OMERS Bags Toronto Development Deal

Consortium will develop property near lakefront.

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351785_cn_tower_series_2The Toronto Port Authority has selected a consortium led by the Oxford Properties arm of the OMERS pension group to redevelop land near the city’s downtown lakefront.

The announcement is part of efforts to create a new commercial district near the south end of Bay Street, the centre of Toronto’s financial district.

The 30 Bay/60 Harbour project involves 1.8 acres of land (about three-quarters of a hectare) currently occupied by a surface parking lot and the historic Harbour Commissioners Building.

Financial arrangements and other details weren’t announced Wednesday.

The port authority is a federal agency that also owns the Billy Bishop Toronto City Airport, Port of Toronto and the Outer Harbour Marina.

The agency announced in October that it was looking for a joint venture partner to help develop the land.

The authority announced Thursday that it has chosen Oxford, the real-estate investment arm of OMERS Worldwide Group, as its preferred proponent.

Oxford and TPA will work to formalize their business arrangement over the next few months and then, following those negotiations, undertake public consultation for the planning and design phase.

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