OPG Sells Kipling Facility to Kinectrics and City of Toronto
OPG Sells Kipling Facility to Kinectrics and City of Toronto
TORONTO, Nov. 7, 2022 /CNW/ – Ontario Power Generation Inc. (OPG) has completed the sale of its Kipling site in Etobicoke to Kinectrics and the City of Toronto.
Sold through a competitive process, the 800 Kipling Avenue site measures approximately 76 acres and includes approximately 750,000 square feet of buildings. As part of the sale, the site has been severed to accommodate uses for both purchasers. The sale closed Oct. 31, 2022.
Kinectrics, a growing electricity life-cycle management solutions company, will continue to operate and grow its business at the site. The City of Toronto will utilize the southern parcel for the Toronto Transit Commission’s (TTC’s) future electric bus facility. The City will also take ownership of lands to the north of Kinectrics parcel for future City services.
- The Kipling complex currently houses offices, records storage and training spaces.
- The total selling price is $200 million.
- In an effort to save costs and promote collaboration and innovation, OPG is consolidating all non-station-based staff at a corporate headquarters in Durham Region.
- OPG will lease back a portion of the space to accommodate employees until the new consolidated campus is ready for occupancy. Other existing leases at Kipling will transfer to the new owners of the properties.
- OPG subsidiary PowerON Energy Solutions and the TTC are working together to decarbonize Toronto’s bus fleet. Learn more.
- Kinectrics’ acquisition and continued use of the Kipling site eliminates the need to rebuild facilities for the foreseeable future and facilitates significant growth opportunities.
- The TTC’s 2021-2035 Capital Investment Plan and Real Estate Investment Plan identified a tenth garage and maintenance facility as being required within the next 10 to 15 years. That facility will be home to TTC’s expanding battery electric bus fleet. In the shorter term, this property will allow the TTC to accommodate its industrial warehousing space needs and reduced operating costs as existing leases expire.
“The Kipling Avenue site has served our employees and company well,” said Ken Hartwick, OPG President and CEO. “We are pleased it will be home to businesses focused on transportation electrification and nuclear technology, as both will be critical to growing a clean economy.”
“The acquisition of the 800 Kipling Avenue site will serve as the City’s ongoing commitment to its wider climate action goals,” said Mayor John Tory. “The future TTC electric bus facility aligns with the City’s TransformTO Net Zero Strategy and is an investment in the future of our city.”
“The purchase of 800 Kipling is a decisive action confirming the company’s long-term commitment to providing expert services that are enabled by world class facilities to the utility industry, minimizing disruption to employees and establishes a clear vision for a long future at this site.” said David Harris, President and CEO of Kinectrics. “This allows Kinectrics to continue investing in state-of-the-art facilities, allowing for ease of expansion and an incubator for growth.”
“I want to thank our partners at OPG, CreateTO, the City of Toronto’s Corporate Real Estate Management division and Kinectrics, as well as all the TTC staff involved in making this deal happen,” said TTC Chair Jaye Robinson. “As our bus fleet continues to grow, the facility at 800 Kipling will be essential for the TTC’s maintenance and storage needs. It will also support our expanded electric bus fleet as we work towards our ambitious goal to become 100% zero emissions by 2040.”
Source Toronto Star. Click here to read a full story
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