Ontario spends additional $65 M to buy out MaRS building

September 25, 2014

Ontario has announced that it will spend an additional $65 M to buy out the developer of the MaRS Discovery District's phase 2 building. This brings the total amount that the province has spent on the facility, designed to foster collaboration between scientific researchers and entrepreneurs, to nearly $309 M. Ontario Infrastructure Minister Brad Duguid says that the buy-out will help the province “unlock the potential of the … building and ensure that the maximum return on our investment is realized.” He further suggested that the province may have use of the office space in the building, but added that “we’re not ruling anything out,” including re-selling the building in the future. Only one-third of the space in the phase 2 building is currently occupied; the phase 1 building is at capacity and fully leased. The province says that the total purchase price is the fair market value of the building, but critics describe the move as a bail-out. Progressive Conservative MPP Vic Fideli warned that the costs associated with owning the building could continue to grow. “We’re talking about hundreds of millions more,” he said. Toronto Star