You'll be glad to know huge effort is going into retaining the cladding:

Investigative work is still underway, but indications are that the buildings were designed and built by people who knew they were working on important, legacy buildings – and they didn’t cut corners. After all these years, it feels good to be working to protect the heritage of this significant provincial building."

I'm also of the understanding that the interior marble walls and late-60s artwork are being preserved. I don't think the look and feel of the complex will be much different in the common areas. It's the working space that will be drastically different, and, of course, all the building systems will be modernized.

This is good to hear, as this represents an era of quality and art investment you simply do not see any more. This is tax dollars very well invested and this province was on a roll (what the fack happened to us??). The amount of Canadian artwork commissioned into this complex originally is astounding and all first rate. Perhaps they can coddle together a few shekels to commission some new Canadian artworks to add? Or is it just the "environment" we care about any more?
 
First platform being set up on Bay st.
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Request for Proposals Closed for the Macdonald Block Reconstruction Project

The request for proposals stage has closed for teams to submit their bids to design, build, finance and maintain the Macdonald Block Complex.
Following a fair, open and transparent request for qualifications process that began in August 2017, three teams - Ellis Don Infrastructure, Fengate PCL Progress Partners, and Sandfield Partnership Solutions - were invited to respond to a request for proposals in February 2018.
Over the next several months, Infrastructure Ontario and the Ministry of Government and Consumer Services will evaluate the proposals, select a preferred bidder and then negotiate a final contract. A successful bidder is expected to be announced in mid-2019. A fairness monitor is overseeing the entire procurement process.
Visit here to learn more about the Macdonald Block Reconstruction project.
 
As per the link above,

Contract Awarded for Macdonald Block Reconstruction Project
August 09, 2019​
TORONTO - Infrastructure Ontario (IO) and the Ministry of Government and Consumer Services (MGCS) have awarded a fixed-price contract to Fengate PCL Progress Partners (FP3) for the Macdonald Block Reconstruction Project. The Macdonald Block complex, which consists of four towers and a podium near Queen's Park in Toronto, is a critical hub of government operations that has never undergone a major renovation since it was completed in 1971.​
The reconstruction project is being delivered using a public private partnership (P3) delivery model. The contract requires FP3 to:​
  • Design, build and finance the reconstruction of the complex; and
    • Maintain the complex for 30 years including lifecycle repair and renewal.
The reconstruction project contract is valued at approximately $1.536 billion, which reflects the payments made during reconstruction, the substantial completion payment, and the monthly service payments during the 30-year maintenance period (adjusted for inflation).​
IO and MGCS selected FP3 after extensive evaluations following an open, fair and competitive procurement process that began in August 2017. The procurement process was overseen by a third-party fairness monitor.​
The FP3 team includes:​
  • Developers: Fengate Asset Management and PCL Investments Canada Inc.
    • Design-Builder: PCL Constructors Canada Inc.
    • Design Architect: WZMH Architects
    • Facilities Management: Johnson Controls Canada
    • Financial Advisor: National Bank Financial
With the award of the contract, design work and construction activities will start immediately. Construction is expected to be substantially complete in the spring of 2024 with staged occupancy beginning soon after that.​
The reconstruction project will update all core building systems which have reached the end of their useful life and must be replaced. Extensive remediation work will also be undertaken to remove designated substances from the complex. Care will be taken to preserve the integrity of its many heritage features. The reconstructed complex will meet current building, health, safety and accessibility standards, accommodate significantly more employees, and reduce the need for approximately 586,000 square feet of expensive third-party leased office space.​
Visit here to learn more about the Macdonald Block Reconstruction Project.​

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Happy these are getting restored and not demolished. The soffits of the entryway overhang are all gold and mother of pearl mosaic tile and the stonework inside is really lovely, with great examples of Ontario granite used throughout.

I used to work here and I hated it, but the architecture made it bearable.
 

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