MaRS Phase II finally set for liftoff
Reported by Tim Alamenciak
Reported on Monday, January 24, 2011
Phase II, the much-anticipated expansion to the MaRS campus at College Street and University Avenue, was announced to great fanfare in 2007, drawing attention from Ontario Premier Dalton McGuinty and then-mayor David Miller. But by the end of 2008, plans were on hold, with the recession cited as the reason. The delay has since been the source of much speculation and interest, though there's been no word of progress—until now.
"We’re hoping to have an announcement sometime in the next month," says representative Dale Martin, a member of the MaRS real estate team. He was not able to discuss the details of that announcement, but confirmed that there have been no changes to the original building plan, which called for a twenty-storey tower that would add 750,000 square feet of space to MaRS. MaRS and California-based Alexandria Real Estate Equities Inc., who have long been in partnership to make Phase II happen, have been negotiating terms to reinstate construction on the tower, and Martin says the existing foundation will still be used.
“It’s a complex thing with lots of moving parts,” says CEO Ilse Treurnicht of the negotiation process. “The project was hit by international forces and we're continuing to work with Alexandria and stakeholders to restart construction,” she adds, noting, as Martin did, that they hope to make an announcement soon. Alexandria, a medical science real estate company that operates labs throughout the United States, did not return repeated calls for comment.
MaRS, which launched after renovating the Toronto General Hospital building at 101 College Street, just east of Phase II's site, is a private charity that provides advice and workspace for science and business ventures. They support a wide range of fledgling and not-so-fledgling businesses in the fields of health science and technology. They don't offer venture capital; rather, their mandate is to help guide entrepreneurs through the process of innovating and developing their business. The organization receives donations from private sources as well as funding from the province of Ontario. (MaRS, it should be noted, is also partners with OpenFile.)
The new building would allow MaRS to offer more space to more businesses. Current tenants include pharmaceutical company GlaxoSmithKline Inc., RBC Royal Bank, Toronto Region Research Alliance, and over sixty other organizations.
For now, though, the construction site still lies dormant, with concrete boxes poking out of a snow-covered foundation. The PCL trailers and scaffolding are still on scene, everything waiting for work to resume.