Menkes Announces Waterfront Innovation Centre in Toronto

Peter Menkes, President – Commercial / Industrial, Menkes

Menkes and Waterfront Toronto gathered with stakeholders and local dignitaries, including Mayor John Tory, to make a media announcement about a new private sector commercial development on the city’s waterfront.

(L-R) John Campbell, President and CEO, Waterfront Toronto, Peter Menkes, President – Commercial / Industrial, Menkes, Mayor John Tory, and Joe Oliver, Minister of Finance and Minister Responsible for the GTA

Right next to Sugar Beach, the Corus Entertainment building, and George Brown College, Menkes will be building the Waterfront Innovation Centre, bringing 2,000 employees to the edge of the water. The innovation centre will take advantage of the fibre connectivity made possible by Beanfield Metroconnect, giving creative and technology sector companies the ability to lead in a fast paced industry.

Provided courtesy of Menkes

“The Innovation Centre is an excellent model for waterfront revitalization; after Waterfront Toronto has made the up-front investment in needed public infrastructure such as municipal services, parks and public spaces, the private sector takes on the role of building a high-speed broadband network and the customized office space that makes use of it,” says John Campbell, President and CEO, Waterfront Toronto. “In this way, Waterfront Toronto is able to leverage high quality infrastructure to deliver key economic and social benefits that enable Toronto to compete aggressively with other top tier global cities for investment, jobs and people.”

John Campbell, President and CEO, Waterfront Toronto

Menkes and Waterfront Toronto expect companies specializing in advanced visualization, digital animation, interactive digital media, film and TV production, advanced analytics and computing, and much more to leap at the opportunity to work in the stunning space designed by Sweeny & Co Architects.

“The transformation of Toronto’s waterfront has been nothing short of spectacular. We are seeing old abandoned industrial sites turned into dynamic, modern, livable communities that are attracting cutting-edge workplaces like this new Innovation Centre,” says Joe Oliver, Minister of Finance and Minister Responsible for the GTA. “The Innovation Centre will not only reaffirm Canada’s place as a global leader in the Information and Communications Technology sector, it will also create opportunities for growth and good high-paying jobs.”

Provided courtesy of Menkes

The Innovation Centre is split up into three different sections: The Exchange, The Hive, and The Nexus. The Exchange is where all the high-end services and hardware will be located so that large and small companies alike all have access to the best tools. The Hive will be the primary workspace for the tenants, and it will take advantage of the high amount of sunlight coming off the lake. The Nexus is a public realm with social gathering spaces, designed to provide a relaxing retreat from the daily grind.

“The Waterfront Innovation Centre is a perfect example of how private and public partnership can drive economic development in Toronto,” says Tory. “Waterfront Toronto and Menkes together are helping revitalize our waterfront by attracting businesses and jobs to this area. This Centre will make our city more competitive on the global stage by strengthening the ever-evolving new technology sectors in Toronto.”

John Tory answering a question from the media

The Innovation Centre is only one piece of a very large puzzle that has slowly been forming over the last few years, but it is an important piece. With Tridel’s Bayside Toronto development currently selling, Dundee Kilmer’s Canary District about to be handed over the TO2015 for the Pan Am/Parapan Games, Pinnacle International’s future plans for the 1 Yonge site, Great Gulf’s Monde tower, The Daniel Corporation’s purchase of the Guvernment site, and Cityzen’s Pier 27 nearing completion, the east waterfront area is going to be the place to be from a livability and investment standpoint. We believe the Innovation Centre will be an excellent addition to the office space that Hines is developing in the Bayside Toronto master-plan.

Provided courtesy of Menkes

“There is growing demand from companies in the creative arts, film and television, digital media, R&D and technology industries for an alternative to traditional corporate office space,” says Peter Menkes, President – Commercial / Industrial, Menkes. “For these firms, open concept collaborative workspaces not only foster innovation, but are integral to their economic success and competitiveness on both a Canadian and global scale.”

An interesting aspect of this development is that it is 100% privately funded by Menkes, and there’s not even an anchor tenant yet. That’s how confident Menkes is that there is a strong demand for this kind of space in the city. This announcement comes very shortly after Menkes lost their anchor retail tenant at Harbour Plaza in Toronto when Target decided to close all its Canadian stores. We’re happy to see that losing a tenant like that hasn’t prevented them from taking risks or dampened their confidence in Toronto’s thriving professional and residential market.

Peter Menkes and JohnTory

Menkes and Waterfront Toronto are planning on breaking ground at the Innovation Centre in late 2016. We look forward to watching this amazing puzzle come together over the next few years.