CIBC Square (known during early stages of development as Bay Park Centre) is an office complex under construction in the South Core neighbourhood of Toronto, Ontario, Canada. The complex, located on Bay Street south of Front Street, is a j
CIBC Square (known during early stages of development as Bay Park Centre) is an office complex under construction in the South Core neighbourhood of Toronto, Ontario, Canada. The complex, located on Bay Street south of Front Street, is a joint development of Ivanhoé Cambridge and Hines. It will serve 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. The complex will also include a new terminal constructed on behalf of Metrolinx for GO Transit and other inter-city bus services, connected directly to Union Station, as well as a one acre park elevated over the rail corridor.
The 2,900,000 square feet (270,000 m2) complex will consist of two towers to be completed in two phases.
The 49 storey south tower (81 Bay Street) will be completed first, built on the site of a parking lot opposite the Scotiabank Arena. This tower will include a new bus terminal for regional GO Transit and inter-city bus services, replacing the existing Union Station Bus Terminal. A new pedestrian skybridge will link the complex to the 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 proposed redevelopments on the LCBO lands farther east. The south tower is scheduled to open in 2020.
When the existing Union Station Bus Terminal is vacated, the 50 storey north tower (141 Bay Street) will be built on the site, located behind the Dominion Public Building. The north tower is scheduled to be completed in 2024. Below the two towers will be a four-storey podium housing retail space, including a flagship CIBC retail bank branch.
At fourth floor level, the two towers will be connected to each other by a one acre, publicly accessible park, elevated over the railway corridor, with varied topography: slopes and hills, horticulture, gardens, shade groves, balconies, and vista areas.
The overall complex is designed by British architects WilkinsonEyre, and Adamson Associates of Toronto.
The 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. Ivanhoe Cambridge bought 81 Bay Street (formerly 45 Bay Street) back in 2007. Additional land and air rights over the rail corridor were acquired. In September 2014, Ivanhoe agreed with Metrolinx to build a new GO Bus Terminal at 81 Bay Street.
CIBC is the primary tenant of the complex with 1,750,000 square feet (163,000 m2) or 60% of the leasable space. Boston Consulting Group will occupy approximately 85,000 square feet (7,900 m2) for its Canadian headquarters. Microsoft Canada will move into a 132,000 square feet (12,300 m2) facility for its Canadian headquarters at 81 Bay Street, scheduled to open in September 2020. Metrolinx will have a new bus terminal built in the south tower of the new complex to replace the Union Station Bus Terminal and the Toronto Coach Terminal. Unknown is the fate of the former CP Express & Transport Building dock door and limestone fascia, which was incorporated in the current bus terminal as it will be replaced by the tower at 141 Bay Street.