Ontario Construction News staff writer
Oxford Properties Group and Canadian Tire Corporation (CTC) will invest more than $200 million to renovate two office towers at Canada Square in midtown Toronto.
“This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we’ve called home for more than half a century,” said Greg Hicks, President and CEO of Canadian Tire Corporation.
The retrofit will modernize 680,000 sq. ft. of space at 2180 and 2200 Yonge Street. CTC has signed a 20-year lease for 550,000 sq. ft. and will relocate its head office staff within the site as part of the project.
Originally built in the 1960s and 1970s, both towers will receive energy efficiency upgrades and interior improvements, with construction starting in late 2025. The 18-storey building at 2180 Yonge will be renovated first, followed by work on the 17-storey building at 2200 Yonge.
Plans include new employee facilities and about 15,000 sq. ft. of retail space along Yonge Street. The project also includes upgrades to the adjacent TTC entrance to improve access to Eglinton Station.
Oxford and CT REIT, co-owners of the property, say the retrofit is part of a longer-term plan to redevelop the full 9.2-acre Canada Square site into a mixed-use community that includes rental housing and public space.
Work will support broader redevelopment plans for the 9.2-acre site, which will eventually include new rental housing and public space.
“This substantial investment is part of Oxford’s deep conviction that high-quality, sustainable workplaces will continue to outperform,” Daniel Fournier, executive chair at Oxford Properties, said in a statement.
Canada Square’s overhaul marks a key step in repositioning the site as a future-focused, mixed-use hub in one of Toronto’s most connected transit corridors.