GTAA opens prime airport location to development
16 Jan, 2007, Toronto
Hotels, conference facilities, retail and office space all possibilities
The Greater Toronto Airports Authority (GTAA) today announced it is seeking developers to build a major commercial complex on the “South 409” site of its new LINK Train station, at Highway 409 and Airport Road.
The development will have direct access to the Airport via the recently opened LINK Train that transports passengers between each of the airport terminals 1 and 3 as well as the parking facilities. The GTAA expects that office and hotel towers, conference and meeting facilities, restaurants and shops will be developed on the South 409 site, taking advantage of the convenient connections to Highway 409, 401, 427 and Airport Road.
South 409’s design is at an early stage and will likely evolve once the GTAA selects the developer(s). Nonetheless, it provides a tremendous opportunity for both the GTAA and developers to capitalize on a location that has direct access to one of the busiest airports in North America, and the expressways that serve it.
“This is a first for a Canadian airport authority,” said Scott Armstrong, Manager, Media Relations for the GTAA. “Several airports in the United States, Europe and Asia have, or plan to develop, commercial facilities, and we are looking at all options to enhance the experience of travellers, while generating additional non-aeronautic revenue for the GTAA.”
As Advisors to the GTAA, the Valuation and Advisory Services division of Cushman & Wakefield LePage undertook an exhaustive study of greater Toronto real estate market opportunities and global airport development best-practices, to determine the most suitable uses for the property. C&W LePage then worked with PKF Consulting, Curran McCabe (cost consultants) Young & Wright Architects and Stantec Consulting (engineering) to deliver the preliminary site and building plan that is now being brought to developers through an RFP.
“The GTAA and C&W LePage are at the forefront of airport land-use planning and development – which will ultimately benefit all users of the Airport.” said Sheila Botting, Senior Managing Director Canada, Valuation & Advisory Services, Capital Markets Group, C&W LePage. “We’re experiencing huge demand for prime commercial land sites, buoyed by very healthy office, hotel and retail real estate markets. Given South 409’s airport LINK and Hwy. 409 connection, this RFP is sure to generate strong interest from both domestic and international developers.”
The South 409 lands, totaling 15 acres, are available as a whole, or in development parcels. Proposals will be received by the GTAA on or before noon, March 1, 2007. To register for the RFP, please click on this link - RFP for South 409 Lands.
Cushman & Wakefield LePage is the Canadian operation of Cushman & Wakefield, the world’s largest privately owned commercial real estate services firm with more than 11,000 professionals in 195 offices in 55 countries. The firm delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. Cushman & Wakefield also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit www.cushmanwakefield.com
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