MaRS project put on hold

The Financial Post reported yesterday that Toronto's MaRS project has been put on hold. The $300-million Medical and Related Sciences complex in Toronto's hospital district had been billed as an innovation centre for early-stage companies in the science and technology sector. MaRS developed Phase I of the project on its own however for the second phase it leased the land to a development company that is responsible for building and renting the space.

Hence the problem - many of the potential tenants for the building are dependent on venture capital funding, a market that has all but dried up as wealthy investors refuse to part with cash on risky investments.

MaRS received $70-million in funding from the Ontario government and another $20-million from the federal government but it has been largely funded by the private sector. The company's board of directors reads like a who's who of Toronto's elite, including Royal Bank chief executive Gord Nixon, First Marathon Inc. founder Lawrence Bloomberg and Roy-L Capital chief executive Joseph Rotman.

Toronto, Ontario, Canada

MaRS, one of the world’s largest urban innovation hubs, connects the communities of science, business and capital and fosters collaboration among them. This happens physically through location of research labs, companies of all sizes, business advisors, investors and professional services within the MaRS Centre and more broadly through hands-on advisory services, entrepreneurial programming,... more

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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more

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