CIBC Square facts for kids
Quick facts for kids CIBC Square |
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CIBC Square, March 2021
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| Former names | Bay Park Centre |
| General information | |
| Status | Under construction |
| Type | Office complex |
| Architectural style | Modernist |
| Address | 81 & 141 Bay Street |
| Town or city | Toronto, Ontario |
| Country | Canada |
| Coordinates | 43°38′39″N 79°22′39″W / 43.64417°N 79.37750°W |
| Groundbreaking | June 21, 2017 |
| Estimated completion |
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| Technical details | |
| Floor count | 50 |
| Design and construction | |
| Architecture firm |
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| Developer |
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| Main contractor | EllisDon |
CIBC Square is a huge new office complex being built in the South Core area of Toronto, Ontario, Canada. It was first known as Bay Park Centre during its early planning stages. This large project is located on Bay Street and is being developed by two companies: Ivanhoé Cambridge and Hines.
CIBC Square will become the main office for the Canadian Imperial Bank of Commerce (CIBC). About 15,000 CIBC employees will move here from other buildings in the Greater Toronto Area. The complex also includes a new bus terminal for GO Transit and other bus services. This terminal is directly connected to Union Station, a major transportation hub. A cool feature of CIBC Square is a one-acre park built high up over the railway tracks.
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What Makes CIBC Square Special?
The CIBC Square complex will be very large, covering about 290,000 square meters (or 2.9 million square feet). It will have two tall towers, built in two separate stages.
The South Tower (81 Bay Street)
The first tower to be completed is the 49-storey south tower, located at 81 Bay Street. This tower was built on what used to be a parking lot across from the Scotiabank Arena. It includes a new bus terminal for regional GO Transit and other bus services. This new terminal replaced an older one on Bay Street.
A special pedestrian bridge, called a skybridge, connects CIBC Square to the Scotiabank Arena and Union Station. This bridge is part of Toronto's PATH walkway system, which is a network of underground and above-ground pedestrian tunnels. It helps people walk safely and easily between buildings, even in bad weather. The south tower was planned to open in 2020.
The North Tower (141 Bay Street)
The second tower, the 50-storey north tower, will be built at 141 Bay Street. This spot used to be where the old GO Transit bus terminal was, behind the Dominion Public Building. The north tower is expected to be finished in 2024.
Below both towers, there will be a four-storey base building. This base will have shops and stores, including a main CIBC bank branch.
The Elevated Park
One of the most unique parts of CIBC Square is the one-acre park. This park is built on the fourth floor level and connects the two towers. It's open to everyone and is located high above the railway tracks. The park will have different areas, like slopes, hills, gardens, shady spots, and balconies with great views.
The entire complex was designed by famous architects. The main designers are WilkinsonEyre from Britain and Adamson Associates from Toronto.
How CIBC Square Was Built
The development of CIBC Square is a team effort led by Ivanhoé Cambridge and Hines. They bought the land from Metrolinx and also used a city-owned parking lot.
Ivanhoe Cambridge first bought the land for 81 Bay Street (which was then called 45 Bay Street) back in 2007. They also got extra land and "air rights" over the railway tracks. Air rights mean they could build above the tracks. In September 2014, Ivanhoe agreed with Metrolinx to build the new GO Bus Terminal at 81 Bay Street as part of the project.
Who Will Be There?
CIBC is the main tenant, meaning they will use most of the space. They will occupy about 175,000 square meters (or 1.75 million square feet), which is about 60% of all the office space.
Other important companies will also have offices here:
- Boston Consulting Group will have about 85,000 square feet for their Canadian headquarters.
- Microsoft Canada will move its Canadian headquarters into a 132,000 square foot space at 81 Bay Street.
The new Union Station Bus Terminal is already open in the south tower. It replaced the old bus terminal that was on the site where the north tower is now being built.
