OMERS Oxford Properties announced today their proposal to construct a “world-scale” development in downtown Toronto with an estimate cost of $3 billion plus. The proposed project, Oxford Place, would be one of the largest urban redevelopment projects in North America and would include revitalizing and expanding the Toronto convention centre adding new retail, office and residential space, more parking, a casino/hotel complex and a 5.5 acre urban park connected to the waterfront.
“If the decision is made to have a casino in the City of Toronto, Oxford believes it can provide the best location and the ideal solution for all stakeholders. Oxford Place is a well-conceived private sector solution that requires no public infrastructure or other funding and drives significant community benefits for area residents, visitors, corporate tenants, taxpayers and the broader Toronto community. Every aspect of this project draws on Oxford’s world class development expertise which is demonstrated by our large scale mixed-use projects in New York and London,” said Blake Hutcheson, President and CEO, Oxford Properties.
Funded entirely by the private sector, Oxford Properties would work with the Metro Toronto Convention Centre (MTCC) to create a “revitalized, state-of-the-art, convention facility.” Oxford Properties believes that this proposed expansion, which allows for 22 acres of exhibit space, will attract more business to the convention centre as well as improve tourism economy to the City of Toronto.
“Oxford Place will be directly connected to the city’s existing transportation infrastructure, will create thousands of full time jobs and will deliver other economic benefits including significantly increased property tax revenue for the City of Toronto. Additionally, the nature of the development means that an improved and expanded convention centre would be privately funded, rather than the typical model that relies on public funding,” said Michael Kitt, EVP, Canada, Oxford.
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Designed by Foster + Partners, Oxford Place will be located in the centre of downtown Toronto amongst the city’s theater and entertainment districts. The project would be supported by the already developed city centre that hosts 15,000 hotel rooms and 10,000 parking spots within a 15 minute walk as well as its location’s relation to Union Station, Rogers Centre, CN Tower and more.