With Funding in Place, MaRS Centre Phase 2 is a Go

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With Funding in Place, MaRS Centre Phase 2 is a Go

The MaRS Centre Phase 2 construction site. Photo by {a href="http://www.flickr.com/photos/squirrel_brand/5670804907/in/photostream/"}squirrel brand{/a} from the {a href="http://www.flickr.com/groups/torontoist/pool/"}Torontoist Flickr Pool{/a}.

The organizations behind the MaRS Centre Phase 2 announced today that the project is back in motion, with an expected completion date of September 2013. The 20-storey addition to the MaRS Discovery District complex will create 4,000 jobs and offer space to science and technology businesses. The first phase of MaRS has been at capacity since it opened in 2005; once the expansion is completed, it will offer more than 1.5 million square feet of office and research facilities for approximately 5,000 employees. The Phase 2 building also includes a conference centre.

In addition to existing investments by MaRS itself and Alexandria Real Estate Equities, Inc., a fully repayable loan from Infrastructure Ontario has jump-started the construction of Phase 2. The expansion was first announced in 2007 but due to 2008’s financial downturn, the project was shelved. There were rumblings late last year that Phase 2 was again moving ahead.

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