Toronto (October 19, 2011) – The Toronto Port Authority (TPA), which owns and operates the popular Billy Bishop Toronto City Airport, the Outer Harbour Marina and the Port of Toronto, has initiated a process to bring forward preliminary expressions of interest from established firms about developing its property at 30 Bay Street.
Through its agent CB Richard Ellis, the TPA is seeking a joint venture partner to develop the 1.8 acres of vacant land surrounding the Harbour Commissioners Building at 60 Harbour Street. The existing historic structure known as 60 Harbour Street will be preserved.
Under its existing Letters Patent from Parliament, the TPA is expressly permitted to build commercial and retail space on the site, which is currently used as a surface parking lot. According to Board Chairman, Mark McQueen, 30 Bay Street is the last attractive address on Bay Street and the TPA expects to draw “many exciting proposals from local and international developers. The ‘South Core’ area has become very popular of late, with many new landmark commercial and retail tenants, and the TPA believes this project will help diversify our operating earnings.”
As a partner in the future development, the TPA’s business goal is to receive a long term revenue stream from the property. Profits earned by the TPA are reinvested into improvements at the port, airport and marina, as well as into the port authority’s long-term environmental sustainability strategy.
President and CEO Geoff Wilson said the Port Authority is calling for proposals that will be “consistent with the City’s plans to promote economic growth and intensification in the vibrant downtown core. ”
Media Contact: Suzanna Birchwood, (416) 863-2036/(416)317-6405 (mobile)
About the Toronto Port Authority
The Toronto Port Authority was incorporated on June 8, 1999 as a government business enterprise under the Canada Marine Act as the successor to the Toronto Harbour Commissioners. It is a federal public authority providing transportation, distribution, storage and container services to businesses. The TPA owns and operates the Billy Bishop Toronto City Airport, Marine Terminals 51 and 52, and the Outer Harbour Marina. The TPA also provides regulatory controls and public works services to enhance the safety and efficiency of marine navigation and aviation in the port and harbour of Toronto.
Further information about the TPA is available at www.torontoport.com.