Does Toronto need another towering skyscraper doting its skyline?
Reports have surfaced that Oxford Properties Group, the company that owns 100 Adelaide West, in the city’s financial district, has given its tenants termination notices.
The Financial Post broke the news, and is reporting this move gives Oxford the flexibility to decide if they want to go ahead with the proposed skyscraper.
The building, at a proposed 900,000 square feet, has been on and off since 1998.
“Nothing is imminent,” Blake Hutcheson, chief executive of Oxford told the Financial Post. “The short answer is we would love to build it but we don’t know when we will.”
Oxford Property Group’s RBC WaterPark Place — a 930,000 square foot office development close to the waterfront — only about two-thirds leased.
Reports say the company is busy looking for a lead tenant before beginning construction, which is estimated to take about three to four years.
The Post reports the vacancy rate in the financial district is 5.4 per cent, and AAA space is a hot commodity, with the average gross asking rental rate of $64.03 per square foot, which is the highest it has been since 2008.
Where would this stack up?
So, if this building ends up as massive as it sounds (it is listed at 900,000 square feet, but there is no word on the building’s official height), where would this prospective building rank among Toronto’s other tall towers? Check out the last of the top inhabitable buildings.
1.First Canadian Place: At 298 m high, First Canadian Place has been the tallest building in Canada since 1976. It was the sixth tallest building in the world at the time of its completion, and the tallest outside of Chicago and New York when it was finished.
2.Trump International Hotel and Tower: At 281 m high, the Trump International Hotel and Tower is the tallest tower completed in Toronto in the 2010s, thus far. It is also the tallest mixed-use building in Canada.
3. Scotia Plaza: At 275 m high, this building was completed in 1988 and was the tallest building completed in Toronto in the 1980s.
4. TD Canada Trust Tower: At 261 m high, the TD Canada Trust Tower was completed in 1990, and was the tallest building completed in that decade.
5. Commerce Court: At 239 m high, Commerce Court was completed in 1972.
Of course, the famous CN Tower is Canada’s tallest free-standing structure, and the third in the world.