Canadian developer bets big on comeback of cities

first_imgShare via Shortlink The site of its proposed project sits along Yonge Street and Eglinton Avenue. A wave of development has brought a young population into the area, hence its nickname “Young and Eligible.”Oxford is no stranger to projects of such scale: It’s Related Companies’ partner on the 26-acre Hudson Yards megaproject on Manhattan’s Far West Side. In Toronto, Oxford is also building a convention center, offices, apartments and retail over railway tracks next to Rogers Centre, where the Blue Jays play.Still, the planned project comes at a time when city dwellers have been fleeing to the suburbs in droves. And many companies are reconsidering their real estate footprints after the success — and potential cost savings — of working from home. [Bloomberg] — Danielle Balbi Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsDevelopmentOxford Properties Group Rendering of Canada Square (Oxford)One major Canadian developer is making a big bet that urban centers will rebound after the pandemic.Oxford Properties Group, the real estate division of Ontario Municipal Employees Retirement System, is planning a $2 billion megadevelopment in midtown Toronto, according to Bloomberg. The developer wants to bring a mix of apartments, offices and retail to a 9.2-acre area that’s largely parking lots.The development, dubbed “Canada” Square,” would have five new skyscrapers totaling 3 million square feet. The rest of the area would be turned into parkland.Read moreInside Oxford’s big Manhattan betA risky bet on Hudson Yards has been crucial for this Canadian fund’s global pushlast_img

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