Dream Unlimited is transforming 18 buildings in Toronto and one in Saskatoon to net zero standards, with $136 million in financing from the Canada Infrastructure Bank as part of the Commercial Building Retrofits Initiative.
The buildings range from boutique historical buildings to downtown high-rises, with the oldest dating back to 1908. The project is set to create about 1,500 jobs in the process.
A ribbon-cutting ceremony took place on Thursday at Dream’s 36 Toronto Street building, which will be retrofitted to reduce carbon emissions by more than 40 per cent in the next 36 months and to net zero by 2035.
Work has begun on upgrading each buildings’ various systems—including boilers, heat pumps and cooling systems—to energy efficient systems and low-carbon heating sources. Once complete, the buildings will become healthy and more resilient workplaces for the 15,000 employees who work there.
“It is incumbent on us all in the industry to examine our real estate and ensure we are making positive impacts that contribute to a sustainable, low carbon future,” says Gordon Wadley, COO of Dream Office REIT. “There’s an urgency for real estate companies to create innovative partnerships and deploy solutions at an incredible speed and scale.”
The 19 buildings include: 80 Richmond Street; 67 Temperance Street W; 56 Temperance Street W; 350 Bay Street; 366 Bay Street; 74 Victoria Street; 20 Toronto Street; 36 Toronto Street; 6 Adelaide Street; 425 Bloor Street East; 438 University Street; 655 Bay Street; 2206 Eglinton Avenue E; 90 Sussex Centre (90 Burnhamthorpe Road W.); 50 Sussex Centre (50 Burnhamthorpe Road W.); 10 Lower Spadina Avenue; 349 Carlaw Avenue; The Residences at Weston Common; and Princeton Tower in Saskatoon,
With a portfolio totaling over $15 billion, the pledge represents one of the most ambitious targets in the real estate sector, aiming to achieve net zero 15 years ahead of the Paris Agreement.
“Dream is tackling the climate crisis with a multi-faceted approach across our entire portfolio,” This includes collaborating with Government partners to bring innovative net zero communities – Quayside and LeBreton Flats – to Canada,” says Michael Cooper, CEO of Dream Office REIT. “We have an obligation to develop and manage our real estate to generate positive impacts and are committed to challenging the status quo as we set out to achieve net zero by 2035 or sooner.”
Photo: From Left to right: Lee Hodgkinson – Head of Sustainability & Technical Services at Dream, Ehren Cory – Chief Executive Officer at Canada Infrastructure Bank, Ana Bailão – Deputy Mayor, Gord Wadley – Chief Operating Officer at Dream REIT.
