(April 19, 2005) -- Maple Leaf Sports & Entertainment (MLSE), The Cadillac Fairview Corp. Ltd. and Lanterra Developments announced Tuesday that the three companies have joined together to develop Maple Leaf Square - a premier entertainment destination to be located in downtown Toronto. The $350 million development will create more than 1,700 construction jobs and approximately 500 full and part-time positions when Maple Leaf Square is completed. Details of the new development were unveiled at a news conference at Air Canada Centre.
Adjacent to the very successful Air Canada Centre, Maple Leaf Square will be the place to visit, play and stay for both Torontonians and tourists and will include both a fine dining and high-tech sports-themed restaurant, a sports and entertainment themed boutique hotel, two condominium towers, a music club, office space, a high-definition broadcast studio and a 170,000 square foot retail space anchored by a 9,000 square foot Leafs, Raptors and Marlies store.
With plenty of open and green spaces, the entire development will revolve around a public square that serves as a focal point and will be used to complement events at Air Canada Centre including Leafs and Raptors games, concerts, other sports events and family shows.
"Maple Leaf Sports & Entertainment has challenged itself to increase our enterprise value in a way that extends the reach of our brands," said Richard Peddie, president and CEO of Maple Leaf Sports & Entertainment. "Maple Leaf Square will be a vibrant and unique landmark that has a tasteful sports and entertainment theme reflective of the Leafs, Raptors and Air Canada Centre. Our development creates a larger significant stage that will attract major sports and world events to Toronto and at the same time support tourism and economic growth."
The collaboration among MLSE, Cadillac Fairview and Lanterra Developments brings together one of North America's most successful sports and entertainment companies with Canada's leader in commercial real estate and an award winning residential property developer.
Toronto Mayor David Miller said "Maple Leaf Square is an important part of this city's ongoing transformation. Not only have the three companies leading this development earned tremendous respect within their industries, they have also demonstrated a real commitment to city building."
According to John Sullivan, senior vice-president of development for Cadillac Fairview, "Our participation in this project fits with our ongoing commitment to Toronto and with our strategy to be a real estate leader in world class cities throughout North America," he said. "Cadillac Fairview is focused on pursuing excellence in its portfolio and the impressive plan that our three companies has assembled will ensure that Maple Leaf Square becomes an exciting addition to Toronto's urban landscape."
Many well-known and respected consultants have been recruited for the development of Maple Leaf Square including architects Bruce Kuwabara and Shirley Blumberg of Kuwabara, Payne, McKenna and Blumberg (KPMB) and Sol Wasermuhl and Vlad Losner of Page + Steele, as well as landscape architect Greg Smallenberg who will oversee the aesthetics of the project.
"We expect the residences of Maple Leaf Square to be the most sought after condos in Toronto," said Mark Mandelbaum, chairman of Lanterra Developments. "No other condominium development can match the location, views, services and amenities which will be offered in this stunning project."
Maple Leaf Square will have direct access to Union Station and will support the revitalization of the railroad lands. The development also plays a strong role in complementing the Toronto waterfront project.
Maple Leaf Square is scheduled to be completed in 2009.