Previous Construction Attempts
The tower was the last of a series of construction projects in downtown Toronto launched in the boom years of the 1980s, when a number of massive towers were built nearby, such as Scotia Plaza. It was a joint project by Markborough Properties and TrizecHahn: a 57-storey office tower to be constructed at the corner of Bay and Adelaide in the heart of Toronto's financial district. It was to have cost almost a billion dollars.
The building caused considerable controversy among those opposed to the erection of such massive structures. The tower would have stood far higher than was allowed by the city's official plan. To gain city hall's approval, the developers committed some $80 million towards new social housing and other projects. A portion of the site was turned over to the city for use as a park that is now Cloud Gardens. Both of these deals went ahead, despite the tower never having been completed.
Construction began in 1990, but the developers soon ran into problems. The economy went into recession and office vacancy rates in Toronto rose to 20%. Construction was halted, and in 1993, with over $500 million already invested, the project was permanently put on hold. All that was completed was the underground parking garage and several storeys of the concrete service shaft that stood from 1991 onwards, as a monument to the failed project in downtown Toronto. The stump of the service shaft was known to security and the locals as "the bunker" or simply "the stump". The parking garage was in operation, and the stump itself was used as a surface on which to mount advertisements.
There were several attempts to revive the project. In 1998 TrizecHahn briefly revived it, but another shift in the economy caused them to again pause. In 2000 there was again talk of reviving the project, but the next year TrizecHahn sold its 50% share to Brookfield Properties for $49 million. Brookfield was committed to completing the structure to a smaller height of either 40 or 50 storeys, but later that year the economy again soured and the project remained on hiatus.
Read more about this topic: Bay Adelaide Centre
Famous quotes containing the words previous, construction and/or attempts:
“New York has never learnt the art of growing old by playing on all its pasts. Its present invents itself, from hour to hour, in the act of throwing away its previous accomplishments and challenging the future. A city composed of paroxysmal places in monumental reliefs.”
—Michel de Certeau (1925–1986)
“The construction of life is at present in the power of facts far more than convictions.”
—Walter Benjamin (1892–1940)
“Anyone who attempts to relate his life loses himself in the immediate. One can only speak of another.”
—Augusto Roa Bastos (b. 1917)