CIBC Square (known during early stages of development as Bay Park Centre) is an

office An office is a space where an organization's employees perform administrative work in order to support and realize objects and goals of the organization. The word "office" may also denote a position within an organization with specific d ...

complex under construction in the South Core neighbourhood of

Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central C ...

, Canada. The complex, located on

Bay Street Bay Street is a major thoroughfare in Downtown Toronto, Ontario, Canada. It is the centre of Toronto's Financial District and is often used by metonymy to refer to Canada's financial services industry since succeeding Montreal's St. James Stre ...

south of Front Street, is a joint development of

Ivanhoé Cambridge Ivanhoé Cambridge Inc. is a Canadian real estate company based in Montreal, Quebec. With assets around the globe, its areas of activity are investment, development, asset management, operations and leasing. The company's real estate portfolio c ...

and

Hines Hines may refer to: Places in the United States *Hines, Florida, an unincorporated community in Dixie County *Hines, Illinois, an unincorporated community * Hines, Minnesota, an unincorporated community * Hines Township, Beltrami County, Minnesot ...

. It will serve as the new global operational headquarters for the

Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontari ...

(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 also includes the

Union Station Bus Terminal The Union Station Bus Terminal is the central intercity bus terminal in Toronto, Ontario, Canada. It is located in Downtown Toronto on the second floor of the south tower of CIBC Square, on the northeast corner of Bay Street and Lake Shore ...

constructed on behalf of

Metrolinx Metrolinx is a Crown agency of the Government of Ontario that manages and integrates road and public transport in the Greater Toronto and Hamilton Area (GTHA), which comprises much of Ontario's Golden Horseshoe region. Headquartered at Union ...

for

GO Transit GO Transit is a regional public transit system serving the Greater Golden Horseshoe region of Ontario, Canada. With its hub at Union Station in Toronto, GO Transit's green-and-white trains and buses serve a population of more than seven millio ...

and other inter-city bus services, connected directly to

Union Station A union station (also known as a union terminal, a joint station in Europe, and a joint-use station in Japan) is a railway station at which the tracks and facilities are shared by two or more separate railway companies, allowing passengers to ...

. The complex will also include a one acre park elevated over the rail corridor.

Design

The 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 Scotiabank Arena (French: ''Aréna Scotiabank)'', formerly known as Air Canada Centre (ACC), is a multi-purposed arena located on Bay Street in the South Core district of Downtown Toronto, Ontario, Canada. It is the home of the Toronto Rap ...

. This tower includes the

for regional

and inter-city bus services, replacing the former terminal on Bay Street. A pedestrian

skybridge Skybridge may refer to: * Skyway or skybridge, a type of pedestrian bridge * Jet bridge or skybridge, a retractable connecting bridge between an airport and an aircraft * SkyBridge (people mover), a people mover in Rome * Skybridge (TransLink), a ...

links the complex to the

and

, expanding the

PATH A path is a route for physical travel – see Trail. Path or PATH may also refer to: Physical paths of different types * Bicycle path * Bridle path, used by people on horseback * Course (navigation), the intended path of a vehicle * Desire ...

walkway system further south below the railway corridor - to the One Yonge Street complex and ultimately to the under-development

Sugar Wharf Sugar Wharf is a mixed-use development currently under construction at Queens Quay East, across the street from the Redpath Sugar Refinery, in Toronto, Ontario. It will contain five high-rise condo towers ranging in height from 64 to 90 storeys, a ...

project on the

LCBO The Liquor Control Board of Ontario (LCBO) is a Crown corporation that retails and distributes alcoholic beverages throughout the Canadian province of Ontario. It is accountable to the Legislative Assembly through the minister of finance. It wa ...

lands farther east. The south tower was scheduled to open in 2020 but was delayed until summer 2021. The 50 storey north tower (141 Bay Street) will be built on the site of the former GO Transit bus terminal, located behind the Dominion Public Building. The north tower is scheduled for completion in 2024. The base of the towers will be a four-storey podium housing retail space, including a flagship CIBC retail bank branch. At fourth floor level will be a one-acre, publicly accessible park, elevated over the

railway corridor A transport corridor is a generally linear area that is defined by one or more modes of transportation crossing the limits of more than one city or county like highways, railroads or public transit which share a common destination. Development of ...

, with varied topography: slopes and hills, horticulture, gardens, shade groves, balconies, and vista areas. The overall complex was designed by British architects WilkinsonEyre, and Adamson Associates of Toronto.

History

The development is being co-led by

and

using land acquired from

(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) in 2007 and later acquired additional land and air rights over the rail corridor. In September 2014, Ivanhoe agreed with Metrolinx to build the new GO Bus Terminal at 81 Bay Street.

Key tenants

CIBC The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. ...

is the primary tenant of the complex with or 60% of the leasable space.

Boston Consulting Group Boston Consulting Group, Inc. (BCG) is an American global management consulting firm founded in 1963 and headquartered in Boston, Massachusetts. It is one of the Big Three (management consultancies), Big Three (or MBB, the world’s three larges ...

will occupy approximately for its Canadian headquarters. Microsoft Canada will move into a facility for its Canadian headquarters at 81 Bay Street. The Union Station Bus Terminal is located in the south tower of the new complex and replaced the previous bus terminal on the site where the north tower will be built. Unknown is the fate of the former CP Express & Transport Building dock door and limestone facade, which was incorporated into the previous GO bus terminal.

References

External links

{{commons category, CIBC Square
Official project websiteCIBC Square on HinesCIBC Square on Ivanhoe Cambridge
Bank headquarters in Canada Buildings and structures in Toronto Modernist architecture in Canada Skyscrapers in Toronto Canadian Imperial Bank of Commerce Skyscraper office buildings in Canada Ivanhoé Cambridge Hines Interests Limited Partnership Buildings and structures under construction in Canada