This was just distributed to Scotiabank employees:
Earlier today, Brookfield Properties announced plans to erect a new building one block north of Scotia Plaza in downtown Toronto. Brookfield also announced that Scotiabank will be the anchor tenant of this new building. I would like to give you some additional context on the way that this aligns with our ongoing efforts to transform the way we work.
Over the past two years, we have been making investments in our Greater Toronto Area workplaces to better enable our Head Office employees with the right technology, physical environment and training. We are reducing our footprint significantly, moving from 28 separate buildings to four main campuses in Toronto, Scarborough, and Mississauga. We will achieve greater efficiencies by decreasing our physical and environmental impact, reduce our long-term costs to the Bank, and deliver a more cohesive and innovative culture for our employees. Our occupancy of this new building is one part of this larger effort.
Scotiabank will continue our tenancy in Scotia Plaza, including our Main bank branch, as well as several adjacent buildings which will connect to this new building via The PATH.
Construction will begin in the Spring of 2019, with a target of having this building open for business by the Summer/Fall of 2022. We will continue to provide updates on occupancy plans as Brookfield works towards these milestones.