TTC, Build Toronto studying future head office needs
Current head office could move if economic case shows cost savings
Commissioners approved a report on May 6 authorizing TTC staff to begin work on a framework for a long-term lease of office space in a building that would be constructed and owned by Build Toronto.
The report allows TTC and Build Toronto to begin working on the details of what it would cost to occupy future office space at 4050 Yonge St., near York Mills.
“The potential relocation of the TTC headquarters will only proceed if the economic case clearly shows cost savings and improved operational efficiencies of such a move,” said TTC Chair Adam Giambrone.
Next steps include the preparation of an offer-to-lease document in August and final pricing in October of this year. If all approvals are obtained and the decision to lease centralized office space is more economical than the status quo, then construction would begin next year, with occupancy in 2014. The McBrien Building at 1900 Yonge St. would then be turned over to Build Toronto for future development opportunities.
For the last two years, TTC staff has undertaken an extensive review of its office space needs, including assessing opportunities for consolidation of space to maximize efficiencies. The McBrien Building was built in 1956 and requires a capital investment in the next five years of some $30 million, including a sprinkler system, window replacement, HVAC system upgrades, masonry repairs and structural modifications to support any future office needs.
The TTC leases office space in seven separate facilities across the city at an annual cost of about $8.6 million.