(Source: New York Times)

TORONTO — The financial district of this city, the fifth-largest metropolitan area in North America, with a population of 5.4 million, is the scene of an exceptional flurry of development, especially in light of the recession.

Three green towers with a combined 3.1 million square feet of office space are opening before the end of the year in the downtown financial district. In addition, within a 20-minute walk, three high-rise condominium-hotel towers costing about 1.23 billion Canadian dollars (about $1.19 billion) will open next year.

This unusual burst of construction has rejuvenated the lower edge of the Bay Street financial district. The district has also projected to the south into a vacant 30-acre site across Front Street toward the Lake Ontario waterfront.

Despite the worldwide economic downturn, “Toronto’s real estate investment fundamentals and its place as Canada’s financial capital are more sound than most international capitals — New York included,” said Blake Hutcheson, a partner and head of global real estate investing at Mount Hallet Capital, a New York-based private equity fund.

He said the torrent of development in Toronto’s financial district was the culmination of a process that had taken 20 years “from concept to completion.” The three new downtown office towers were started before the recession.

Read Albert Warson’s full article “A Rare Building Boom Up North” in the New York Times (October 13, 2009).

Developments featured in this article

More Like This

Facebook Chatter