UPDATE – OCTOBER 2019
“THE CIRCLE” BUSINESS PARK AT HUMBER BAY, with ground level retail and food outlets
CBRE—July 9, 2019—Vancouver and Toronto now share the title of North America’s hottest office market. Toronto’s downtown office vacancy rate remained stable at 2.6% amid a construction boom in the city’s core. The record-low vacancy is producing record-high rental rates. Average Class A net asking rents in Toronto’s financial core crossed the $40.00 per sq. ft. mark.
Growth Plan for the Greater Golden Horseshoe (2017)
The Provincial Growth Plan is about accommodating forecasted growth in complete communities that are well designed to meet people’s needs for daily living by providing convenient access to an appropriate mix and balance of jobs to reduce the need for long distance commuting, local services, public service facilities, and a full range of housing to accommodate a range of incomes and household sizes. Major office and appropriate major institutional development will be directed to urban growth centres, major transit station areas or other strategic growth areas with existing or planned frequent transit service.
Planning and managing growth requires the provision of one new job for every two new residents.
The conversion of lands within employment areas or prime employment areas to non-employment uses may be permitted only through a municipal comprehensive review. This review was completed by the City Planning Department by 2013, which concluded that the lands should remain as Employment Lands.
Consequently, we do not support any use of these lands for Residential use, as the area already has a high-rise condominium apartment population approaching 30,000 people, without the required accompanying balance of jobs.
THE CIRCLE PROJECT
6 3-storey buildings
17 4-storey buildings
11 10-storey buildings
4 30-storey buildings
38 buildings—total approx. 2,727,000 square feet
Ground floor retail—315,000 sf
Office space—2,412,000 sf
Retail jobs—1,000 @ $20,000 = $20 million p.a.
Office jobs—9,525 @ $60,000 = $571.5 million p.a.
Construction (hard) costs @ $255/sf = $695.4 million
Office/Retail space rents @$16/sf = $523.6 million p.a.
This translates into more than $1 billion per annum just in employment income for residents and rental income for office space. This site utilized as Employment Lands can contribute significantly to the economic vitality for the area and the City.
Circular roads—2 parking lanes, 2 driving lanes, wide sidewalks and two-way cycling lanes. Underground parking will also be provided.
Reserving a generous amount of land for green space and planting numerous trees will ensure a park-like setting for residents, as well as for workers and visitors.
A new GO Station at Humber Loop will provide a major transit link to The Circle Business Park. (See the Humber Bay Transit Hub page for info on a New GO Station Located at Humber Loop)
10,525 new jobs will create a balance between the number of current residents and jobs, approaching the 2:1 ratio as required by the Provincial Growth Plan.
NEW SUB-COMMITTEE FOR THE MR. CHRISTIE SITE
We are creating a new Sub-Committee for the Mr. Christie site. Anyone who is interested is welcome to join the Sub-Committee.
The Mr. Christie site ceased operations at year-end December 2013. It is about 27 acres in size and currently designated under the Toronto Official Plan as “EMPLOYMENT LANDS”.
The City has created a WORKING GROUP to consider the potential future of the site within the Planning context for the Community. However, LPCC was not invited to join the Working Group. A letter has been sent by the LPCC Executive Committee in November 2013 requesting that LPCC be included, and be provided with Minutes of previous meetings. We were subsequently advised by the City of Toronto Economic Development Department that the Working Group is not scheduled to meet again; however, LPCC would be kept informed on this matter.
In December 2013, the owner’s of the site submitted a DEVELOPMENT APPLICATION to have the site re-designated as a “REGENERATION AREA”.
Links to the documents on the Working Group and the documents included with the December 2013 Application are provided below.
MR. CHRISTIE WORKING GROUP
LPCC Letter to Working Group, November 16, 2013
Mr. Christie Working Group Meeting 3 Summary, September 11, 2013
Mr. Christie Relocation of Mimico GO Station Report, April 23, 2013
Mr. Christie Creation of Working Group City Report, March 28, 2013
PLANNING APPLICATION DOCUMENTS SUBMITTED DECEMBER 13, 2013
Letter from City Planning to Mondelez Canada Inc. dated January 10, 2014
Cover Letter 2013-12-13 from Solicitors to Mondelez Canada Inc.
Official Plan Amendment Application
Boundary Plan and Topographical Survey
Draft Official Plan Amendment
Planning Rationale and Community Services Facilities, December 2013