Waterfront Toronto and Menkes Developments Ltd. held a press conference this morning in Corus Quay to announce the launch of a brand new Innovation Centre to be built on city-owned land along Toronto’s waterfront. The event included speeches from high profile politicians including Federal Minister of Finance Joe Oliver, Ontario Minister of Economic Development, Employment and Infrastructure Brad Duguid, and Mayor John Tory.
The facility will house approximately 350,000 square feet of commercial space and will be equipped with the latest communication technology to support innovation and collaboration in the IT and creative sectors. It is expected to bring more than 2,000 employees to Toronto’s waterfront, strengthen the city’s high tech sector and become a major part of the community’s revitalization.
“The transformation of Toronto’s waterfront has been nothing short of spectacular. We are seeing old abandoned industrial sites turned into dynamic, modern, livable communities that are attracting cutting-edge workplaces like this new Innovation Centre,” said Joe Oliver, Minister of Finance and Minister Responsible for the GTA. “The Innovation Centre will not only reaffirm Canada’s place as a global leader in the Information and Communications Technology sector, it will also create opportunities for growth and good high-paying jobs.”
A key component of the Innovation Centre is the planned ultra high-speed broadband fibre-optic network that tenants will have access too. Built and operated by Beanfield Metroconnect, this fibre optic network will become Canada’s first open-access, ultra high speed network and will deliver internet speeds much faster than the North American average. It is expected to attract tenants from many different types of industries including film and television production, health care professionals, and digital animators.
Mayor John Tory said he was confident that the partnership will drive economic development in Toronto. “Waterfront Toronto and Menkes together are helping revitalize our waterfront by attracting businesses and jobs to this area,” said Tory. “This Centre will make our city more competitive on the global stage by strengthening the ever-evolving new technology sectors in Toronto.”
Located on Queens Quay just east of Lower Jarvis Street, the developer plans to begin construction on the Sweeny & Co Architects-designed complex in 2016. While no tenants have been confirmed, according to Menkes CEO, Peter Menkes, the developer hopes to secure new tenants over the next 18 months.