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MaRS Discovery District Phase II (661 University Ave / 101 College St) | Complete | 23 st | 113 m | Discovery District

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According to todays Globe (page A11) "next week directors of the non-profit MaRS discovery district are scheduled to announce a private-sector investment of more than $300 million to complete the second phase..."

"The new building will more than double the laboratory and office space available in the complex, making it bigger than any single office tower in the financial district...." It will grow to 1.6 million square feet by 2010. And the best part, "the potential market for research-oriented office in that district, five minutes from the hospitals in one direction, five minutes from the university in the other, is as much as 10 million square feet according to city economic-development officer Kyle Benham.
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It seems Toronto's future lies in research and development. Hopefully, we become a world leader - if not the.
So 10 million sqf of research space downtown? That's a shitload of office towers. Seems our future is bright!
There is NO better thing to become a leader in. Beats call centres any day.
Yea, I was under that impression too... We should be thankful for having such a strong sciences related university next door to all of this - R&D at UofT is a major player. I think what Epi meant was that R&D doesn't get much government support? (Though I could swear I read that Schwarzenegger recently signed a contract at MaRS with McGuinty - something research related).
I'm not up to date on the subject, but I was under the impression that Toronto was doing extremely well in that area... has something changed?
So I heard about most of these but what are:
Women's College? Where is that first of all:S
Sick Kids has had that planned for over a year hasn't it? Still no news (that I know of).
Mars 2 is 23 storeys, 113m tall

some of those planned, u/c & built off the top of my head

-St Mikes is building a 9 storey research building
-Womens college will be redeveloped with two new highrises,
-Mount Sinai is expanding their new 4 storey research building to 12 storeys
-Sick Kids has a building planned for one of the parking lots by the Nightmare on Elm.
- Leslie L Dan Pharmacy Building
- CCBR building
Thanks for this!

Good to know that R&D jobs will be aplenty around here. I thought of going into sciences, biological and chemical - but then I backed out. Too bad.
Yes, phase two is at the corner of College and University. I hope they chose a more daring design now - to cement that intersection a bit further.
Great news. I haven't been in the area for awhile (hope to change that soon). Is phase two the building at University and Queen's Park, or is this something different? I thought the latter was already progressing.

As for R&D, I think the city does well. As a country, many businesses, whether Canadian owned or otherwise, relied heavily on the weak dollar, and haven’t invested heavily in R&D for some time (COUGHS … American Auto Industry).
My mom works occasionally on projects at MaRS. I once thought of doing what she did (chemical engineering) but then decided I'm not the type.. I'm more of a sleazy businessman.
I'm so friggin glad I took biotech science for my post secondary education lol. Finding jobs in research has been pretty easy for me. I've applied to MaRS and they've offered me a job but I had to reject the offer, took McMaster instead (closer to home). But as I gain more experience I intend to apply to MaRS again.

I don't have the scientific personality. I loved sciences in school - I did amazing in Chemistry and Physics, but I decided that I'm just not interested in having a life that revolved around them. So, I noticed I'm way more a linguistics type, I love talking, convincing people - I love math and business courses. So, I decided business was the best bet for me - maybe one day I'll do something I like, like working in a major international financial corporation. I'd love to work in Royal Bank's London offices for example.
^ Assuming you got that from your father's side? lol Manager of Sam.
^^OMG HAHAH IT DOES! It looks like a guy is squatting/sitting and hugging the building! LOL! What an awesome observation! Beautiful tower btw.. LOVE IT!
Hah awesome! It so does.. I love it
Yea a headless and one legged block guy squatting and hugging the building.
It's official; we have epic fail.

Toronto's MaRS project a step too far

By Garry Marr, Financial Post
Published: Tuesday, November 18, 2008

It's one trip to Mars that's going to take longer thanks to a slowing economy, says the vice-president of the $300-million Medical and Related Sciences complex in Toronto's hospital district.

The second phase of the two-square kilometre project, dubbed MaRS, has been put on hold because the developers can't find enough tenants ready to move into the 750,000 square foot complex by the completion date set for 2010. Phase I of the project was finished in 2005 and its 700,000 square feet are filled.

"The construction has been suspended. It's a reflection of the market conditions right now," says Randal Froebelius, vice-president of real estate for MaRS, a not-for-profit corporation. "We don't want to build an empty building."

While rumours have floated for weeks that many condominium and office projects could end up being halted mid-construction, MaRS is the first company in Toronto to admit it does not make sense to go ahead. A two-floor parking garage has already been built, along with a concourse extension connected to the subway line, but both will all be mothballed until the economy turns around.

The decision was made by MaRS' development partner, Pasadena, California-based Alexandria Real Estate Equities Inc. Alexandria itself has been a victim of the slumping stock market, with the value of the company dropping by about US$2-billion in just under two months.

MaRS developed Phase I on its own but for the second phase it leased the land to Alexandria which is responsible for building and renting the space. Many of the potential tenants for the building are dependent on venture capital funding, a market that has all but dried up as wealthy investors refuse to part with cash on risky investments.

A spokesman for Alexandria was not available for comment yesterday.

"If leasing catches up we could end up back on track and be finished by 2010. The project was ahead of pace," said Mr. Froebelius, adding MaRS fully supported the decision by Alexandria.

The MaRS complex is billed as an innovative centre for companies in the science and technology sector in the embryo stage of their development. The idea was to hook those small startup companies up with business leaders. Firms like RBC Venture, a division of the Royal Bank of Canada, are on site.

MaRS received $70-million in funding from the Ontario government and another $20-million from the federal government but it has been largely funded by the private sector. The company's board of directors reads like a who's who of Toronto's elite, including Royal Bank chief executive Gord Nixon, First Marathon Inc. founder Lawrence Bloomberg and Roy-L Capital chief executive Joseph Rotman.

"This a lot like what happened with the Bay-Adelaide Centre," said Bryan Kerdman, partner at Toronto-based Edgestone Capital Partners which deals with venture capital.

The Bay-Adelaide Centre, now being completed by Brookfield Properties Corp., had its foundation constructed when the market crashed in the early 1990s. The developer closed it off and left just a parking garage and the site became known at "The Stump" for a decade -- a symbol of overbuilding during the last real estate cycle.

"I think it's a wise move. How much can space can be absorbed in this type of economic environment? That type of space is very specialized space too," said Mr. Kerdman. "These are very different times now."

In the case of MaRS, he says, so many investors are afraid to part with their money that small start up firms simply are unable to get off the ground. "These high-net worth individuals had some portion of their assets in the market and now they are less high-net worth than they used to be," said Mr. Kerdman.

Colliers International head of research Ross Moore says this could just the beginning of projects that end up getting mothballed in the coming months.

He points to the proposed new Calgary headquarter of oil and gas giant EnCana Corp. and notes how much trouble the developer of the site seems to be having getting financing for the project. Analysts have speculated H&R Real Estate Investment Trust, one of the largest publicly-traded players in real estate, will have to make some drastic decisions, like cutting its dividend, to finish the project.

"If H&R cannot get a project done today, how are mere mortals going to do it?" said Mr. Moore.
I'm sure there will be many more. This is a very bad moment in the development world.
This makes absolutely no sense, from a financial, research, scientific basically any point of view...

Louroz man, I know you're high up on all this, but this really makes no sense.
It would be offensive to the research community to move this to Mississauga.
The whole reason MaRS is where it is, is to benefit from the synergies created in the area by the astounding amount of research done in the hospitals and the university next door.

Putting this magnet of research and innovation in Mississauga is akin to building an ice rink the middle of the Sahara.. It simply does not make sense!
It's not the same, sure communication enables us to have customer service reps in India, but this is not the same.

I'm afraid I can't even give Louroz the benefit of the doubt here, it just makes no sense, nearly from every perspective.
Mississauga might as well be India for what this project means. The reason it's THERE is to be able to be from walking distance from the largest cluster of research in Canada, hence the Medical and Related Sciences (MaRS) project.

The project is either there, or dead. Mississauga might be getting another sort of research complex, that is no way affiliated with MaRS. I think old Hazel is seeing things again, let's just hope she doesn't end up in a light pole again.
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