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Old July 16th, 2006, 05:20 AM   #41
LordMandeep
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yeah but for such large buildings to be built in the area near it shows how the whole area is growing well.
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Old July 17th, 2006, 05:00 AM   #42
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Those buildings look great!!!!
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Old July 19th, 2006, 03:48 AM   #43
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Brookfield to begin T.O. office complex
Jul. 18, 2006. 06:08 PM
RITA TRICHUR
CANADIAN PRESS


Brookfield Properties Corp. (TSX: BPO) is expected to kick off construction Wednesday on a long-awaited 50-storey office tower that promises to transform the heart of Toronto’s Bay Street financial district.

The Bay-Adelaide site, located just steps from the Toronto Stock Exchange and skyscrapers for Canada’s five biggest banks, will house the downtown neighbourhood’s first major commercial development since 1992.

Sources said Tuesday that construction costs were estimated at about $300 million, but total investment costs were not known.

New York-based Brookfield Properties, the real-estate arm of Toronto-based Brookfield Asset Management Inc. (TSX: BAM) , said the project would “see the landscape of the city’s financial district change dramatically” but declined to provide specifics.

Officials have previously said the development will begin with a 1.2-million-square-foot tower on Bay Street, replacing two low-rise buildings.

Sources confirmed Tuesday that Phase 1 includes a 50-storey tower with a plaza and tunnel connecting it to nearby Scotia Plaza and the city’s underground pedestrian passageway system.

The building, which is expected to be called the Bay-Adelaide Centre West, is slated to open in 2009. The building’s anchor tenant is speculated to be a major accounting firm.

“There are Phases 2 and 3 as well,” one source said, noting it was not known when those would begin.

“Toronto is experiencing a really significant development cycle for the first time in a decade. So there is positive demand for high-quality office space.”

Another source said the project’s later phases could include a 43-storey office-residential tower on Adelaide Street and a 49-storey hotel and condominium complex facing Temperance Street.

The Bay-Adelaide property currently has a parking lot and the stump of a building, but has lay vacant since about 1988 after construction was halted on a previously planned 57-storey building following the collapse of the commercial real-estate market.

In 1999, revised plans were approved for another 47-storey tower but were later scrapped after the previous owner failed to secure enough tenants.

BPO Properties Ltd. (TSX: BPP) , also part of Brookfield Asset Management, paid about $105 million last fall for the remaining 50 per cent stake in the property. Brookfield bought its half-stake in 2001.

CEO Ric Clark will be joined by Toronto Mayor David Miller and other dignitaries for a “stump busting” ceremony at the site Wednesday afternoon, the company said.

“I think it’s really going to be a premier office building and it is evidence of the construction boom that occurring in the commercial real-estate sector,” said Gail Misfud, an analyst with Raymond James Ltd.

Bay-Adelaide Centre West is one of three projects that have been recently announced for Toronto’s downtown core. All are set to open in 2009.

Earlier this month, Telus Corp. (TSX: T) and Menkes Developments said they plan to build a $250-million office tower to support the B.C.-based telecom firm’s Ontario expansion.

The 30-storey tower, to be built next to the Air Canada Centre (TSX: ACE.B) , will feature 780,000 square feet of office space. Telus will be the lead tenant, taking up about 60 per cent of the total rentable area.

That followed a March announcement by Cadillac Fairview Corp. Ltd. that outlined plans to build another office tower called the RBC Centre, just west of the city’s financial district. The 34-storey building’s main tenant will be RBC Financial Group (TSX: RY) , Canada’s largest bank.

The last time there was any major office construction in Toronto’s financial core was in 1992, when Brookfield’s BCE Place was completed.

“Fundamentals have shifted in favour of landlords and vacancy rates are declining,” Misfud said.

“Rental rates are going to be beginning to move up positively and with that momentum, I think these projects will feed well into that growing demand.”

There is about 83.8 million square feet of office space in downtown Toronto, with about 41.9 million classified as Class A or top tier. The overall office vacancy rate is about 8.8 per cent, while the Class A vacancy rate is 9.5 per cent.

Brookfield Properties owns and manages office properties in New York, Washington, Boston, Toronto, Calgary and Ottawa. Its portfolio comprises 67 commercial properties totalling 48 million square feet. It is half-owned by Toronto-based investment company Brookfield Asset Management (TSX: BAM.LV.A.), formerly known as Brascan.

In June, Brookfield Properties announced it was partnering with U.S. private equity giant The Blackstone Group to buy Trizec Properties Inc. and Trizec Canada Inc. in a $8.9-billion (U.S.) deal. Last year, the firm gobbled up a 25 per cent stake in O&Y Properties.

Its shares gained 55 cents to close at $37.11 Cdn on the TSX.

-------------------------------------
Originally posted by "11x" in the Toronto Forum.
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Old July 20th, 2006, 12:04 AM   #44
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Quote:
Originally Posted by Hillis
Brookfield Properties Launches Bay Adelaide Centre Development in Toronto's Financial Core
July 19, 2006

KPMG to Anchor First Tower of 2.6 Million Square Foot Project


TORONTO, July 19, 2006 - Brookfield Properties Corporation (BPO: NYSE, TSX) and its Canadian-based subsidiary, BPO Properties Ltd. (BPP: TSX), today launched the 2.6 million square foot Bay Adelaide Centre development in Toronto's financial core in a ceremony attended by Toronto Mayor David Miller. Construction on the development commenced with the ceremonial knocking down of the "stump," a six-storey elevator core erected fifteen years ago by the previous owners of the site. The stump will be replaced by a new urban park that will serve as the focal point of the new project.

"The Bay Adelaide Centre represents exciting growth for Toronto's downtown core, an area that has not experienced significant development in over a decade," said Toronto Mayor David Miller. "Expansion and growth in the country's most established financial centre demonstrates that both Toronto and Canada are firmly established as one of the world's great cities and economic centres."

Brookfield announced that it has signed a long-term lease with KPMG, one of Canada's leading professional services firms, for approximately 250,000 square feet in Bay Adelaide Centre West, the first tower of the three-phase project.

"KPMG is delighted to be the anchor tenant in this major new development within Toronto's core," said Rob Brouwer, KPMG's GTA Managing Partner. "We look forward to this new era in the development of downtown Toronto and in bringing KPMG to the Bay Adelaide Centre."

Comprising approximately 1.1 million square feet, the 50-storey tower is the first new development in Toronto's financial core since BCE Place was completed in 1992. The Bay Adelaide site consists of two city blocks with approved density of 2.6 million square feet. The first tower, Bay Adelaide Centre West, will be located on the northeast corner of Bay Street and Adelaide Street.

"We are thrilled to have the opportunity to transform this premier location in Toronto's downtown core into a world-class office and mixed-use project," said Ric Clark, President & CEO of Brookfield Properties Corporation. "We are grateful to the City of Toronto for helping to make Bay Adelaide Centre a reality and we look forward to welcoming one of the world's most highly-regarded professional firms, KPMG, as our anchor tenant."

Built to a LEEDS silver standard which mandates the use of environmentally-friendly materials and the maximum recycling of building materials, Bay Adelaide Centre West will feature state-of-the-art operating and life safety systems. Floor plates vary from 23,850 to 25,270 square feet. Hard and soft construction costs are estimated at C$300 million.

The design of the 50-storey Bay Adelaide West by WZMH Partners integrates the 11-storey historic façade of the former National Building, which will be rebuilt and restored to its 1926 grandeur. Toronto's Path system, 27 kilometers of public walkway and retail located one level below grade, will be completed with the connection through Bay Adelaide Centre under Adelaide Street into Scotia Plaza.

Occupancy of Bay Adelaide Centre West is expected in 2009. Phases Two and Three of Bay Adelaide Centre will likely be a mix of office and hotel/residential.

Brookfield Properties acquired a 50% interest in the Bay Adelaide site in 2001 with existing infrastructure in place, including the HVAC plant, loading facility, and an 1,100-stall parking deck. The company purchased the remaining 50% of the site in 2005.

http://www.brookfieldproperties.com/news_138.htm
And so it begins.
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Old July 20th, 2006, 04:07 AM   #45
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Quote:
Originally Posted by Skybean
And so it begins.
YEHAW!!!!!!!!!
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Old July 20th, 2006, 10:38 PM   #46
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these ads look great...

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Old July 20th, 2006, 11:33 PM   #47
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Nice....where did you get that??
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Old July 21st, 2006, 02:36 AM   #48
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Is the new building next to the Marilyn supposed to be the JFK?


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Old July 21st, 2006, 02:44 AM   #49
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Dino....nice one
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Old July 21st, 2006, 02:50 AM   #50
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That's great news. Will be the most famous twin towers in Canada, maybe even NA.
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Old July 21st, 2006, 04:25 AM   #51
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Quote:
Originally Posted by LordMandeep
these ads look great...

Please source your pictures.
This image was kindly provided by wylie over at UrbanToronto.
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Old July 21st, 2006, 07:42 PM   #52
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I don't know the status on this but it looks like a TD Centre tower and I think it looks friggen awesome! http://www.xcondos.com/
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Old July 22nd, 2006, 02:03 AM   #53
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Quote:
Originally Posted by Canadian Chocho
I don't know the status on this but it looks like a TD Centre tower and I think it looks friggen awesome! http://www.xcondos.com/
It's in sales.
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Old July 22nd, 2006, 08:01 AM   #54
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YAY office towers are on the rise!
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Old July 23rd, 2006, 12:20 AM   #55
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Quote:
Originally Posted by LordMandeep
these ads look great...

WOW if they build them it will be spectacular.
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Old July 23rd, 2006, 12:23 AM   #56
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Oh they will build them....the reason for the second tower is that there was too much demand for them. Rumour has it the first 100 blocks were sold in less than one and a half hours!!....
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Old July 23rd, 2006, 12:25 AM   #57
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Quote:
Originally Posted by Bertez
Oh they will build them....the reason for the second tower is that there was too much demand for them. Rumour has it the first 100 blocks were sold in less than one and a half hours!!....
I can image that they would sell out fast, I mean they are sexier than Kylie.
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Old July 24th, 2006, 10:59 PM   #58
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true they plan to start it next spring 2007, and the first tower is almost completly sold out and the 2nd one is released but they will sell easily and be bulit quickly. It appears if you get on the news your building will sell easily.
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Old July 24th, 2006, 11:04 PM   #59
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Umm..

Quote:
Originally Posted by LordMandeep
true they plan to start it next spring 2007, and the first tower is almost completly sold out and the 2nd one is released but they will sell easily and be bulit quickly. It appears if you get on the news your building will sell easily.
What's the height of the building? Looks pretty good from my point of view.
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Old July 25th, 2006, 12:09 AM   #60
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they must be above 500 feet which would massive in that area.
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