Two office towers at the Canada Square property in midtown Toronto are set for redevelopment. Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge Street will undergo internal upgrades and a complete façade renewal, followed by a full renovation of the 17-storey tower at 2200 Yonge Street.
Co-owners Oxford Properties Group, the global real estate arm of OMERS, and CT Real Estate Investment Trust are partnering with Canadian Tire Corporation (CTC) on the retrofit to deliver 680,000 square feet of modernized office space, more than 80 per cent of which will be anchored by CTC. Having operated its head office at Canada Square for more than 50 years, CTC is aiming to build a next-generation headquarters for thousands of employees.
“This ‘made in Canada’ solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford,” said Blake Hutcheson, President and CEO of OMERS. “This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world.”
Plans entail new employee amenities and nearly 15,000 square feet of modern retail space on Yonge Street. Construction, which will begin in late 2025, will lower embodied carbon from the project while introducing significant energy efficiency upgrades in support of LEED Certification.
This Canadian-led partnership includes a 550,000-square-foot, 20-year office lease with CTC. “This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we’ve called home for more than half a century,” said Greg Hicks, President and CEO, Canadian Tire Corporation. “We’re excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction.”
The project promises a more accessible TTC entrance on Yonge Street to help local residents and workers more efficiently access Eglinton station.
“This substantial investment at Canada Square is part of Oxford’s deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform,” said Daniel Fournier, executive chair at Oxford. “Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square.”
The office retrofit project is a step towards the planned redevelopment of the 9.2-acre site into a vibrant, mixed-use addition to the community.
Photo courtesy of Canadian Tire Corporation.
