New tower a good sign, says mayor

Shows investors upbeat about Toronto’s future
Oct 04, 2008 04:30 AM

City Hall Bureau

The gyrating markets are making people nervous, but yesterday’s groundbreaking for a 26-storey downtown office tower shows big-time investors remain confident in Toronto’s future as a financial centre, says Mayor David Miller.

Miller praised the British Columbia Investment Management Corporation (bcIMC), which invests pension funds, for funding the project despite economic uncertainty.

“I think all of us are extremely concerned about the news from the United States,” he said. “And the willingness of bcIMC to invest in the future of Toronto and to understand that Toronto does have a successful and bright future means a lot to us.”

The 650,000-square-foot building at 18 York St., to house accounting firm PricewaterhouseCoopers, will occupy the northwest corner of York and Bremner Blvd., just west of the Air Canada Centre.

It joins the Telus building under construction across the street in helping to extend the downtown business district south of the rail corridor, Miller said.

About three million square feet of office space are going up in Toronto.

Construction of 18 York is expected to be done by fall 2011.


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