TORONTO,
March 6, 2013 /CNW/ - After much
anticipation, MGM Resorts International and The Cadillac Fairview
Corporation Limited are pleased to release renderings of the
proposed Integrated Resort on the Exhibition Place grounds in
Toronto. Further details are
available at www.mgmcf.com.
The renderings depict dramatic enhancements to the surrounding
green space, respect for existing heritage buildings on and
surrounding the site and improved existing traffic flow, all
designed to create a new economic engine that will generate 10,000
permanent jobs, millions of dollars in revenue, and one million new
tourists for Toronto.
"No other property has such great potential to benefit the City
and people of Toronto like
Exhibition Place," said Alan
Feldman, senior vice president of public affairs at MGM
Resorts. "An integrated resort is a means to achieving so
much more. Torontonians have a once in a generation opportunity to
seize substantial and long-term private investment that can then be
used to help their City leap forward on issues they believe are
most important. As part of our proposal, we're incorporating public
significant enhancements directly into the plan. What Toronto
City Council decides to do with the further tens of millions of
dollars in additional annual revenue, is limited only by
imagination."
Wayne Barwise, executive vice
president of development at Cadillac Fairview, said, "Our vision of the integrated
resort is one that incorporates multiple uses, to attract a broad
range of visitors. That's why we believe that Exhibition Place is
the optimal location. With our proposed mix of entertainment,
dining, best-in-class retail, hotel and convention facilities for
the site, this revitalization will re-establish Exhibition Place as
the city's pre-eminent, year-round entertainment destination."
Renderings depict the following enhancements:
Jobs creation and new career paths:
MGM Toronto and Cadillac Fairview will create approximately 10,000
new sustainable careers with an average salary of $60,000 - this means over $500 million in new cash flow to the region -
along with 5,000 construction jobs during development and thousands
of indirect jobs across supported industries. The career
paths on offer will be exciting and diverse, ranging from IT to
marketing to finance and creating exciting new opportunities for
students in the hospitality, food and beverage, and entertainment
industries among so many more.
City prosperity and growth:
If a city-owned site, such as Exhibition Place is chosen, it will
generate millions of dollars in added revenue from land lease fees,
hosting fees and property taxes for the City to put to work for its
residents, which is expected to exceed $100
million annually.
Creation of new green spaces and reinvigorating Ontario
Place:
The existing Martin Goodman Trail
will be expanded at a number of points and extended so it reaches
around Ontario Place and will feature bike trails and other
activities that can be used by everyone. Additionally, a new bridge
connection will be added from Ontario Place's West Island to allow
for greater access and better flow from downtown Toronto.
By working closely with the Board of Ontario Place to promote
other new investments and use of green space, the MGM Toronto and
Cadillac Fairview team will ensure
it is consistent with the vision of John
Tory's Report to enhance this under-utilized asset.
Entertainment - Cirque du Soleil, The Molson Amphitheatre,
and The Indy:
For the first time ever, Torontonians will have their own permanent
Cirque du Soleil® experience at MGM Toronto
bringing this internationally renowned Canadian cultural icon to
the city.
By energizing Exhibition Place, the opportunity exists to
enhance Molson Amphitheatre and
make it a year-round venue. The enhanced site would provide the
potential home of the Canadian Music Hall of Fame.
The Toronto Indy will continue on the Exhibition Place grounds
with a new route weaving through the site.
Canadian National Exhibition:
MGM Toronto and Cadillac Fairview have offered to partner with the
CNE to enhance and improve the annual fair experience. The
commitment to the CNE is to become a long-term sponsor, including a
minimum ten year economic relationship. This would retain the
legacy and traditions of the event and will also eliminate the
fee-paying turnstiles, making the event even more accessible to
all.
Traffic, transit and parking:
As part of the proposed plan, MGM Toronto and Cadillac Fairview
will invest in a traffic flow enhancement that places existing
parking underground - improving year round accessibility to
Exhibition Place - focusing on Lakeshore Boulevard in
particular.
All existing surface parking on the east side of Exhibition
Place and the north side of Ontario Place will also be relocated
underground to make way for new landscaped public areas.
Further, MGM Toronto and Cadillac Fairview will work with the
City, Province and other stakeholders to develop a comprehensive
transit program for the western waterfront area, which will provide
benefit to surrounding neighbourhoods, including Liberty Village.
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and
managers of commercial real estate. For more than 50 years Cadillac
Fairview has been leading the way in commercial real estate with
innovative design, development and management.
Cadillac Fairview focuses on
developing and managing high quality office properties and regional
shopping centres in Canada and
the United States, as well as
international investments in real estate companies and investment
funds. With a portfolio valued at more than $21 billion, Cadillac Fairview and its affiliates
own and manage nearly 46 million square feet of leaseable space at
81 properties across North
America, including some of Canada's landmark developments, such as
Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and
Chinook Centre.
About MGM Resorts International
MGM Resorts International (NYSE:MGM) is one of the world's leading
global hospitality companies. MGM operates a peerless portfolio of
destination resort brands, including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. MGM has significant holdings in entertainment,
hospitality and gaming, owns and operates 15 properties and has 50%
investments in three other properties including City Center, which
features Aria Resort & Casino. For more information about MGM
Resorts International, visit the Company's website at
www.mgmresorts.com.
Connect online:
Website: www.mgmcf.com
Facebook: www.facebook.com/MGMToronto
Twitter: www.twitter.com/MGM_Toronto
SOURCE Cadillac Fairview Corporation Limited
Image with caption: "MGM and Cadillac Fairview's vision for
Exhibition Place provides dramatic enhancements to the surrounding
green space, respecting existing heritage buildings on and
surrounding the site and improvement to existing traffic flow. (CNW
Group/Cadillac Fairview Corporation Limited)". Image available at:
http://photos.newswire.ca/images/download/20130306_C2592_PHOTO_EN_24314.jpg
Image with caption: "MGM Toronto will move parking underground
allowing CNE to take place closer to the water, surrounded by open
green space, on what used to be a parking lot. (CNW Group/Cadillac
Fairview Corporation Limited)". Image available at:
http://photos.newswire.ca/images/download/20130306_C2592_PHOTO_EN_24317.jpg
Image with caption: "The Exhibition Place grounds will be
reenergized while honoring the CNE's traditions, creating a
welcoming atmosphere for the entire community with more open green
space and improved accessibility. (CNW Group/Cadillac Fairview
Corporation Limited)". Image available at:
http://photos.newswire.ca/images/download/20130306_C2592_PHOTO_EN_24318.jpg
Image with caption: "There will be no shortage of entertainment
for Torontonians. Exceptional restaurants from renowned chefs
including Mark McEwan will
contribute to Toronto's culinary
might. Shopping will reach new heights with a premier retail
promenade. And for the first time ever, Toronto will have its own permanent Cirque du
Soleil® experience, bringing this internationally renowned Canadian
cultural icon to the city. (CNW Group/Cadillac Fairview Corporation
Limited)". Image available at:
http://photos.newswire.ca/images/download/20130306_C2592_PHOTO_EN_24319.jpg
Image with caption: "The Martin Goodman Trail around Ontario
Place will experience a revitalization all Toronto families will enjoy. New public green
space will be introduced with scenic bike trails and other outdoor
activities as MGM Toronto maintains its commitment to preserving
the City's natural assets. (CNW Group/Cadillac Fairview Corporation
Limited)". Image available at:
http://photos.newswire.ca/images/download/20130306_C2592_PHOTO_EN_24320.jpg
Image with caption: "MGM Toronto and Cadillac Fairview have
offered to partner with the CNE to enhance and improve the annual
fair experience. The commitment to the CNE is to become a long-term
sponsor, including a minimum ten year economic relationship. (CNW
Group/Cadillac Fairview Corporation Limited)". Image available at:
http://photos.newswire.ca/images/download/20130306_C2592_PHOTO_EN_24321.jpg
Image with caption: "The ground around the Stanley Barracks
heritage building will be reinvigorated and transformed into a
festival square, creating a space for community gatherings and
celebrations. (CNW Group/Cadillac Fairview Corporation Limited)".
Image available at:
http://photos.newswire.ca/images/download/20130306_C2592_PHOTO_EN_24322.jpg