Cadillac Fairview has entered into an agreement with First Gulf to acquire Toronto’s East Harbour 38-acre site.
In 2018, Toronto City Council approved the East Harbour Master Plan, which submitted 10 million square feet of commercial development, including office, hotel, retail, institutional, entertainment and cultural space conceived by First Gulf and its partners, Cowie Capital Partners Inc. and Northglen Investments.
“Establishing East Harbour as an employment destination with multiple uses and amenities will be based on infrastructure that is well-integrated with its surroundings, well-connected with a range of transport options, resilient to long-term changes in the economy and our climate, and responsive to innovations in building systems technologies,” said CF executive vice-president of development, Wayne Barwise who is predicting the development program to span in excess of 10 years.
According to the press release, the first phase of the development includes the redevelopment of existing Soap Factory building. LEED and WELL certifications will be targeted throughout East Harbour and the project will also implement a part of the Don Mouth Naturalization project to provide permanent flood protection for the area.
“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 vibrant new employment and entertainment destination for Torontonians.”
The transaction is expected to close on September 25, 2019.