Cadillac Fairview has entered into an unconditional purchase agreement with First Gulf and its partners to acquire 100 per cent ownership of Toronto’s East Harbour project. The project is a 38-acre site with the objective of creating a new eastern commercial core. This transaction is expected to close on September 25, 2019.
In 2018, Toronto City Council approved the East Harbour Master Plan, which provides for 10 million square feet of commercial development, including office, hotel, retail, institutional, entertainment and cultural space.
With the capacity to accommodate over 70,000 employees, a planned multi-modal transit hub incorporating GO Train/SmartTrack services, TTC light rail transit and the future Ontario Line subway supports growth potential for the site.
“CF is thrilled to assume stewardship of the East Harbour project and all of the tremendous potential that it represents,” said John Sullivan, President and CEO, Cadillac Fairview. “Our commitment now is to sustain the momentum toward realizing the vision of a vibrant new employment and entertainment destination for Torontonians.”
The first phase of the development is the adaptive reuse of the existing Soap Factory building. According to Cadillac Fairview, the company is currently in discussions with prospective tenants who have expressed interest in this opportunity.
Additionally, CF will create space for an affordable employment incubator for the City of Toronto and provide an estimated 30,000 square feet of space for a non-profit community use.
East Harbour also integrates close to nine acres of green space with a network of streets, plazas, sidewalks and open spaces.
The project will implement part of the Don Mouth Naturalization project to provide permanent flood protection for the area.
“On behalf of First Gulf and our partners, I am extremely proud of how we brought this project to life and established support for it. The shared vision, developed in collaboration with community and government stakeholders, establishes East Harbour as a key driver of economic growth and competitiveness for Toronto. We know the project is in good hands with Cadillac Fairview and we look forward to seeing our collective work realized,” said David Gerofsky, First Gulf CEO.