River North Fire Station
132 Queens Quay East, Toronto, Ontario
Type: New construction
Size: 30,000 sf fire station, 614,000 sf office, 50,000 sf retail. TOTAL: 647,000 sf
Project Cost: $20 million (fire station)
Development Partners:
- City of Chicago
- Friedman Properties Ltd.
Status: Anticipated completion: 2023
Description
The Rivere project, aka, River North Fire Station, is a new mixed-use building containing an expanded 3-storey fire station with two ambulance bays underneath a 30-storey office tower. It replaces the existing Engine Co. 42 fire house and serves the fast-growing River North community.
Land
The acquisition of the City-owned parcel by Friedman Properties Ltd. was necessary to move the project forward. As part of the Redevelopment Agreement, the City sold the 14,600 sq.ft. fire station site and the 3,150 sq.ft. alleyway adjacent for $5M, granting the developer full ownership of the entire block. The title for the remaining air rights, including a density bonus, will be transferred to the developer after the construction of the replacement fire and ambulance facility.
User Interaction/Partnership Framework
The Redevelopment Agreement was entered in 2018 between the City of Chicago and Friedman Properties Ltd. to construct a new replacement fire station as part of a 30-storey mixed-use building. The Development Agreement required the developer to pay $20.2M for the new firehouse and contribute $10.9M to the City’s Neighborhood Opportunity Bonus System, a program that supports commercial development, landmark protection and infrastructure improvements in underserved neighbourhoods. In return, the City allowed the development to be built at greater densities and sold the public parcels housing the existing fire station lot and an adjacent laneway to the subject site for $5M.
Costs / Funding
The construction of the new fire station and office tower is being funded by private money.
Questions?
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