TORONTO — PortsToronto announced May 1 it has sold its property at the corner of 30 Bay and 60 Harbour streets to Oxford Properties Group and the Canada Pension Plan Investment Board (CPPIB), which will each own a 50 per cent stake.
The Toronto Harbour Commission building, which currently serves as headquarters for PortsToronto and is located on the site along with a surface parking lot, will be restored and maintained as part of any future development plan, said PortsToronto in its media statement.
The sale closed May 1 and the transaction is valued at $96 million.
"The South Core is a burgeoning area for business and residential development in Toronto given its optimal location, public transit access and amenities," said Robert Poirier, chair of the board for PortsToronto in a statement. "We are pleased that this sale will provide for future opportunities that will improve utilization of the property which is consistent with PortsToronto’s federal mandate and governing Letters Patent.
"Proceeds from the sale will go towards paying down debt and investing in infrastructure such as the repair of aging dock walls and warehouse terminals, building ‘last mile’ road and rail access in the port area, improving navigation in areas of the harbour, and supporting our corporate social responsibility program."
"Oxford has been enthusiastic about this site since PortsToronto selected us as their redevelopment partner five years ago," said Michael Turner, executive vice-president, Canada for Oxford. "This is an exceptional piece of real estate and we will continue to advance the development of the site to maximize its value and associated benefits to the community."