIn.
- ^ "The Boston Consulting Group to move into CIBC Square" (Press release). July 25, 2017. Retrieved November 11, 2021 – via Canada Newswire.
- ^ "AGF Moves Toronto Headquarters to CIBC SQUARE" (Press release). October 24, 2018. Retrieved November 5, 2024 – via Ivanhoé Cambridge.
- ^ "TABLE Fare + Social". TABLE Fare + Social. Retrieved November 5, 2024.
- ^ "Union Station GO". Union Station GO TRANSIT. Retrieved November 5, 2024.
- ^ "141 Bay Street page". CIBC SQUARE. Retrieved November 5, 2024.