Toronto (November 25, 2011) – The Toronto Port Authority (TPA) today announced that it is entering into negotiations with Forum Infrastructure Partners (Forum) to build the public-private partnership pedestrian tunnel to the Billy Bishop Toronto City Airport.
Over the next 60 days, the TPA will work with Forum to negotiate and finalize the details of the contract related to the pedestrian tunnel. As is customary with P3 projects, financial and design information will be available upon financial close, expected in late January 2012.
“Our rigorous process has produced bids from three excellent domestic and international proponent groups, all of which have the financial wherewithal to complete the project with no funding from taxpayers. This represents another important milestone as we work to improve access to our popular airport,” said TPA Board Chairman Mark McQueen.
The selected proponent is a consortium led by Forum Equity Partners; Developer & Equity Provider, PCL Constructors; Construction Contractor and Canada’s largest and most diversified construction firm, Johnson Controls; Facility Manager, a Fortune 100 firm and one of the world’s largest facilities managers, Arup; Lead Designer with an international team of designers, including ZAS Architects and Exp geotechnical engineers; Technicore Underground, Tunnelling Contractor with a wealth of tunnelling experience; and Nord/LB, debt capital provider.
Consortium members are successfully delivering a number of P3 projects in Ontario, including the South West Detention Centre, the Centre for Addiction and Mental Health (CAMH) Mixed-Use Development, Bridgepoint Hospital Redevelopment, and the Humber River Regional Hospital.
Subject to decisions surrounding financial close in the coming months, the TPA expects that construction will start in winter 2012, with a targeted completion date of spring 2014.
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Media Contact: Suzanna Birchwood, (416) 863-2036/ (416) 317-6405 (mobile)