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Transaction/Case Details

Infrastructure Ontario achieves financial close in the C$514 miillion Toronto 2015 Pan/Parapan American Games Athletes' Village Project

DATE CLOSED

December 14, 2011

BUSINESS SECTOR

Government

LEAD OFFICE

Toronto

VALUE

514 Million CAD


OVERVIEW

On December 14, 2011, Infrastructure Ontario, on behalf of the Province of Ontario, and in conjunction with Waterfront Toronto, reached financial close with Dundee Kilmer Developments to design, build and finance the new 2015 Pan/Parapan American Games Athletes’ Village Project.

The project will advance implementation of Waterfront Toronto’s award-winning precinct plan for the West Don Lands area and when complete in 2015, the project will support the wider community by providing a beautifully designed, sustainable mixed-use riverside community. The project will also provide accommodation to 10,000 Pan and Parapan athletes, coaches and team officials during the 2015 Pan/Parapan American Games.

The community has been designed by a team of internationally renowned architects, including Kuwabara Payne McKenna Blumberg Architects, architectsAlliance, Daoust LeStage, TEN Arquitectos and MacLennan Jaunkalns Miller Architects and will be constructed by EllisDon Ledcor PAAV Inc. All new buildings are designed to achieve LEED® Gold.

The Project includes the completion of: the next phase of West Don Lands infrastructure, roads and public spaces; a new 82,000 square-foot YMCA recreational facility; George Brown College’s first ever student residence; 787 units of market housing; 253 units of affordable rental housing; accommodations and facilities required for use during the Games; site preparation necessary to support temporary Games facilities; facilities management services during the Games; and the conversion of permanent facilities following the Games.

The project is a unique public-private partnership arrangement. The arrangement reduces the cost of building the community by enabling Dundee Kilmer to also construct additional market housing in a second phase of development after the Games. The fixed-price contract between Dundee Kilmer and the Province of Ontario is for C$514 million, and will be paid in stages at significant construction milestones, to ensure the project’s on-time and on-budget delivery. The Province will recover approximately $65 million in development costs from future facility operators, for a total net provincial outlay of approximately C$449 million.

McCarthy Tétrault LLP represented Infrastructure Ontario, with a team led by Godyne Sibay.

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