City properties at 277 Victoria St. and 38 Dundas St. E are being sold to Toronto Metropolitan University as part of a repurposing and redevelopment initiative called ModernTO.
The agreement was finalized by CreateTO on behalf of the City of Toronto, according to a news release sent Monday.
“Through the ModernTO program we are optimizing and modernizing the City of Toronto’s office space – this is the right and responsible thing to do. This transaction with Toronto Metropolitan University will help expand and revitalize the school’s campus,” said Deputy Mayor Jennifer McKelvie. “At the same time, the funds are put back into ModernTO to help support the delivery of affordable housing and other key city-building initiatives that are desperately needed.”
Since the building at 277 Victoria St. houses Toronto Public Health (TPH), its administrative offices, dental clinic and other critical services like The Works program will be relocated over the next 24 months to minimize impact on TPH clients.
The ModernTO program created in October 2019 will reduce the City’s office footprint from 55 locations to approximately 15 by ending leases and creating office hubs within key civic buildings, including City Hall, Metro Hall and the Civic Centres in Scarborough, North York and Etobicoke, among other initiatives.
The program is also unlocking eight high-value City-owned properties with the potential for repurposing or redevelopment, to generate dollars that can be directed toward priority city-building opportunities like affordable housing.
“I’m extremely proud of the collaboration between CreateTO and our partners at Corporate Real Estate Management to complete this deal with Toronto Metropolitan University, CreateTO CEO Vic Gupta. “Not only are we helping meet the objectives of the ModernTO program and generating investment capital by selling the two properties, TMU students and faculty will benefit from the acquisition long term. It’s great city-building all around and this is what CreateTO was formed to do.”
CreateTO formed in 2018, manages the City’s $27 billion real estate portfolio, develops City buildings and lands for municipal purposes and delivers client focused real estate solutions – ensuring a balance of both community and economic benefits.
