Toronto issues debenture to fund capital projects including St. Lawrence Market

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Ontario Construction Report staff writer

The City of Toronto has issued a debenture for $365 million to help finance key capital projects. It’s a conventional bond issue, with a 30-year maturity and a coupon interest rate of 4.3 per cent and will mature on June 1, 2052.

Some of the projects that will be funded are Union Station construction, accessibility retrofits, energy conservation programs, St. Lawrence Market North and South redevelopment and transportation safety, road and bridge rehabilitation.

“The critical capital projects funded by this bond issuance are one of the many ways that the City is supporting Toronto’s economic recovery to ensure that we emerge from the pandemic stronger than ever,” said Councillor Gary Crawford.

The North St. Lawrence Market Redevelopment project is taking place in three phases. The project is currently in Phase 3, construction of the new North Market Building.

In 2019, city council awarded a contract for construction of the new St. Lawrence Market North building at 92 Front St. to Buttcon Limited/The Atlas Corporation Joint Venture.

Construction of the new market began in July 2019. The building is expected to be completed by early 2023.

Work completed to date includes:

  • Structural steel framing for superstructure is nearing completion
  • Concrete pour completed for approximately 60 per cent of floor area
  • Glass curtain wall installation completed on south face (Front Street side) of west wing
  • Parking Level lighting fixtures have been installed and energized

According to the latest construction update, the next steps include:

  • Glass curtain wall, with integrated aluminum sunshade fins, installation progressing on west side (Market Lane)
  • Framing for central atrium space progressing north
  • Complete pedestrian bridge connections between east and west wings
  • Pedestrian bridge link connection to 2nd Floor of St. Lawrence Hall underway
  • Commence ground level framing and glazing
  • Parking garage interior masonry work, along with mechanical and electrical rough-ins ongoing

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