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July 29, 2010

Toronto’s new development frenzy continues with the announcement yesterday of a large three tower project, including a new Delta hotel, in the southcore financial district.

The project, called Southcore Financial Centre (SFC), is by British Columbia Investment Management Corporation (bcIMC).

The development will encompass a full block in the southern part of the downtown core from York Street to Lower Simcoe Street. SFC will feature three towers:

First Tower: 18 York – previously announced and already under construction. 18 York will be a 26-storey 670,000 square foot office tower anchored by PricewaterhouseCoopers.

Second Tower: Bremner Tower 700,000 square foot office tower.

Third Tower: Delta Toronto – 4 star hotel with 566 rooms

“This is a large scale project and it speaks to the confidence of the market,” said Pierre Bergevin, president of commercial real estate consultants Cushman & Wakefield. “The fundamentals have been very good for Toronto and this is an expression of that confidence.”

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