Oxford Properties Group and Canadian Tire Corporation (CTC) recently announced plans to spend $200 million on retrofits at Toronto’s Canada Square.

The towers at 2180 and 2200 Yonge Street will be retrofitted to deliver 680,000 square feet of highly functional and modernized office space, over 80 percent of which will be anchored by CTC.

"This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we've called home for more than half a century," said Greg Hicks, President and CEO, Canadian Tire Corporation. "We're excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction."

Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge Street will undergo internal upgrades and a complete façade renewal. A full renovation of the 17-storey tower at 2200 Yonge Street will follow.

Construction, which will begin in late 2025, will minimize embodied carbon from the project while introducing significant energy efficiency upgrades in support of LEED Certification. The retrofit work will include the addition of approximately 15,000 square feet of retail space on Yonge Street.

The project also includes an upgraded and more accessible TTC entrance on Yonge Street.

"This substantial investment at Canada Square is part of Oxford's deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform," said Daniel Fournier, Executive Chair at Oxford Properties. "A company of Canadian Tire's stature signing a multi-decade office lease speaks to the trust our customers have in Oxford to create their ideal workplace. Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square."

The companies say the project is an important step towards the planned redevelopment of the 9.2-acre site into a vibrant, mixed-use addition to the community.

Oxford and CT REIT continue to advance plans for the west side of the site that contemplate a significant amount of critically needed new rental housing and public open space in one of the city's most transit-connected nodes.