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Ivanhoé Cambridge and Metrolinx are working on a transit-oriented real estate project at 45-141 Bay Street.

CNW Group/Ivanhoé Cambridge

Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, plans to build a $2-billion officer tower and bus terminal complex in Toronto's financial district in partnership with regional transport authority Metrolinx.

Construction is expected to begin as early as spring 2015, with a new GO bus terminal set to open three years later, the parties said in a joint statement.

"We want this project to be iconic for Toronto through inspired design and intelligent integration of public transit with green spaces," Daniel Fournier, chief executive officer of Montreal-based Ivanhoé Cambridge, said in the statement.

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The total cost of the complex is expected to be $2-billion, Mr. Fournier said at a news conference in Toronto.

The plan calls for a 2.7-million-square-foot office complex, including two 48-storey towers, an elevated park over railway tracks and a new bus terminal. It will have direct access to Union Station, the subway and rail hub in Toronto.

Toronto is in the midst of an office-building boom with proposals on the drawing board for the most rentable space in more than a decade. Vacancies in downtown Toronto, at about 6 per cent this year, will probably rise to 10.5 percent in 2017, the highest since 2003, data compiled by Avison Young Canada Inc. show.

The Caisse de dépôt is the second-largest pension fund manager in Canada.

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