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August 17, 2020 - Blog Article
Bayside Toronto Enters Its Final Construction Phase

Commercial real estate investors are constantly searching for ways to keep their funds moving and growing. Toronto continues to prove be a magnet for CRE investors and projects similar to Bayside Toronto, a luxury waterfront development located in the East Bayfront. These projects and their investor’s funds continue to work for them even during covid-19.

Bayside Toronto

Bayside Toronto is one of the biggest Canadian commercial real estate projects by Hines, an international real estate agency, and this project is speeding up its development. Together with other investors Hines, just like ReDev Properties, are creating a mixed-use spaces that includes retail, offices, condos, cultural venues, restaurants, and shore promenades in Toronto.

Aqualuna is the fourth and final construction phase of the Bayside Toronto project. The other three include Aqualina, Aquavista, and Aquabella, all of which are luxury condominium complexes at the waterfront.

Aqualuna is also primarily a condo complex that’s a joint venture of Hines and Tridel, a Toronto-based real estate developer. Nevertheless, it will also feature a large retail space – about 18,000 square feet on the ground floor. Its total 468,000 square feet of space will also house a luxury lounge, an amenity terrace, and a pool overlooking Lake Ontario.

T3 Bayside

T3 Bayside will also be a mixed-use space, except it will have commercial use. It will feature offices and retail properties, all leased by the CBRE Group, Inc.

This part of the Hines’ project will include two mixed-use buildings, which will occupy over 500,000 square feet of space. Due to the high market demand and the sustainable build (the two T3 buildings will use mass timber for construction), they’re expected to attract many tenants.

Other Major Hines’ Projects in Canada

Many Canadian CRE investors’ portfolios continue to grow; including Hines’ portfolio. Apart from Bayside Toronto, the real estate firm is developing several more projects in Canada.

Together with Ivanhoé Cambridge Inc., Hines is developing the CIBC Square, a large office complex in downtown Toronto and T3 Sterling Road another office complex in Toronto. Both will contain pretty much the same spaces, including retail options for dining, as retail is important to any new development. 

Another mixed-use space in Toronto will be located at 64-86 Bathurst Street, and feature residential units, offices, retail space, and various indoor and rooftop amenities.

Toronto isn’t the only city enriching the Hines’ portfolio. One Park Central in Calgary is yet another notable project that is slated to be a multi-family luxury apartment building with a wealth of amenities.

Summary

Hines has several mixed-use projects across Canada, however Bayside Toronto is the largest project that has CRE investors very excited. This real estate firm, like others, continues to explore various Canadian markets, as they offer huge growth potential, especially in the retail commercial real estate space.

Avi Tescuba, the senior managing director at Hines, recently stated that they “view Toronto, Calgary, Montreal, and Vancouver as core cities for our platform going forward.” If you are interested in investment opportunities in these areas contact ReDev Properties. We welcome savvy investors.