International developer Hines is nearing completion on two major downtown Toronto developments: a luxury apartment tower and the final office highrise to complete for the next few years.

The Houston-based firm's next project to complete will be West House, where occupancy is to begin this spring. West House is a 17-storey, 307-suite luxury purpose-built rental apartment at 88 Bathurst St. in Toronto.

“We expect to see significant leasing momentum throughout the rest of the year,” Syl Apps, Hines' senior managing director and head of U.S. Midwest and Canada, wrote in an email exchange with RENX.

The 286,185-square-foot, 3XN-designed building features studio, one-, two- and three-bedroom suites, including penthouses. There’s an interior design partnership with furniture and home decor company CB2.

Amenities will include: a rooftop with 360-degree lake and city views; a 25,000-square-foot floor with a full-service fitness club and outdoor exercise areas; a sports simulator; a co-working space with meeting rooms and focus zones; a lounge; 24/7 lifestyle services, including pet concierge, private chefs, fitness training, wellness coaching, home and car cleaning; electric vehicle charging stations; and reserved bicycle storage.

Equinox leases half of West House commercial space

There will also be a 38,000-square-foot Equinox fitness club where West House residents will have access to exclusive privileges and programming. Equinox has more than 100 locations globally and this new lease signing will give the company its third in Toronto.

“Equinox’s tenancy is an extension of West House’s focus on resident health and wellness,” Apps said. “With Equinox recognized globally as a leader in fitness and lifestyle, their partnership enhances West House’s offering and provides an unmatched amenity to our residents. 

“Equinox's luxury brand and values align with the West House brand, and we strive to create a vibrant lifestyle environment for our residents and the surrounding community.”

An additional 38,000 square feet of retail and commercial space is still available to lease at West House. 

Hines’ previous multifamily developments in Toronto, done in partnership with Tridel, were the Aquabella, Aqualina, Aqualuna and Aquavista condominiums in the Bayside community on Queens Quay East and the Lake Ontario shore.

CIBC Square

The second tower and final component of CIBC Square, at 141 Bay St., topped out last month and is approaching the completion of its structural steel work at the crown of the building. The property is 80 per cent pre-leased to a variety of institutional-grade firms, including CIBC, which is leasing more than 1.6 million square feet across both towers.

CIBC Square, a joint development with Ivanhoé Cambridge, will be the last major Toronto office tower to be completed for at least five years. 

“The trend of coming back to the office is getting stronger, and we continue to see the best trophy office assets performing well,” senior managing director and country head for Hines Canada Avi Tesciuba wrote when asked for his thoughts on Toronto’s office market. 

“With no new trophy supply coming to market for a while, we expect to see strong demand and rent growth for the latest-generation buildings that have strong amenities and locations.”

Hines is a global real estate investment manager that owns and operates $93 billion of assets across property types on behalf of institutional and private wealth clients. The 67-year-old company has 5,000 employees in 31 countries and in Canada, where it has been active in Toronto.

T3 Bayside and T3 Junction

Hines completed a 3XN-designed, 261,768-square-foot timber-built office building known as T3 Bayside at 251 Queens Quay E. in 2023.

“At T3 Bayside, we have six tenants and are currently in active discussions with a number of additional tenants,” Apps said.

A twin building is planned beside the first structure, but construction hasn’t started due to the slowdown in office demand.

Hines recently completed two DLR Group-designed timber office buildings with some retail at grade, combining for almost 300,000 square feet, on Sterling Road on the western edge of downtown Toronto. A 120,000-square-foot office building is supposed to complete the trio, but construction has yet to begin.

“T3 Sterling has been rebranded as T3 Junction, with the first tenants now enjoying its premium amenities,” Apps said. 

“The model suite program has been a success, with four of six suites leased, and strong interest continues across both office and retail spaces. The third phase of development will progress based on leasing demand.”

The Hangar District

Hines is also involved in a partnership with Northcrest Developments to develop a portion of the 102-acre The Hangar District, the first proposed neighbourhood at Toronto’s massive YZD redevelopment of the former Downsview Airport lands.

The partnership involves a 40-plus-acre portion of The Hangar District. The entire YZD site encompasses 370 acres.

The proposed Hangar District development envisions:

• 2,850 new homes, including rental apartments and affordable options;
• 7,000 new jobs located in retrofitted hangar buildings and new commercial and office spaces; and
• amenities including shops, parks, day-care centres and public spaces.

“Northcrest Developments and Hines have selected S9 Architecture, Zeidler Architecture and Of Place to lead the adaptive reuse of the approximately one million-square-foot Hangar complex, located at the southern end of The Hangar District neighbourhood,” Apps said. 

“We are thrilled to continue to push plans forward and deliver YZD’s first transformative, sustainable, and inclusive mixed-use neighbourhood.”