In January 2018, the City launched a City-wide Real Estate Transformation project to address the varying governance structures, program objectives, investment plans, processes, data and technology, skills and expertise between the over 24 divisions, agencies and corporations involved in real estate activities.
CreateTO, on behalf of the City, is inviting proposals from qualified firms (“Proponent”) with the proven skills, resources and relevant experience in public sector real estate to carry out:
- An objective operational review and diagnostic of the City of Toronto's real estate asset management and critical data management practices (inclusive of activities/functions at CreateTO and the City's Real Estate Services, Energy and Environment, and Facilities Management Divisions);
- The design of a future state real estate asset management practice, that includes specific recommendations on a centralized management approach, taking into account the City of Toronto's operational, governance, regulated and procedural realities. The future state must also respect and support broader Asset Management initiatives/plans currently underway including activities focused on compliance with Ontario Regulation 588/17;
- The development of a clear plan with activity level detail for practical implementation of future state real asset management practice and required data inputs, outputs, and flows.
The City of Toronto owns one of the largest, most complex and valuable real estate portfolios in North America. The City has centralized real estate accountability and streamlined strategy, planning, and decision-making overall. The City's new mandate for real estate places a renewed focus on an integrated City-wide portfolio strategies and asset planning to establish clear investment directions, operational / service effectiveness, and engagement and coordination of all City partners.
This assignment is a critical next step in taking a deeper operational diagnostic of core real estate activity and the development of a future real estate practice focused on portfolio strategy and asset management – supported by a foundation of required data / information inputs.
The successful proponent will report to a "Project Manager" and will work closely with a designated Working Group of real estate leads, plus the City Manager (or his representative), Deputy City Manager, Chief Financial Officer, and the CEO of CreateTO as required.
The targeted budget for Phase 1 and Phase 2 of this project is approximately $200,000 (details, please refer to Section 3.3.1 – Project Objective and Deliverables. Please note this amount is an approximation and does not reflect the total amount to be paid to any successful proponent. In their submission, the successful proponent is expected to provide a separate estimate of costs for Phase 1 and Phase 2 of this project.
The successful proponent must also provide a rate for 200 consultancy hours which can be used any time during engagement on an ad hoc basis (i.e. over and above the cost of Phase 1 and 2 work). This will be optional and will be billed only if consumed.
CreateTO shall not be obligated in any manner to any Respondent (“Respondent”) unless and until a written agreement has been duly executed between CreateTO and such Respondent relating to an approved project or the Properties.
