Toronto’s rapidly growing waterfront is about to get a new resident, as MaRS Discovery District is set to open a new massive innovation hub in the city’s fast-growing high tech sector.
MaRS Discovery District, in partnership with the University of Toronto, has announced it’s in the final stages of securing a lease with Menkes Developments Ltd. (Menkes) for a new 24,000-sq-ft hub at Toronto’s Waterfront Innovation Centre.
The new innovation hub is expected to open in 2021, creating 400,000-sq-ft of commercial space and accommodating more than 3,000 workers.
Already under construction, the Waterfront Innovation Centre will create much-needed office space for Toronto’s fast-growing innovation community, which is in close proximity to the city’s thriving Discovery District.
“As Toronto becomes a destination for global talent, venture capital and tech corporations, demand for space is at an all-time high. It’s imperative that we develop new innovative and entrepreneurial hubs in communities across the city,” says Yung Wu, CEO of MaRS in a release.
“The Waterfront Innovation Centre is the next destination for the city’s growing innovation sector — one that will further solidify Toronto’s standing as a premier tech centre.”
Workers will have access to high-speed broadband networking, fuelled in part by self-generating solar power, floor-to-ceiling windows and expansive collaboration spaces.
The building is also adjacent to Canada’s Sugar Beach and in close proximity to Sidewalk Labs’s proposed Quayside neighbourhood.
“The University of Toronto is excited to partner with MaRS to help expand Toronto’s rapidly growing startup scene on the city’s waterfront,” says Meric Gertler, U of T President.
“It’s a winning combination — MaRS’s world-class suite of innovation programming and expert support for entrepreneurship with the incredible depth and range at U of T.”
MaRS will be located in the HIVE tower and will provide programming and collaborative working space for scaling startups.
“Toronto is experiencing its lowest commercial vacancy rate ever (3%), making the city the most sought-after market in North America,” Wu says. “Our startups and partners need more space to scale, and this new development is the ideal location for that growth.”